Future of Maleic Anhydride Market: USD 5.78 Billion by 2034 with 5.5% CAGR
Market Overview
Global Maleic Anhydride Market size and share is currently valued at USD 3.22 billion in 2024 and is anticipated to generate an estimated revenue of USD 5.78 billion by 2034, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 5.5% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2025 - 2034
Maleic anhydride is an organic compound produced primarily through the oxidation of benzene or n-butane in the presence of catalysts. It serves as a critical building block in the synthesis of unsaturated polyester resins (UPR), which are widely used in reinforced plastics for applications such as tanks, pipes, and marine components. Beyond UPR, the compound is integral to the production of lubricant additives, agrochemicals, and surface coatings, reinforcing its position as a vital industrial chemical.
The market is shaped by continuous advancements in production technologies, including the shift from benzene-based to n-butane-based processes, which offer improved efficiency and reduced environmental impact. This transition supports sustainability goals while meeting the growing demand for high-purity maleic anhydride in specialty applications. Additionally, the expansion of downstream industries, particularly in developing economies, is contributing to increased consumption and market resilience.
Growth Drivers
One of the primary factors fueling the maleic anhydride market is the rising demand for composite materials in construction and infrastructure. Unsaturated polyester resins, a major derivative, are favored for their durability, corrosion resistance, and cost-effectiveness, making them ideal for use in water treatment systems, transportation, and renewable energy installations such as wind turbine blades.
Another significant driver is the growing need for performance-enhancing additives in the automotive and industrial lubricants sector. Maleic anhydride is used to produce polyisobutylene succinimide dispersants, which improve engine efficiency and reduce sludge formation. As vehicle fleets expand and emission standards tighten, the demand for high-quality lubricant additives continues to rise.
The chemical intermediate segment is also witnessing increased activity, particularly in the synthesis of fumaric acid, malic acid, and 1,4-butanediol (BDO). These derivatives are used in food and beverage, pharmaceuticals, and biodegradable plastics, further broadening the application scope of maleic anhydride. The push toward bio-based and recyclable materials has also led to innovations in maleic anhydride-based copolymers, supporting circular economy initiatives.
Moreover, advancements in catalyst technology and process optimization are enabling manufacturers to achieve higher yields and lower energy consumption, improving overall production economics and supporting market scalability.
Major Key Players:
- BASF SE
- Huntsman Corporation
- Mitsubishi Chemical Corporation
- Arkema S.A.
- Saudi Basic Industries Corporation (SABIC)
- Evonik Industries AG
- LyondellBasell Industries Holdings B.V.
- Formosa Plastics Corporation
- Daicel Corporation
- Koppers Holdings Inc.
- Domo Chemicals
- Kraton Polymers
- Eastman Chemical Company
- Xinjiang Tianye Chemical Co. Ltd.
- Jiangsu Zhengdan Chemical Co. Ltd.
𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐓𝐡𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐂𝐨𝐦𝐩𝐫𝐞𝐡𝐞𝐧𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐇𝐞𝐫𝐞: https://www.polarismarketresearch.com/industry-analysis/maleic-anhydride-market
Market Segmentation
The maleic anhydride market is segmented based on production method, application, and end-use industry. By production method, the n-butane oxidation process dominates due to its cost efficiency and lower environmental footprint compared to traditional benzene-based routes. This method has become the industry standard in modern manufacturing facilities.
In terms of application, unsaturated polyester resins represent the largest segment, followed by fumaric acid, lubricant additives, and copolymers. The UPR segment remains the backbone of demand, especially in regions with active construction and marine industries.
End-use sectors include composites, coatings, agrochemicals, and electronics. The composites industry, in particular, is a major consumer, leveraging maleic anhydride-derived resins for lightweight, high-strength materials used in automotive parts, aerospace components, and renewable energy systems.
Regional Analysis
Asia-Pacific holds the largest share of the maleic anhydride market, driven by rapid industrialization, urban development, and expanding manufacturing bases in China, India, and South Korea. China, as both a leading producer and consumer, plays a pivotal role in shaping global supply dynamics. The region’s robust demand for construction materials and automotive components continues to support strong market growth.
North America and Europe follow, with mature but stable markets characterized by stringent environmental regulations and a focus on sustainable production. The shift toward green chemistry and reduced reliance on fossil-based feedstocks is influencing investment in cleaner production technologies and recycling initiatives. The United States and Germany are key markets, with established chemical industries and ongoing demand for high-performance materials.
Latin America and the Middle East are emerging as growth regions, supported by infrastructure development and increasing investments in petrochemicals. Countries like Brazil and Saudi Arabia are expanding their chemical manufacturing capabilities, creating new opportunities for maleic anhydride producers.
Future Outlook
The future of the maleic anhydride market is closely tied to global industrial trends, technological innovation, and sustainability mandates. As industries seek alternatives to traditional materials and adopt more eco-conscious practices, the role of maleic anhydride in developing recyclable resins and bio-based polymers is expected to expand.
Research into novel applications, such as in lithium-ion battery binders and advanced coatings, may open new revenue streams. Additionally, the integration of digital monitoring and process automation in chemical plants is likely to enhance operational efficiency and product consistency.
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