Maleic Anhydride Market - Increasing demand for UPR & 1,4-BDO from the Automotive IndustryisExpected to Lead the Market Growth – Growing at a Compound Annual Growth Rate (CAGR) 3.9% from 2022 to 2028

Maleic Anhydride
  • Maleic Anhydride Market

As stated in our extensive report; the Global Maleic Anhydride Market accounted for USD 2.5 Billion in the year 2021.

The market for Maleic Anhydride in the automotive sector is driven by rising sales of passenger automobiles and commercial vehicles. UPR, which is used to create automotive composites such as closure panels, body panels, fenders, grille opening reinforcement (GOR), heat shields, headlamp reflectors, and pick-up boxes, contains Maleic Anhydride as one of its ingredients. Additionally, lubricant additives, including viscosity index improvers, pour point depressants, and dispersants, are produced using Maleic Anhydride copolymers. The global market for Maleic Anhydride is being driven by the rising sales of both passenger and commercial vehicles. The steady rise in the number of vehicles is growing the demand for engine oil, functional fluids, and automotive components in the emerging economies, thus, positively influencing the Maleic Anhydride Market.

Traditionally, aromatic compounds are oxidized to yield Maleic Anhydride. Due to the increasing awareness of the toxicity of benzene and other aromatic chemicals, the major market participants are constantly developing new alternative feedstock for Maleic Anhydride. There are a few applications, including UPR, copolymers, and 1, 4-BDO, where Maleic Anhydride cannot be substituted by other alternatives, despite the fact that there is a market-available alternative for Maleic Anhydride derived from petroleum. As a result, a solution to this issue is available in the form of bio-based Maleic Anhydride, which may be generated utilizing a renewable source as feedstock. The bio-based raw material is fermented to create a mixture that contains butanol. This combination is then further purified and subjected to oxidation to produce the necessary Maleic Anhydride.

Utilizing bio-based feedstock offers several benefits over using conventional ones. Oil resources are scarce, and benzene extraction and subsequent oxidation are pricy processes. The cost of producing Maleic Anhydride is directly impacted by the producers' need for more durable technologies and complex machinery. The large-scale commercialization of bio-based Maleic Anhydride is necessary to get beyond these obstacles. Hence, providing the opportunity for the market.

dominates the Maleic Anhydride Market. This dominance is owing to the rise in automotive production in the region. Also, growing domestic industries, increasing demand from end-use industries, and growing use of maleic anhydride in different applications, such as agricultural chemicals and pharmaceuticals, are driving the market growth in the region.

Some of the key players in the Global Maleic Anhydride Market include- Huntsman Corporation (US), Changzhou Yabang Chemical Co. Ltd. (China), Shanxi Qiaoyou Chemical Co. Ltd. (China), Polynt-Reichhold Group (Italy), Zibo Qixiang Tengda Chemical Co. Ltd. (China), Mitsubishi Chemical Corporation (Japan), Nippon Shokubai Co. Ltd.(Japan), LANXESS AG( Germany), Gulf Advanced Chemical Industries Co. Ltd. (Saudi Arabia), Ningbo Jiangning Chemical Co. Ltd. (China), China Bluestar Harbin Petrochemical Co. Ltd.(China), Nan Ya Plastics (Taiwan), Shijiazhuang Bailong chemical Co. Ltd. (China), Yongsan Chemical Co. Ltd. (South Korea), IG Petrochemicals Ltd. (India), MOL PLC (Hungary), PT Justus Sakti Raya (Indonesia), Global Ispat Koksna Industrija D.O.O. Lukavac (Bosnia & Herzegovina), Tianjin Bohai Chemical Industry Group Co. Ltd. (China), Cepsa (Spain), Ruse Chemicals (Bulgaria), Yunnan Yunwei Company Limited (China), Shanxi Taiming Chemical Industry Co. Ltd.( China), Huanghua Hongcheng Business Corp. Ltd. (China), Aekyung Petrochemical Co. Ltd. (South Korea) and others.