The maleic anhydride market size is projected to reach USD 3.5 billion by 2024 from USD 2.8 billion in 2019, at a CAGR of 4.5%, during the forecast period. The growing demand for maleic anhydride in countries such as China, India, and Japan from the building & construction and automotive industries is expected to fuel the growth of maleic anhydride in the region. The market is evolving, with major players playing a crucial role in the development of new and advanced products.
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APAC to be the largest as well as the fastest-growing market for maleic anhydride
APAC is the largest of maleic anhydride market and is expected to witness the highest CAGR between 2019 and 2024. Stable economic growth in the APAC region, coupled with rising disposable income, is driving the market for maleic anhydride. In addition, increased demand for maleic anhydride in key countries, such as China, Japan, and India, are contributing to the growth of the maleic anhydride market in the region.
Huntsman International LLC (US), Huntsman International LLC (US), Nippon Shokubai Co., Ltd. (Japan), Changzhou Yabang Chemical Co., Ltd. (China), Shanxi Qiaoyou Chemical Co., Ltd. (China), Polynt-Reichhold Group (Italy), Zibo Qixiang Tengda Chemical Co., Ltd. (China), and LANXESS (Germany) are the major players in this market.
Huntsman International (US) is focusing on acquisition to meet the growing demand in the market. For instance, in September 2019, Huntsman acquired its remaining 50% interest in the Sasol-Huntsman maleic anhydride joint venture. The acquisition is expected to help Huntsman to fully integrate its European business and cater to the specific needs of its key customers, including construction and coatings.
Nippon Shokubai Co., Ltd. (Japan) is focusing on partnerships to meet the growing demand for maleic anhydride. For instance, in December 2019, the Nippon Shokubai (Japan) and Sanyo Chemical (Japan) have entered into an agreement to merge their respective businesses via a share transfer to form an integrated holding company named Synfomix Co. Ltd. (Kyoto, Japan). The companies plan to establish Synfomix on 1st October 2020. The materials division of Synfomix will manufacture products, including ethylene oxide, ethylene glycols, ethanolamines, acrylates, acrylic hydroxy monomers, superabsorbent polymers, maleic anhydride, and maleic anhydride derivatives.
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