Home Press Releases Maleic Anhydride Market Size Worth $3.66 Billion By 2030 | CAGR: 4.2%

Maleic Anhydride Market Size Worth $3.66 Billion By 2030 | CAGR: 4.2%

The global maleic anhydride market size is expected to reach USD 3.66 Billion by 2030 according to a new study by Polaris Market Research. The report “Maleic Anhydride Market Share, Size, Trends, Industry Analysis Report, By Application (Unsaturated Polyester Resins (UPR), 1,4-BDO, Lubricating Oil Additives, Copolymers, Food Additives, Others); By Raw Material; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.

 

Key factors such as the manufacturing of bio-based Maleic Anhydride (MAH) and increasing investment in production plant capacity by public and private players will drive industry growth. Oxidizing aromatic compounds traditionally make MAH. Because of the increasing awareness of the toxic effects of benzene and other aromatic hydrocarbons, the market’s key players are constantly innovating to explore alternative bioenergy for maleic anhydride.

 

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Even though there is an industry alternative for petroleum-based MAH, there are a few implementations where MAH cannot be removed by other alternatives, such as UPR, copolymers, and 1,4-BDO. To address this issue, a bio-based maleic anhydride that can be manufactured using a renewable source as biofuel is available as a substitute for petroleum-based MAH. The bio-based raw material is processed to produce butanol, which will then be purified and oxidized to produce desirable MAH.

 

Further, in November 2021, the Indian Oil Corporation (IOC) announced that it would spend Rs 3,681 crore to establish India’s first Maleic Anhydride Plant at its Panipat refinery and petroleum complex (PRPC) in Haryana to start manufacturing value-added chemical products. The initiative is designed to have a capacity of 120,000 tonnes per year of Maleic Anhydride (MAH), which is used to manufacture specialty products such as polyester resins and protective coatings, plasticizers, and chemical products, and lubricating oil additives. Thus, the rising expansion investment across the globe contributes to market growth during the forecast period.

 

Based on the application, the lubricating oil additives segment accounted for the leading share in the market. MAH is being used in the manufacturing of lubricating oil and hydraulic fluids to enhance the productivity of lubricants by offering alkalinity, static and pollution control, emulsification, corrosive environment inhibition, distribution, shear stability, and low-temperature flexibility. Lubricating oils have been used in gasoline and diesel engine casing to avoid dispersion and corrosion. The region’s growing automotive industries are expected to drive demand for lubricating oil additives, which will drive demand for the industry.

 

Market players such I G Petrochemicals Ltd, China Bluestar Harbin Petrochemical Co, Ltd., Gulf Advanced Chemical Industries Co., Ltd. (GACIC), Huntsman Corporation, Lanxess AG, Mitsubishi Chemical Holdings, Nan Ya Plastics, Changzhou Yabang Chemical Co., Ltd., Ningbo Jiangning Chemical Co., Ltd., Polynt-Reichhold Group, Shanxi Qiaoyou Chemical Co., Ltd., Shijiazhuang Bailong Chemical Co., Ltd., Yongsan Chemical Co., Ltd., Nippon Shokubai Co., Ltd., and Zibo Qixiang Tengda Chemical are some key players operating in the global market. For instance, in November 2021, Thirumalai Chemicals Ltd (TCL) authorized investment in a project to produce maleic anhydride and specialty chemicals at its Dahej facility in Gujarat, India.

 

Polaris Market Research has segmented the maleic anhydride market report based on raw material, application, and region:

 

Maleic Anhydride, Raw Material Outlook (Revenue – USD Billion, 2018 – 2030)

  • n-butane
  • Benzene

Maleic Anhydride, Application Outlook (Revenue – USD Billion, 2018 – 2030)

  • Unsaturated Polyester Resins (UPR)
  • 1,4-BDO
  • Lubricating Oil Additives
  • Copolymers
  • Food Additives
  • Others

Maleic Anhydride, Regional Outlook (Revenue – USD Billion, 2018 – 2030)

  • North America
    • U.S.
    • Canada
  • Europe
    • France
    • Germany
    • UK
    • Italy
    • Spain
    • Netherlands
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • Malaysia
    • South Korea
    • Indonesia
  • Latin America
    • Mexico
    • Brazil
    • Argentina
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Israel
    • South Africa

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