Market prospect analysis of maleic anhydride in 2024: China's maleic anhydride market size exceeds 6.918 billion yuan

Market prospect analysis of maleic anhydride in 2024: China's maleic anhydride market size exceeds 6.918 billion yuan

Maleic anhydride is one of the important raw materials for the synthesis of resins and plastics, and the booming downstream application market is driving the continuous growth of demand for maleic anhydride in the market. The maleic anhydride market is gradually developing towards high-performance products. The following is an analysis of the market outlook for maleic anhydride in 2024.

Overview of the Development of the Maleic Anhydride Market

Maleic anhydride (108-31-6) is a commonly used and important basic organic chemical raw material. It is the third largest anhydride raw material in the world after acetic anhydride and phthalic anhydride. Its downstream products have a wide range of development and application prospects. The market size of China's maleic anhydride industry has steadily increased from 2016 to 2021. The analysis of the market prospects of maleic anhydride shows that the market size growth rate of China's maleic anhydride industry from 2016 to 2021 was around 20.68%. In 2020, the market size of China's maleic anhydride industry was 6.918 billion yuan, a year-on-year increase of 6.56%.

At present, the price of maleic anhydride has rapidly fallen to around 10000-10500 yuan/ton, but it is still at a relatively high level compared to previous years. The admiration for maleic anhydride mainly comes from the optimistic downstream market demand brought about by the "plastic restriction order". The increase in demand for biodegradable plastics has a significant impact on maleic anhydride in two aspects. Firstly, BDO. Although the production process of BDO by maleic anhydride has been phased out due to cost disadvantages, the increasing demand for BDO from biodegradable plastics in recent years has pushed the BDO market into a bull market. The sharp rise in BDO prices has brought renewed attention to the maleic anhydride BDO process, and it is not ruled out that this process route will be put back into use in the future.

Market demand for maleic anhydride

Synthetic resin and plastic industry: Maleic anhydride is one of the important raw materials for synthetic resins and plastics, widely used in industries such as coatings, adhesives, and plastic products. With the development of the global economy and the improvement of people's living standards, the demand for these products continues to grow, thereby driving the demand in the maleic anhydride market.

Coatings and ink industry: Maleic anhydride has excellent chemical reactivity and adhesion properties in coatings and inks, providing good durability and coverage. With the development of industries such as construction, automotive, and printing, the demand for coatings and inks continues to increase, which in turn drives the demand for maleic anhydride.

Medical devices and pharmaceutical industry: Maleic anhydride also has certain applications in the medical devices and pharmaceutical industry. For example, in the manufacturing process of medical devices, maleic anhydride can be used as a surface coating material to improve the biocompatibility and corrosion resistance of the product. As people's demand for healthcare increases, the demand for maleic anhydride in the medical device and pharmaceutical industries may also increase.

Market prospects of maleic anhydride

Market demand: Maleic anhydride has a wide range of applications in various industries, such as construction, automotive, electronics, furniture, papermaking, etc. With the continuous development and expansion of these industries, the demand for maleic anhydride will also continue to grow. Especially in the fields of plastics and coatings, maleic anhydride, as one of the important raw materials, will maintain a high level of demand.

Technological progress: Analysis of the market prospects for maleic anhydride mentions that with the continuous advancement of technology, the production technology of maleic anhydride is also constantly improving and innovating. New production technologies can improve product quality and production capacity, and reduce production costs. This will promote a more abundant supply of maleic anhydride in the market to meet the growing demand.

Environmental requirements: With the increasing awareness of environmental protection, the demands for sustainable development and environmental performance are also growing. Manufacturers of maleic anhydride will need to take measures to reduce their environmental impact, improve production processes, and reduce the discharge of waste and harmful substances. Products that meet environmental requirements will be more favored by the market.

Regional Market: The Asia Pacific region is the world's largest market for maleic anhydride, with China, India, and Southeast Asian countries being the main consumer countries. With the rapid development of these countries' economies and the improvement of people's living standards, the demand for maleic anhydride will also maintain a high growth rate. In addition, there is also a considerable market demand in other regions such as Europe and America.

Overall, the market outlook for maleic anhydride is promising. With the development of the global economy and continuous innovation in various industries, the demand for this product will continue to grow. However, market competition will also become more intense, and companies need to continuously improve product quality, reduce costs, and pay attention to environmental requirements to maintain a competitive advantage.