Maleic Anhydride Market Size, Share, Growth Analysis, By Application (Unsaturated Polyester Resin, 1,4-Butanediol), By End User (Construction, Automobile, Food and Beverage, Oil Products, Electronics, Personal Care, Pharmaceuticals, and Agriculture), By Sales Channel (Direct, Indirect), By Region -Industry Forecast 2024-2031


Report ID: SQMIG15A2443 | Region: Global | Published Date: November, 2024
Pages: 173 |Tables: 0 |Figures: 0

Maleic Anhydride Market Insights

Global Maleic Anhydride Market size was valued at USD 4,386.1 Million in 2022 and is poised to grow from USD 4570.32 Million in 2023 to USD 6095.65 Million by 2031, growing at a CAGR of 4.2% in the forecast period (2024-2031).

Unsaturated polymer resins are widely used as body fillers for rapid automotive replacement and repair of damaged automotive parts. Cysts are also used for automotive painting in the automotive industry. The use of UPR removes debris and smooths the vehicle. Furthermore, it also improves adhesion to the paint. UPR is commonly used for bumpers, doors, roof, and furniture to repair damage in the event of an accident. Thus, increasing traffic accident cases across the globe are expected to drive the demand for UPR, which in turn will drive the demand for maleic anhydride market growth.

Maleic anhydride is used in a variety of industries, including automotive, construction, pharmaceuticals, personal care & cosmetics, and more. The increasing demand for unsaturated polyester resins (UPR) in automotive is expected to drive the demand for maleic anhydride market growth. Furthermore, the use of additives to improve fuel efficiency and reduce emissions will increase the demand for maleic anhydride. N-butane and benzene are the main feedstocks for the synthesis of maleic anhydride. Worldwide, benzene and n-butane prices depend on crude oil and naphtha price movements. Crude oil fluctuations have been a major driver of significant changes in benzene prices. Crude oil prices and downstream demand greatly affect the maleic anhydride industry.

Market Snapshot - (2024-2031)

Global Market Size

Largest Segment

Fastest Growth

Growth Rate

CAGR

Global Maleic Anhydride Market ($ Bn)
Country Share for Asia Pacific Region (%)

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Maleic Anhydride Market Segmental Analysis

The maleic anhydride market is segmented by application and region. Based on application the market is segmented as, unsaturated polymer resin (UPR), 1-4, butanediol (BDO), additives, copolymers, others. Based on end user the market is segmented as, construction, automobile, food and beverage, oil products, electronics, personal care, pharmaceuticals, and agriculture. Based on sales channel the market is segmented as, direct, indirect. Based on Region the market is segmented as, North America, Asia-Pacific, Europe, Latin America, Middle East and Africa.

Analysis by Application

Unsaturated polyester resin (UPR) is the dominating segment in the maleic anhydride market analysis. The unsaturated polyester resin (UPR) segment is projected to reach US$ 2,953.8 million in 2030. Unsaturated polymer resin is one of the most popular thermostat polymers used as a matrix in various applications such as aerospace and construction. It has strength excellent resistance to abrasion, corrosion, chemicals and heat, good indoor strength, high output strength, and outstanding compressive strength. It is an excellent choice for marine, construction, transportation and aerodynamic applications Power and electricity industries. Maleic anhydride introduces reactive double bonds in the polyester chains, allowing them to interact with the vinyl monomer, usually styrene. This cross-linking is important for building a complex three-dimensional structure that is essential for UPR activation.

1,4-Butanediol (BDO) is another application that is expected to witness fastest growth during the maleic anhydride market forecast. 1, 4-Butanediol (BDO) is synthesized by Davy Process Technology (DPT) from maleic anhydride. BDO is also used as an intermediate to produce polybutylene terephthalate (PBT), polytetramethylene ether glycol (PTMEG), tetrahydrofuran (THF), gamma-butyrolactone (GBL), and polyurethane (PU) These compounds are used industrially in plastics, chemicals, fibers, cosmetics, pccurs in pesticides, synthetic leather, hardeners, solvents, plasticizers and corrosion inhibitors.

The inclusions are expected to grow rapidly during the forecast period owing to the growing automotive industry across the globe. Additives are primarily used to improve the performance of gasoline, diesel, and crude oil to change the rate of heating and cooling at high temperatures; and reduce carbon emissions. Growing environmental concerns about toxic gas emissions have prompted regulations around the world, such as the Clean Fuels Program in the US. Such mandates have led oil marketers to continue mixing specialty additives.

Analysis by End User

Construction is the dominant segment in the maleic anhydride industry. In the construction segment maleic anhydride is mainly used in the manufacture of unsaturated polyester resins (UPR), which are the base materials for fiberglass reinforced plastics, These UPR-based materials are lightweight, strong, corrosion resistant for buildings such as pipes, tanks, panels and cladding. With the growing development in the construction industry and the demand for advanced building materials that reduce overall weight and increase performance, maleic anhydride is used in this sector is gradually increasing as a push for greener construction policies and energy-efficient infrastructure.

Automotive is the fastest growing segment in the market. Maleic anhydride is used in the automotive segment to produce lubricants and oil additives as well as UPR-treated products, which are widely used in vehicles to reduce weight and improve fuel efficiency. Stability UPR allows production of smaller products that are better if lower carbon emissions and contributes to fuel economy, in line with the auto industry shift to sustainable solutions. Lubricating oil with maleic anhydride has been developed to improve engine performance, improve fuel efficiency, reduce wear and extend the life of automotive engines as automakers continue to focus on sustainability and maleic anhydride a key factor in producing products that support these environmental goals.

Global Maleic Anhydride Market By Application (%)

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Maleic Anhydride Market Regional Insights

Asia pacific is the dominant segment in the maleic anhydride market. Asia Pacific is now characterized by rapid technological development, a growing automobile industry, and significant manufacturing growth in key countries such as China, India, Japan and South Korea. The domestic automotive industry is a major user of maleic anhydride derivatives such as unsaturated polyester resin (UPR), adhesives and China has a well-established manufacturing base, which not only supports local demand but also contributes significantly to the global supply chain. Ample raw materials, low labour costs and good government policies sustain Asia Pacific dominance in the market.

While North America is less dominant in terms of overall maleic anhydride market share, that strong growth is largely seen due to increasing demand from U.S.-based construction, automotive and pharmaceutical companies have invested in advanced manufacturing technologies, bio-based malec to meet increasing environmental standards. The industry’s stringent environmental regulations are encouraging manufacturers to use clean technology and innovate, especially when focusing on bio-based products on the sustainability. This attribute, coupled with the region’s high-value end-use potential, positions North America as a key growth maleic anhydride market growth trend for maleic anhydride.

Global Maleic Anhydride Market By Geography
  • Largest
  • Fastest

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Maleic Anhydride Market Dynamics

Drivers

Expanding Automotive Industry

  • Maleic anhydride is widely used in the production of unsaturated polyester resins, a key aspect in automotive packages. The worldwide enlargement of the automotive industry, pushed through elevated vehicle manufacturing and demand, significantly fuels the call for maleic anhydride. As automakers more and more adopt lighter, fuel-green materials, demand for resins derived from maleic anhydride stays excessive, consequently driving growth on this maleic anhydride market outlook.

Rising Demand in Construction and Infrastructure

  • The creation enterprise is a first-rate purchaser of maleic anhydride because of its software in adhesives, sealants, and construction substances. With the growth in infrastructure tasks, especially in emerging economies. This trend is in addition strengthened by authorities-led infrastructure projects that boost up the need for maleic anhydride-based totally products, contributing to market expansion.

Restraints

Fluctuating Raw Material Prices

  • The main challenge facing the maleic anhydride market is fluctuating raw material costs, especially in terms of butane and benzene prices, both of which are essential raw materials being petroleum-based, providing their value is more susceptible to change in the market. Global economic instability, supply chain disruptions, and geopolitics often cause significant fluctuations in commodity prices, affecting maleic anhydride production costs. For manufacturers, these intangibles can lead to price volatility, making it difficult to manage production budgets and maintain profitability. Consequently, firms in the market constantly balance production volumes and adjust pricing strategies to minimize the impact of raw material price fluctuations.

Environmental and Legal Pressures

  • The manufacture of maleic anhydride has several steps that can produce hazardous gases and by-products, subjecting manufacturers to stringent environmental regulations in places such as North America and in Europe, where environmental standards are particularly stringent, significant investments in clean green technologies are required to comply with these regulations. Other operational costs associated with research and waste management are also important and companies that fail to comply are subject to potential fines, reputational damage and outages, placing a significant burden on producers. Furthermore, the legal framework continues to evolve as governments around the world place more emphasis on sustainable construction.

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Maleic Anhydride Market Competitive Landscape

The maleic anhydride market is highly competitive, with global and regional players trying to gain market share through capacity expansion, product acquisition and technological advancement standards. Some of the key players in the maleic anhydride market are Huntsman Corporation, BASF SE, Lanxess AG, Polint-Reichhold Group, Mitsubishi Chemical Corp. These companies because of their strong manufacturing capabilities, their extensive distribution networks, and established customer relationships in various sectors, such as automotive, manufacturing and food additives. As market holders so large shareholders, BASF SE and Huntsman have a global footprint, enabling them to better serve many demanding areas.

Top Player’s Company Profiles

  • HELM AG
  • Huntsman International LLC
  • INEOS
  • LANXESS
  • Mitsubishi Chemical Corporation
  • NAN YA PLASTICS CORPORATION
  • NINGBO JIANGNING CHEMICAL CO. LTD
  • NIPPON SHOKUBAI CO. LTD
  • Polynt
  • SHANDONG HONGXIN CHEMICAL CO. LTD
  • Thirumalai Chemicals Ltd
  • Cepsa
  • Huntsman International LLC
  • MOL Hungarian Oil & Gas Plc
  • Nippon Shokubai Co., Ltd.
  • Polynt Group
  • Thirumalai Chemicals Ltd.
  • Jiangyin Shunfei
  • Tianjin Bohai Chemicals

Recent Developments

  • In June 2023, Petronas Chemicals Group Berhad (PCG) acquired a 113 kiloton per annum (ktpa) maleic anhydride (MAn) plant at Gebeng, Kuantan, from BASF PETRONAS Chemicals Sdn. B.P.C.
  • In November 2023, Clariant announced the acquisition of Jiangsu Shengong Petrochemical Company Limited.
  • In October 2023, Huntsman announced that maleic anhydride is produced at its Morse plant in Germany following an unexpected maintenance shutdown that temporarily halted production at the Moers plant for a significant annual production capacity.

Maleic Anhydride Key Market Trends

  • Transition to bio-based maleic anhydride: The trend for bio-based maleic anhydride to solve environmental problems is emerging, Bio-based maleic anhydride obtained from renewable sources reduces reliability exposure to fossil fuels and environmental impacts of production e.g. Companies are aiming to meet sustainable development goals and bio-based options are gaining traction, creating new opportunities in the market.
  • Extensive use in emerging applications: In addition to the traditional applications in resins and coatings, maleic anhydride is increasingly being used in agricultural products, pharmaceuticals and feed additives Its applications for research its development continues. This trend not only expands the base of potential customers but also reinforces the market’s ability to adapt to changing consumer demands.

Maleic Anhydride Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to SkyQuest analysis, increasing demand of automotive and construction sectors is driving the market growth of maleic anhydride. While the market benefits from these drivers, it faces challenges in the form of volatile raw material prices and stringent environmental regulations. Especially innovations in bio-based maleic anhydride are expanding applications in various industries, creating new opportunities and increasing market volatility. Overall, maleic anhydride market is poised for sustainable growth while adapting to evolving technological needs and sustainability standards.

Report Metric Details
Market size value in 2022 USD 4,386.1 Million
Market size value in 2031 USD 6095.65 Million
Growth Rate 4.2%
Base year 2023
Forecast period (2024-2031)
Forecast Unit (Value) USD Million
Segments covered
  • Application
    • Unsaturated Polymer Resin (UPR), 1-4, Butanediol (BDO), Additives, Copolymers, Others
  • End User
    • Construction, Automobile, Food and Beverage, Oil Products, Electronics, Personal Care, Pharmaceuticals, And Agriculture
  • Sales Channel
    • Direct, Indirect
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • HELM AG
  • Huntsman International LLC
  • INEOS
  • LANXESS
  • Mitsubishi Chemical Corporation
  • NAN YA PLASTICS CORPORATION
  • NINGBO JIANGNING CHEMICAL CO. LTD
  • NIPPON SHOKUBAI CO. LTD
  • Polynt
  • SHANDONG HONGXIN CHEMICAL CO. LTD
  • Thirumalai Chemicals Ltd
  • Cepsa
  • Huntsman International LLC
  • MOL Hungarian Oil & Gas Plc
  • Nippon Shokubai Co., Ltd.
  • Polynt Group
  • Thirumalai Chemicals Ltd.
  • Jiangyin Shunfei
  • Tianjin Bohai Chemicals
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Maleic Anhydride Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Maleic Anhydride Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Maleic Anhydride Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Maleic Anhydride Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Maleic Anhydride Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Maleic Anhydride Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global Maleic Anhydride Market size was valued at USD 4,386.1 Million in 2022 and is poised to grow from USD 4570.32 Million in 2023 to USD 6095.65 Million by 2031, growing at a CAGR of 4.2% in the forecast period (2024-2031).

The maleic anhydride market is highly competitive, with global and regional players trying to gain market share through capacity expansion, product acquisition and technological advancement standards. Some of the key players in the maleic anhydride market are Huntsman Corporation, BASF SE, Lanxess AG, Polint-Reichhold Group, Mitsubishi Chemical Corp. These companies because of their strong manufacturing capabilities, their extensive distribution networks, and established customer relationships in various sectors, such as automotive, manufacturing and food additives. As market holders so large shareholders, BASF SE and Huntsman have a global footprint, enabling them to better serve many demanding areas. 'HELM AG', 'Huntsman International LLC', 'INEOS', 'LANXESS', 'Mitsubishi Chemical Corporation', 'NAN YA PLASTICS CORPORATION', 'NINGBO JIANGNING CHEMICAL CO. LTD', 'NIPPON SHOKUBAI CO. LTD', 'Polynt', 'SHANDONG HONGXIN CHEMICAL CO. LTD', 'Thirumalai Chemicals Ltd', 'Cepsa', 'Huntsman International LLC', 'MOL Hungarian Oil & Gas Plc', 'Nippon Shokubai Co., Ltd.', 'Polynt Group', 'Thirumalai Chemicals Ltd.', 'Jiangyin Shunfei', 'Tianjin Bohai Chemicals'

Maleic anhydride is widely used in the production of unsaturated polyester resins, a key aspect in automotive packages. The worldwide enlargement of the automotive industry, pushed through elevated vehicle manufacturing and demand, significantly fuels the call for maleic anhydride. As automakers more and more adopt lighter, fuel-green materials, demand for resins derived from maleic anhydride stays excessive, consequently driving growth on this maleic anhydride market outlook.

Transition to bio-based maleic anhydride: The trend for bio-based maleic anhydride to solve environmental problems is emerging, Bio-based maleic anhydride obtained from renewable sources reduces reliability exposure to fossil fuels and environmental impacts of production e.g. Companies are aiming to meet sustainable development goals and bio-based options are gaining traction, creating new opportunities in the market.

Asia pacific is the dominant segment in the maleic anhydride market. Asia Pacific is now characterized by rapid technological development, a growing automobile industry, and significant manufacturing growth in key countries such as China, India, Japan and South Korea. The domestic automotive industry is a major user of maleic anhydride derivatives such as unsaturated polyester resin (UPR), adhesives and China has a well-established manufacturing base, which not only supports local demand but also contributes significantly to the global supply chain. Ample raw materials, low labour costs and good government policies sustain Asia Pacific dominance in the market.

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