(EMAILWIRE.COM, October 02, 2021 ) 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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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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Polynt-Reichhold Group (Italy) is focusing on expansion to strengthen its position in the maleic anhydride market. For instance, in September 2019, Polynt-Reichhold installed a new reactor for its maleic anhydride plant, with an annual capacity of 60 kilotons per annum at the Ravenna site, which will start its operation in 2021. This will help the company to support its own internal consumption of maleic anhydride and cater to the growing demand from the composites business.