Maleic Anhydride Market

The global maleic anhydride market is expected to see an increase in consumption over the next eight years, with a forecasted CAGR of +2.1% for volume and +4.5% for value. India, Turkey, and the United States are the top consumers of maleic anhydride, with China leading in production and export. The market also experienced fluctuations in import and export volumes and values over the years, with notable growth rates recorded in certain countries such as Japan, Taiwan, and South Korea. Import prices increased by 16% in 2022, while export prices grew by 11%. Overall, the global maleic anhydride market is expected to continue on an upward trajectory in the near future.

Market Forecast

Driven by rising demand for maleic anhydride worldwide, the market is expected to start an upward consumption trend over the next eight years. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +2.1% for the period from 2022 to 2030, which is projected to bring the market volume to 587K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.5% for the period from 2022 to 2030, which is projected to bring the market value to $1.2B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Maleic Anhydride

Global maleic anhydride consumption shrank to 495K tons in 2022, reducing by -9.4% against the previous year's figure. Over the period under review, consumption showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of 5.5%. As a result, consumption reached the peak volume of 556K tons. From 2018 to 2022, the growth of the global consumption remained at a somewhat lower figure.

The global maleic anhydride market revenue contracted to $858M in 2022, remaining constant against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, showed a relatively flat trend pattern. Over the period under review, the global market reached the maximum level at $862M in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were India (77K tons), Turkey (51K tons) and the United States (37K tons), with a combined 33% share of global consumption. France, Italy, Germany, South Korea, Saudi Arabia, Spain, Japan, Singapore, the United Arab Emirates and Poland lagged somewhat behind, together comprising a further 36%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Japan (with a CAGR of +14.4%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, India ($124M), Turkey ($91M) and France ($49M) appeared to be the countries with the highest levels of market value in 2022, with a combined 31% share of the global market. Germany, the United States, Italy, Spain, Japan, Saudi Arabia, Singapore, South Korea, Poland and the United Arab Emirates lagged somewhat behind, together accounting for a further 36%.

In terms of the main consuming countries, Japan, with a CAGR of +14.5%, recorded the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of maleic anhydride per capita consumption was registered in Singapore (2,726 kg per million persons), followed by the United Arab Emirates (1,232 kg per million persons), Turkey (596 kg per million persons) and Saudi Arabia (474 kg per million persons), while the world average per capita consumption of maleic anhydride was estimated at 63 kg per million persons.

From 2012 to 2022, the average annual rate of growth in terms of the maleic anhydride per capita consumption in Singapore amounted to +5.3%. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: the United Arab Emirates (-2.0% per year) and Turkey (+7.9% per year).

Production

World Production of Maleic Anhydride

After two years of growth, production of maleic anhydride decreased by -8.6% to 434K tons in 2022. In general, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 4.6% against the previous year. Over the period under review, global production hit record highs at 475K tons in 2021, and then fell in the following year.

In value terms, maleic anhydride production declined to $481M in 2022 estimated in export price. Overall, production continues to indicate a pronounced setback. The pace of growth was the most pronounced in 2017 when the production volume increased by 16%. Global production peaked at $652M in 2013; however, from 2014 to 2022, production failed to regain momentum.

Production By Country

The country with the largest volume of maleic anhydride production was China (176K tons), accounting for 40% of total volume. Moreover, maleic anhydride production in China exceeded the figures recorded by the second-largest producer, the United States (68K tons), threefold. Taiwan (Chinese) (50K tons) ranked third in terms of total production with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China was relatively modest. In the other countries, the average annual rates were as follows: the United States (+0.5% per year) and Taiwan (Chinese) (+2.6% per year).

Imports

World Imports of Maleic Anhydride

In 2022, approx. 460K tons of maleic anhydride were imported worldwide; waning by -9.1% on the previous year's figure. The total import volume increased at an average annual rate of +3.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when imports increased by 29% against the previous year. As a result, imports attained the peak of 506K tons, and then dropped in the following year.

In value terms, maleic anhydride imports expanded significantly to $932M in 2022. Over the period under review, imports, however, recorded a resilient expansion. The pace of growth was the most pronounced in 2021 when imports increased by 114%. Global imports peaked in 2022 and are expected to retain growth in years to come.

Imports By Country

The purchases of the twelve major importers of maleic anhydride, namely India, Turkey, Italy, France, Germany, Spain, Saudi Arabia, the Netherlands, Singapore, the United Arab Emirates, Brazil and Poland, represented more than two-thirds of total import. Japan (12K tons) held a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Japan (with a CAGR of +22.3%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest maleic anhydride importing markets worldwide were India ($139M), Turkey ($104M) and Italy ($77M), with a combined 34% share of global imports. France, Germany, the Netherlands, Spain, Singapore, Brazil, Saudi Arabia, the United Arab Emirates, Poland and Japan lagged somewhat behind, together comprising a further 35%.

Among the main importing countries, Japan, with a CAGR of +22.5%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average maleic anhydride import price amounted to $2,025 per ton, increasing by 16% against the previous year. Over the period under review, import price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, maleic anhydride import price increased by +92.5% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 66% against the previous year. Over the period under review, average import prices attained the maximum in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the Netherlands ($2,301 per ton), while Saudi Arabia ($1,461 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+3.6%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Maleic Anhydride

Global maleic anhydride exports declined to 399K tons in 2022, falling by -8.3% on 2021. Overall, total exports indicated a notable increase from 2012 to 2022: its volume increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +72.8% against 2013 indices. The most prominent rate of growth was recorded in 2021 with an increase of 36% against the previous year. As a result, the exports attained the peak of 435K tons, and then shrank in the following year.

In value terms, maleic anhydride exports amounted to $701M in 2022. In general, exports, however, recorded a remarkable increase. The pace of growth appeared the most rapid in 2021 when exports increased by 122% against the previous year. The global exports peaked in 2022 and are likely to see gradual growth in the near future.

Exports By Country

China was the major exporting country with an export of around 169K tons, which recorded 42% of total exports. It was distantly followed by Taiwan (Chinese) (50K tons), the United States (39K tons), South Korea (34K tons), Malaysia (33K tons) and Hungary (21K tons), together constituting a 44% share of total exports. Italy (14K tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the maleic anhydride exports, with a CAGR of +13.3% from 2012 to 2022. At the same time, South Korea (+8.0%), Hungary (+3.2%), Taiwan (Chinese) (+2.6%) and Malaysia (+2.4%) displayed positive paces of growth. By contrast, Italy (-2.7%) and the United States (-3.5%) illustrated a downward trend over the same period. China (+23 p.p.) and South Korea (+2.3 p.p.) significantly strengthened its position in terms of the global exports, while Malaysia, Taiwan (Chinese), Italy and the United States saw its share reduced by -2%, -2.6%, -3.6% and -12% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($257M) remains the largest maleic anhydride supplier worldwide, comprising 37% of global exports. The second position in the ranking was held by Taiwan (Chinese) ($93M), with a 13% share of global exports. It was followed by the United States, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China amounted to +12.7%. The remaining exporting countries recorded the following average annual rates of exports growth: Taiwan (Chinese) (+4.8% per year) and the United States (+0.4% per year).

Export Prices By Country

In 2022, the average maleic anhydride export price amounted to $1,757 per ton, growing by 11% against the previous year. Overall, the export price continues to indicate a slight expansion. The pace of growth was the most pronounced in 2021 an increase of 63%. Over the period under review, the average export prices hit record highs in 2022 and is likely to continue growth in the near future.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in the United States ($2,183 per ton) and Hungary ($2,156 per ton), while China ($1,516 per ton) and South Korea ($1,537 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+4.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform