|
Forecast Period
|
2026-2030
|
|
Market Size, By Volume
(2024)
|
5.68 thousand Metric Tonnes
|
|
CAGR (2025-2030)
|
3.65%
|
|
Fastest Growing Segment
|
Unsaturated Polyester
Resins (UPR)
|
|
Largest Market
|
West India
|
|
Market
Size (2030)
|
6.80
thousand Metric Tonnes
|
Market Overview
India Maleic Anhydride Market achieved a
total market volume of 5.68 thousand Metric Tonnes in 2024 and is poised for
significant growth to reach 6.80 thousand Metric Tonnes in 2030, with a projected Compound Annual Growth
Rate (CAGR) of 3.65%.
Maleic
anhydride, a versatile chemical compound with a range of industrial
applications, plays a significant role in the production of resins, coatings,
and various chemical intermediates. As a crucial intermediate, maleic anhydride
contributes significantly to India's chemical and industrial landscape. The
Indian maleic anhydride market has witnessed substantial growth due to the
country's expanding industrial base, the demand for resins and coatings, and
its pivotal role in the production of various chemical products. The Indian maleic anhydride market has
experienced significant growth in recent years.
Maleic anhydride is a versatile
chemical with applications ranging from the production of unsaturated polyester
resins to the synthesis of chemical intermediates. Its importance is
underscored by its role in various industries, from plastics to agriculture. The
production of unsaturated polyester resins is a significant driver of the
maleic anhydride market in India. Maleic anhydride serves as a crucial raw
material in the synthesis of these resins used in various industrial
applications, including the manufacturing of fiberglass-reinforced plastics.
The expansion of India's construction and automotive sectors has contributed to
the demand for unsaturated polyester resins.
Maleic anhydride is used in the
production of agrochemicals and various chemical intermediates, including malic
acid and fumaric acid. The growth of the agrochemicals and specialty chemicals
sectors has significantly increased the demand for maleic anhydride. Maleic
anhydride finds application in the production of coatings and adhesives. As
India's construction and automotive industries grow, the demand for coatings
and adhesives has increased. Maleic anhydride is a corrosive and toxic chemical
that requires careful handling and storage. Adherence to stringent safety
protocols is crucial to mitigate these risks. The production and use of maleic
anhydride can raise environmental concerns, particularly in terms of emissions
and waste disposal. Regulatory compliance and responsible disposal are vital
challenges. There is a growing emphasis on adopting green and sustainable
practices in maleic anhydride production. The industry is exploring cleaner and
more environmentally friendly production methods. Research and development
efforts are directed towards the development of bio-based maleic anhydride,
potentially influencing the demand for sustainable alternatives.
The future
outlook for the Indian maleic anhydride market remains positive. As India's
construction, automotive, and specialty chemicals sectors continue to grow, the
demand for maleic anhydride is expected to persist. The industry is also likely
to adapt to emerging trends, with a strong focus on green and sustainable
practices in production and the development of bio-based alternatives. In
conclusion, the Indian maleic anhydride market is a vital player in supporting
the country's construction, automotive, and specialty chemicals sectors. As
India advances on its path of industrialization and environmental awareness,
the market is poised to evolve and thrive, reinforcing its significance in the
chemical and manufacturing landscape of the nation.
Key Market Drivers
Increasing Use of Maleic
Anhydride for Production of Unsaturated Polyester Resins Propels Indian Maleic
Anhydride Market Growth
The
Indian maleic anhydride market is experiencing notable growth, primarily driven
by the increasing demand for the production of unsaturated polyester resins
(UPRs). Maleic anhydride, a versatile chemical compound, plays a pivotal role
in the synthesis of UPRs, contributing to the expansion of India's maleic
anhydride market.
One
of the key factors fueling the surge in demand for maleic anhydride in India is
its essential role as a key precursor in the production of UPRs. Unsaturated
polyester resins are a class of thermosetting polymers widely used in various
industries, including construction, automotive, marine, and manufacturing. UPRs
are renowned for their versatility, durability, and resistance to corrosion,
making them vital for a wide range of applications.
Maleic
anhydride serves as a critical component in the synthesis of UPRs. It undergoes
a reaction with a variety of diols or polyols, such as propylene glycol and
ethylene glycol, to form the backbone of UPRs. This reaction results in a
polymer that can be further modified and customized to meet specific
performance requirements. UPRs derived from maleic anhydride are used to
manufacture composite materials, fiberglass products, coatings, and a range of
molded and laminated components.
The
construction industry is one of the major consumers of UPRs. These resins are
used to produce composite materials for building and infrastructure
applications. UPR-based composites are highly valued for their
strength-to-weight ratio, which makes them ideal for reinforcing concrete
structures, producing lightweight panels, and enhancing the durability of
construction materials. As India witnesses continued growth in construction and
infrastructure development, the demand for UPRs, and thus maleic anhydride, is
on the rise.
Moreover,
the automotive sector relies on UPRs for various applications, including
manufacturing body panels, bumpers, and interior components. UPRs provide
automotive parts with high strength and resistance to corrosion, contributing
to vehicle safety and longevity. The growth of the automotive industry in
India, driven by increased consumer demand, innovation, and sustainability
goals, underscores the demand for UPRs derived from maleic anhydride.
The
marine industry is another significant user of UPRs, particularly for producing
boat hulls and components. UPR-based composites offer excellent water
resistance, durability, and ease of moldability, making them the material of
choice for marine applications. As India's coastal areas and water-based
recreational activities continue to thrive, the demand for UPRs in the marine
industry grows, along with the demand for maleic anhydride.
Manufacturing,
including the production of pipes, tanks, and various industrial components,
also heavily relies on UPRs. These resins contribute to the production of
durable and corrosion-resistant equipment, essential in numerous industrial
processes. The demand for UPRs in the manufacturing sector drives the need for
maleic anhydride, as it is a fundamental precursor in UPR synthesis. The consumer goods industry employs UPRs for manufacturing a wide range of
products, from household appliances to bathroom fixtures. UPR-based composites
offer design flexibility and durability, contributing to the production of
high-quality consumer goods. As the Indian economy continues to expand and
consumer preferences evolve, the demand for UPRs in this sector is expected to
increase.
The
growth of India's composite industry, which is closely linked to UPR
production, is another significant factor driving the demand for maleic
anhydride. Composites are widely used in various sectors, including aerospace,
wind energy, and sports equipment manufacturing. As India aims to promote
sustainability and advanced manufacturing, composites derived from maleic
anhydride are likely to play a central role in these industries.
Thus, the increasing use of maleic anhydride for the production of UPRs,
driven by the versatile applications of UPRs in construction, automotive,
marine, manufacturing, and consumer goods industries, is a significant driving
force behind the growth of the maleic anhydride market in India. Maleic
anhydride's crucial role in UPR synthesis positions it as a fundamental
component in various industries, supporting innovation, sustainability, and
economic growth. As India continues to advance and diversify its industrial
landscape, the demand for maleic anhydride is expected to remain strong,
contributing to the country's position as a key player in the global market and
the facilitation of innovative and high-quality products across various sectors.
Rising Demand of Maleic Anhydride-based
Paint and Coating from Construction and Automotive Industries Propels India's Maleic
Anhydride Market Growth
The
Indian maleic anhydride market is experiencing robust growth, primarily driven
by the increasing demand for maleic anhydride-based paint and coatings,
particularly from the construction and automotive industries. Maleic anhydride,
a versatile chemical compound, serves as a crucial ingredient in the synthesis
of various paints, coatings, and resins, contributing to the expansion of
India's maleic anhydride market. One
of the key factors behind the surge in demand for maleic anhydride in India is
its essential role in the production of alkyd resins. Alkyd resins are widely
used in the formulation of paints and coatings due to their excellent adhesion,
durability, and versatility. These resins can be modified to suit specific
applications, and they provide a smooth and glossy finish when used in various
coating formulations.
The
construction industry is a significant driver of the demand for maleic
anhydride-based paints and coatings. These materials are used in architectural
coatings, such as exterior and interior paints, varnishes, and sealants, as
well as in protective coatings for infrastructure and building components.
Maleic anhydride contributes to the performance and longevity of these coatings
by enhancing their adhesion, weather resistance, and durability. As India
experiences rapid urbanization and infrastructure development, the demand for
high-quality paints and coatings in construction applications is on the rise.
The automotive industry heavily relies on maleic anhydride-based coatings for
vehicles. These coatings are applied to various automotive components,
including the vehicle's body, engine parts, and interior surfaces. Maleic
anhydride-based coatings provide a protective layer that enhances the
appearance of the vehicle and offers corrosion resistance, ensuring the
longevity of automotive components. As the automotive sector in India continues
to grow, driven by increasing consumer demand, technological advancements, and
sustainability goals, the demand for maleic anhydride-based coatings is
expected to increase.
In
addition to the construction and automotive industries, maleic anhydride-based
coatings find applications in industrial and protective coatings. These
coatings are used for a wide range of applications, from machinery and
equipment to storage tanks and pipelines. The protective properties of maleic
anhydride-based coatings make them indispensable in safeguarding industrial
assets and infrastructure from environmental factors and corrosion. As various
industrial sectors in India expand and upgrade their facilities, the demand for
high-performance coatings remains strong.
Maleic anhydride contributes to the production of adhesive and sealant
formulations used in the manufacturing and construction sectors. These
adhesives and sealants play a crucial role in bonding materials, preventing
leaks, and providing structural integrity. Maleic anhydride-based adhesive and
sealant formulations are valued for their ability to adhere to various
substrates and provide durable and long-lasting bonds. The
growth of India's paint and coatings industry, driven by increased
infrastructure development, renovation projects, and the automotive sector's
expansion, is a significant factor contributing to the demand for maleic
anhydride. The Indian government's focus on the construction and automotive
sectors as key drivers of economic growth further supports this demand,
emphasizing the need for high-quality and innovative coatings in these
industries.
The rising demand for maleic anhydride-based paints and coatings,
primarily from the construction and automotive sectors, is a significant
driving force behind the growth of the maleic anhydride market in India. Maleic
anhydride's pivotal role in the formulation of coatings and adhesives positions
it as a fundamental component in various industries, promoting innovation,
sustainability, and economic growth. As India continues to advance and
diversify its industrial landscape, the demand for maleic anhydride is expected
to remain strong, contributing to the country's position as a key player in the
global market and the facilitation of high-quality and durable coatings across
multiple sectors.
Growing Demand as Agrochemicals
and Chemical Intermediates is Propelling the India Maleic Anhydride Market
Growth
The
Indian maleic anhydride market is experiencing significant growth, primarily
driven by the increasing demand for maleic anhydride in the production of
agrochemicals and chemical intermediates. Maleic anhydride, a versatile
chemical compound, plays a pivotal role in the synthesis of various
agrochemicals and serves as a key intermediate in the production of other
chemical compounds, contributing to the expansion of India's maleic anhydride
market.
One
of the key factors contributing to the surge in demand for maleic anhydride in
India is its crucial role in the manufacturing of pesticides and herbicides.
These agrochemicals are essential for crop protection, as they help farmers
combat pests, diseases, and weeds, ultimately ensuring higher agricultural
yields and food security. Maleic anhydride serves as a building block in the
synthesis of active ingredients in these agrochemicals, contributing to their
effectiveness and performance. As India grapples with the challenge of feeding
its large and growing population, the need for agrochemicals and, by extension,
maleic anhydride, continues to rise.
Maleic anhydride is employed as a chemical intermediate in the production of
various compounds used in the chemical industry. These chemical intermediates
serve as precursors in the synthesis of a wide range of chemical products,
including resins, plastics, and specialty chemicals. The versatility and
flexibility of maleic anhydride in chemical synthesis make it a vital component
for various industrial applications. Maleic
anhydride is used in the production of maleic acid, which is a key ingredient
in the synthesis of specialty chemicals such as fumaric acid. These chemicals
find applications in diverse industries, including food and beverages,
pharmaceuticals, and agriculture. They are used as acidulants, flavor
enhancers, and pH control agents, contributing to the quality and stability of
various products. Maleic anhydride serves as a precursor for the production of resins, including
alkyd resins and unsaturated polyester resins. These resins have broad
applications in coatings, adhesives, and composite materials, and they play a
pivotal role in multiple industries, including construction, automotive, and
manufacturing. The demand for these resins, and therefore maleic anhydride, is
driven by the need for durable and high-performance materials in these sectors.
In
the pharmaceutical industry, maleic anhydride is used to produce maleic acid
esters. These esters are essential components in the synthesis of various
pharmaceutical compounds, including active pharmaceutical ingredients (APIs).
Maleic anhydride-derived compounds contribute to the development of
pharmaceutical products that address a multitude of healthcare issues,
including pain management, cardiovascular health, and infectious diseases. As
the pharmaceutical industry in India continues to grow and innovate to meet
domestic and international healthcare demands, the demand for maleic anhydride
remains strong.
Maleic anhydride plays a role in the production of maleic anhydride grafted
polyolefins (MA-g-PO). These materials are used as compatibilizers and
modifiers in the plastics and polymer industry, enhancing the compatibility and
performance of different polymer blends. As India's plastics and polymer
industry expands, driven by various sectors such as packaging, automotive, and
consumer goods, the demand for maleic anhydride for these applications is
expected to increase.
The
growth of India's agrochemical and chemical industries, which rely on maleic
anhydride to produce key compounds and intermediates, is a significant driver
behind the increasing demand for this versatile chemical. As India continues to
invest in agricultural and chemical sectors and aims to strengthen its position
in the global market, the demand for maleic anhydride remains strong,
supporting innovation, sustainability, and economic growth. The growing demand for maleic anhydride in India, driven by its
essential role in the production of agrochemicals and chemical intermediates,
positions it as a fundamental component in various industries. Maleic
anhydride's versatility in chemical synthesis aligns with India's industrial
advancement and contributes to the country's position as a key player in the
global market, facilitating the production of high-quality agrochemicals,
chemicals, and intermediates across various sectors.
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Key Market Challenges
Increasing Competition from
Foreign Players
Increasing
competition from foreign players is a significant obstacle hindering the growth
of the India Maleic Anhydride market. Maleic anhydride is a crucial chemical
used in various industries, including chemicals, plastics, and resins. While
the demand for maleic anhydride is steadily rising in India, the market faces
challenges from international manufacturers who can offer competitive pricing,
often due to lower production costs and well-established supply chains.
This
growing competition can disrupt the market dynamics, pricing structures, and
the ability of domestic players to maintain a competitive edge. Indian maleic
anhydride manufacturers must contend with the challenge of cost-efficiency
while maintaining quality standards and environmental responsibility.
To
address this challenge, the India Maleic Anhydride market must emphasize its strengths,
such as product quality and local production advantages. Investment in
cost-effective production processes, research and development, and
collaboration with industry stakeholders and government agencies are essential
for maintaining a competitive edge and sustaining market growth in the face of
increasing foreign competition.
Fluctuating Prices of Raw
Materials
Fluctuating
prices of raw materials present a significant hindrance to the growth of the
India Maleic Anhydride market. Maleic anhydride is a critical chemical compound
used in various applications, including the production of resins, plastics, and
coatings. Its production relies heavily on the availability and pricing of key
raw materials, primarily butane and benzene.
The
prices of these raw materials are subject to market fluctuations influenced by
factors such as supply and demand dynamics, geopolitical tensions, and energy
costs. These volatile raw material prices can impact production costs, making
it challenging for manufacturers to maintain consistent pricing for their
customers and plan for long-term growth.
To
overcome this challenge, the India Maleic Anhydride market must diversify its
sourcing strategies, invest in efficient production processes, and engage in
partnerships with raw material suppliers to stabilize the supply chain. These
efforts are essential to ensure a steady supply of maleic anhydride, manage
production costs effectively, and promote market growth while navigating the
challenges of fluctuating raw material prices.
Key Market Trends
Government Support for the
Chemical Industry
Government
support for the chemical industry is a significant trend driving the growth of
the India Maleic Anhydride market. Maleic anhydride, a crucial chemical
compound used in various applications, including the production of resins,
plastics, and coatings, is deeply entrenched in the chemical sector. The Indian
government has recognized the importance of this industry and is actively
introducing policies, incentives, and investments to foster its growth and
development.
Government
initiatives encompass various measures aimed at creating a conducive business
environment for the chemical sector. These initiatives include ease of doing
business, regulatory reforms, financial incentives for research and
development, and support for exports within the industry. Such support enhances
the competitiveness of Indian chemical manufacturers, encourages innovation,
and ensures a thriving chemical sector. The
government's backing for the chemical industry not only stimulates the
production of maleic anhydride but also encourages the development of cleaner
and more eco-friendly manufacturing processes. This aligns with India's broader
commitment to sustainable and responsible industrial practices.
The
India Maleic Anhydride market benefits from these government initiatives,
ensuring the industry's growth and positioning it to meet domestic and
international demands. This trend underscores the crucial role that maleic
anhydride plays in various industrial applications and highlights the
government's commitment to nurturing the chemical sector as a driver of
economic development and innovation in India.
Growing Demand for Bio-based
Maleic Anhydride
The
growing demand for bio-based maleic anhydride is a key trend propelling the
growth of the India Maleic Anhydride market. Maleic anhydride, a versatile
chemical compound widely used in various industries, including plastics,
resins, and coatings, is experiencing a transformation in its production
methods. This trend is driven by the increasing emphasis on sustainability and
environmental responsibility.
Bio-based
maleic anhydride is produced from renewable sources, such as biomass,
agricultural waste, or other organic feedstocks. This approach offers a more
sustainable and environmentally friendly source of maleic anhydride, reducing
the industry's reliance on fossil fuels and minimizing its carbon footprint.
The
demand for bio-based maleic anhydride aligns with India's commitment to green
and sustainable manufacturing practices. As the nation strives to reduce its
environmental impact and embrace responsible sourcing and production, the
adoption of bio-based maleic anhydride provides a compelling solution for
various applications, including eco-friendly plastics and environmentally
conscious coatings.
This
trend underscores the India Maleic Anhydride market's responsiveness to the
evolving preferences of eco-conscious industries and consumers. It reflects the
market's commitment to innovation and environmental responsibility, driving its
growth while addressing sustainability and environmental concerns.
Segmental Insights
Raw Materials Insights
Based
on the raw materials, the N-butane segment emerged as the dominant player in
the Indian market for Maleic Anhydride in 2024. The dominance of the N-butane segment can be attributed to
its critical use as a feedstock for the catalytic oxidation process that
produces Maleic Anhydride. N-butane serves as one of the primary raw materials
required for the synthesis of Maleic Anhydride, and its reliability,
consistency, and quality is crucial for the success of this chemical production
process.
Maleic
Anhydride is a versatile chemical compound used in various industries,
including the production of resins, plastics, and agricultural chemicals. The
growing demand for these products has significantly driven the demand for
Maleic Anhydride, reinforcing the prominence of the N-butane segment. The
segment's dominance is further underscored by the fact that the use of N-butane
as a raw material for Maleic Anhydride production aligns with sustainable and
eco-friendly production processes, reflecting the industry's commitment to
environmental responsibility.
Application Insights
Based
on the application, the Unsaturated Polyester Resins (UPR) segment has
prominently emerged as the dominant player, reflecting its crucial role in
various industrial applications, particularly in the production of Unsaturated
Polyester Resins. The dominance of the UPR segment can be attributed to the
versatile and critical uses of Maleic Anhydride in the synthesis of UPR. Maleic
Anhydride is a key component in the production of UPR, which is widely used in
applications such as the manufacturing of fiberglass-reinforced plastics,
laminates, and coatings. The reliability, consistency, and high quality of
Maleic Anhydride make it an indispensable component in these applications.
India's
growing construction, automotive, and composites industries, as well as the
increasing demand for high-quality composite materials, have significantly
driven the demand for UPR, reinforcing the prominence of this segment. The
segment's dominance is also underscored by the fact that UPR is a crucial
material for various manufacturing processes, and its use aligns with the
nation's growing focus on high-quality, durable, and sustainable products. The dominance of the UPR segment in the Indian Maleic Anhydride
market is a result of its critical role in the production of Unsaturated
Polyester Resins, its alignment with the nation's growing demand for
high-quality and sustainable composite materials, and its contribution to the
construction, automotive, and composites industries. This dominance is expected
to persist as these industries continue to expand and prioritize product
quality and innovation.
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Regional Insights
Based
on the region, the dominance of the Western region in the Indian Maleic
Anhydride market is a result of its industrial diversity, well-established
infrastructure, and strategic advantages. This dominance is expected to persist
as the region continues to thrive in various chemical manufacturing sectors and
as the demand for high-quality chemicals remains on the rise, particularly in
the production of resins, plastics, and agricultural chemicals. One
of the primary reasons for the Western region's dominance is its industrial
strength and the presence of significant chemical manufacturing and
petrochemical sectors. States like Gujarat and Maharashtra are home to a
substantial number of manufacturing facilities that rely on Maleic Anhydride
for various applications, including the production of resins, plastics, and
agricultural chemicals. The region's well-established industrial
infrastructure, research and development facilities, and a conducive environment
for chemical manufacturing have played a pivotal role in its prominence.
The Western region's strategic location and access to major ports make it a hub
for the import and distribution of chemicals like Maleic Anhydride, serving
industries not only within the region but also across the country. The
Western region's proactive approach to environmental regulations and its
commitment to sustainability have also driven the demand for Maleic Anhydride,
especially in industries that prioritize eco-friendly and high-quality
production processes.
Key Market Players
- Meru Chem
Pvt. Ltd.
- Central
Drug House (P) Ltd.
- Mitansh
Chemicals International Private Limited
- M.
K. Industrial Corporation
- Pon
Pure Chemicals Group
- Thirumalai
Chemicals Ltd
- I
G Petrochemicals Limited
|
By
Raw Materials
|
By
Application
|
By
Region
|
|
|
- Unsaturated
Polyester Resins (UPR)
- 1,4-BDO
- Lubricating
Oil Additives
- Copolymers
- Food
Additives
- Others
|
- West
India
- North
India
- South
India
- East
India
|
Report Scope:
In this report, the India Maleic Anhydride Market
has been segmented into the following categories, in addition to the industry
trends which have also been detailed below:
- India Maleic Anhydride Market, By Raw Materials:
o N-butane
o Benzene
·
India Maleic
Anhydride Market, By Application:
o Unsaturated Polyester Resins (UPR)
o 1,4-BDO
o Lubricating Oil Additives
o Copolymers
o Food Additives
o Others
- India Maleic Anhydride Market, By Region:
o West India
o North India
o South India
o East India
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the India Maleic
Anhydride Market.
Available Customizations:
India Maleic Anhydride Market report with
the given market data, Tech Sci Research offers customizations according to a
company's specific needs. The following customization options are available for
the report:
Company Information
- Detailed analysis and profiling of additional
market players (up to five).
India Maleic Anhydride Market is an upcoming report
to be released soon. If you wish an early delivery of this report or want to
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