Maleic Anhydride is colourless or white solid with acrid odour. Most important application of Maleic Anhydride is to produce unsaturated polyester resins. The demand for maleic anhydride is generally dependent on overall state of the economy as it is bulk commodity chemical dependent on general economic trends. North America and Europe has seen a modest growth in past few years. China s maleic anhydride demand grew rapidly in past decade and now it is experiencing slow growth on account of steady polyester demand. South East Asia and Middle Eastern regions are predicted to witness a strong growth on account of its high GDP growth rates. Maleic anhydride is used in applications such as unsaturated polyester resins (UPR), copolymers, lubricating oil additives, alkynyl succinic anhydrides, maleic acid, fumaric acid, agricultural chemicals and others.
Global Maleic Anhydride (MAN) Demand Analysis (Kilo Tons) (2015 - 2030)
Global Maleic Anhydride market is estimated to grow at CAGR of 3% in the long-term forecast. In most regions of the world, the largest market for maleic anhydride is unsaturated polyester resins which are again dependent on the growth in the construction industry and overall state of the economy. The other industries that impact the overall demand of Maleic Anhydride include automotive and marine industries.Gl
Global Maleic Anhydride (MAN) Demand By Application - 2020( Kilo Tons)
IGPL is the sole Maleic Anhydride producer in India with a capacity of around 8 kilo tons in Taloja, Maharashtra, India. The country remains a net importer of Maleic Anhydride with imports averaging 57 kilo tons between 2016-2020. Indian Oil Corporation (IOCL) announced to invest around USD 490 Million to construct a 120 kilo tons Maleic Anhydride plant at its Panipat Refinery and Petroleum Complex (PRPC) in November 2021. The unit is expected to come online by 2026 to put an ease on the country’s import dependence.
Other capacity expansions announced around the globe include:
In July 2020, Polynt-Reichhold Group announced its plan to construct a greenfield Maleic Anhydride (MAN) plant at Morris, Illinois site with installed capacity of around 50 kilo tons. The company also operates two other Maleic Anhydride plants in Europe with installed capacity of around 100 kilo tons/year.
Ibn Sina Petrochemical Company started first phase of construction of 20 kilo tons / year Maleic Anhydride plant at Mahshahr, Khuzestan Province, Iran in 2015, the project is anticipated to come online during the short term forecast.
According to Prismane Consulting Herfindahl Herschmann index (HHI) calculation, the market appears to be highly concentrated as the leading producer Huntsman accounts for less than 10% of the global capacity market. The market is also highly fragmented owing to the numerous players in the Asia- Pacific region specially China which has a number of players with relatively smaller capacities. Maleic Anhydride demand from new and emerging applications is expected to grow at a higher rate due to the lower base effect.