The maleic anhydride market size is estimated to be USD 2.8 billion in 2021 and is expected to reach USD 3.4 billion by 2026, at a CAGR of 4.2% during the forecast period. Factors such as increasing demand for UPR in the automotive industry, high growth in the construction and wind energy industries, and growing demand of 1,4-BDO in various end-use industries are major driving factors. Commercialization of bio-based maleic anhydride is the major growth opportunity for the market. However, growth in demand for hybrid vehicles, rising battery price parity, and an increase in governmental regulations are the major restraining factors in this market. Fluctuation in crude oil prices still remains a challenge for the maleic anhydride market.
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The key market players profiled in the report 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), and Aekyung Petrochemical Co., Ltd. (South Korea).
Players in the maleic anhydride market are mainly concentrating on mergers & acquisitions, agreements, partnerships, and expansion to meet the growing demand for maleic anhydride for various applications.
The growth of the maleic anhydride market has been largely influenced by mergers & acquisitions and expansion that were undertaken between 2016 and 2020. Huntsman Corporation and Polynt-Reichhold Group has adopted organic growth to enhance their market position.
Huntsman Corporation was the largest player in the maleic anhydride market in 2020. It is a global manufacturer and supplier of various organic and inorganic chemical products. It develops and manufactures a diverse range of products, including high-value chemicals, liquid fuels, and low-carbon electricity. Huntsman, through its offerings, serves various industries, including automotive, plastics, chemical, paints & coatings, textile, construction, healthcare, and agriculture. The company operates its business through four segments: polyurethanes, performance products, advanced materials, and textile effects. It offers maleic anhydride through the performance products segment. It operates through its manufacturing, R&D, and administrative facilities in more than 30 countries worldwide. Huntsman has a geographic presence in North America, Europe, and Asia Pacific.
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In September 2019, Huntsman acquired its remaining 50% interest in the Sasol-Huntsman maleic anhydride joint venture. The acquisition helped Huntsman fully integrate its European business and cater to the specific needs of its key customers, including construction and coatings.
Polynt-Reichhold Group was another major player in the maleic anhydride market in 2020. It engages in the R&D, production, marketing, and sale of organic intermediates such as anhydrides (maleic, phthalic, trimellitic) and their derivatives, including plasticizers, dibasic acids such as fumaric and maleic, UPR, compounds & composites, and special esters. Polynt-Reichhold Group also engages in technology development used internally for production or licensed to the third party. The company has production and commercial sites in countries including Italy, China, Hong Kong, Poland, Germany, the UK, France, and Spain. The maleic anhydride production plant of the company is located at Ravenna (Italy) and Bergamo (Italy) and has a capacity of 66,000 and 36,000 tons per annum, respectively.
In July 2020, Polynt-Reichhold Group announced to build a 50,000 tons capacity greenfield maleic anhydride plant, to be located at its Morris, Illinois site.
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