For the Quarter Ending June 2025
North America
• The Maleic Anhydride Price Index in North America rose by 2% in Q2 2025 compared to Q1, with the quarter marked by early softness and a strong rebound in June, resulting in a Q2 average of USD 1298/MT, FOB USGC.
• In April and early May, the Maleic Anhydride Price Index remained stable, reflecting tepid demand from UPR, automotive, and construction sectors amid inventory corrections and broader economic caution.
• By late May and through June, prices climbed steadily to USD 1320/MT, driven by a resurgence in UPR consumption across construction, electric vehicles, and marine composites, alongside tighter spot supply from increased exports and delayed imports.
• The Maleic Anhydride Demand Outlook improved in June, supported by seasonal construction activity, rising EV production, and demand for structural composites, lubricant additives, and BDO intermediates.
• The Maleic Anhydride Production Cost Trend was largely steady, with minimal volatility in feedstock n-butane and benzene, though rising logistics and port handling costs added mild pressure by June.
• Domestic supply was generally adequate, but tighter availability in June contributed to late-quarter bullishness in the Maleic Anhydride Price Index.
• Why did the Maleic Anhydride Price change in July 2025? The Maleic Anhydride Price Index is expected to rise further in July 2025, due to sustained downstream demand from UPR sectors, higher inland freight and port congestion on the West Coast, and proactive restocking ahead of potential tariff policy shifts.
• The Maleic Anhydride Price Forecast for July remains upward-biased, with market sentiment supported by resilient downstream consumption and persistent logistical constraints.
Europe
• In Q2 2025, the Maleic Anhydride Price Index in the Netherlands displayed a mixed trend, closing the quarter with a 2% increase over Q1 2025, and an average assessed at USD 1236/MT, Liquid FD Amsterdam, supported by late-quarter bullish sentiment.
• April witnessed a decline in the Maleic Anhydride Price Index, reaching USD 1180/MT, as demand from the UPR and coatings sectors weakened. Simultaneously, congestion at key Rotterdam terminals (e.g., RWG and DELTA II) and workforce shortages disrupted inbound logistics, though domestic supply remained sufficient.
• In May, pricing stabilized due to contractual imports, buffered inventories, and stable downstream procurement, even as port congestion continued to slow terminal throughput.
• June brought a notable uptrend in the Maleic Anhydride Price Index, rising from USD 1195/MT to USD 1270/MT, triggered by tightened regional supply after Huntsman's MA plant shutdown in Germany. This prompted urgent restocking and elevated freight costs, restoring bullish sentiment among buyers and distributors.
• The Maleic Anhydride Demand Outlook improved in late Q2, supported by renewed offtake from the UPR and composites industries, construction-related resin demand, and pre-emptive buying in anticipation of worsening logistical constraints.
• The Maleic Anhydride Production Cost Trend remained mostly stable in Q2, with feedstock benzene and n-butane prices showing limited fluctuations. However, rising inland transport and port handling costs in June added to landed MA cost pressure.
• Why did the Maleic Anhydride Price change in July 2025? The Maleic Anhydride Price Index is forecast to rise further in July 2025, driven by continued structural supply constraints from Huntsman’s German plant closure, compounded by low Rhine River levels affecting barge transport and inventory replenishment. Persistent demand from UPR producers adds additional upward pressure.
• The Maleic Anhydride Price Forecast for July suggests sustained bullishness unless regional supply disruptions ease or downstream demand unexpectedly softens.
• Overall, the Netherlands’ MA market in Q2 transitioned from early-quarter oversupply and soft demand to late-quarter tightness, creating upward pressure that is expected to carry into July under tightened logistics and curtailed regional production.
APAC
• The Maleic Anhydride Price Index in China rose 3.5% in Q2 2025 compared to Q1, yet the quarterly average slipped to USD 816/MT, FOB Ningbo, indicating a softening trend by the quarter’s end amid fluctuating supply-demand dynamics.
• Early Q2 witnessed a price increase supported by reduced supply from major producers like Wanhua and Hengli Petrochemical, along with moderate downstream restocking by unsaturated polyester resin (UPR) manufacturers.
• The Maleic Anhydride Production Cost Trend showed a consistent decline due to falling n-butane values throughout the quarter, gradually undermining producer margins and limiting price stability by late Q2.
• Demand from the UPR sector—China’s core downstream market—remained steady but unaggressive, with buyers avoiding forward commitments and preferring just-in-time procurement due to uncertain macroeconomic signals.
• By June, resumed operations at Qingdao Refining and other facilities increased domestic availability, outweighing shutdown effects and contributing to market saturation and downward pull on the Maleic Anhydride Price Index.
• Despite a seasonal lift in the automotive segment, weak performance in construction and coatings, along with global trade uncertainty and reduced NEV export momentum, constrained the Maleic Anhydride Demand Outlook.
• Export flows remained under pressure as international demand from India, Turkey, and Southeast Asia stayed soft, while elevated freight rates and tariff-induced hesitancy further limited overseas sales.
• Why did the Maleic Anhydride Price change in July 2025? Prices are forecasted to decrease further in July 2025 due to abundant domestic supply following Q2 restarts, falling feedstock (n-butane) costs, and cautious downstream restocking behavior. The resin sector continues to show no signs of aggressive demand recovery, sustaining a bearish market sentiment.
• The Maleic Anhydride Price Forecast for early Q3 indicates additional downside unless production is curbed or resin sector demand revives sharply. China’s market is expected to consolidate at low levels unless upstream or policy shifts create cost support.
For the Quarter Ending March 2025
North America
During Q1 2025, the Maleic Anhydride (MA) market in the United States displayed a fluctuating yet largely stable price trajectory, influenced by macroeconomic factors, trade policy shifts, and the performance of key downstream sectors.
January saw a softening in prices, driven by a post-holiday slowdown in demand and an uptick in domestic production. Lower feedstock costs and increased market competition prompted price corrections. However, port congestion and shifting import patterns created supply chain complexities.
By February, MA prices experienced a slight recovery, underpinned by steady raw material input costs and improving sentiment in the construction and automotive sectors. Logistical challenges and cautious procurement strategies helped maintain market balance.
In March, the market showed signs of renewed stability. Demand from Unsaturated Polyester Resin (UPR) producers remained consistent, while domestic production met market needs without significant disruption. Import and export flows returned to normal, and raw material price volatility decreased.
Overall, Q1 2025 saw fluctuating prices in the North American MA market, with a moderate recovery in February and March following a decline in January. Compared to the previous quarter prices declined by 10%.
APAC
The price trend of Maleic Anhydride (MA) in the APAC region during Q1 2025 was mixed, influenced by varying supply-demand dynamics and seasonal factors. In early January, prices declined slightly in China due to post-holiday demand slowdown, rising supply, and subdued economic sentiment. However, by mid to late January, supply tightened as some producers reduced output, and demand from downstream sectors like unsaturated polyester resins remained stable, leading to slight price increases. Ahead of the Lunar New Year, operations slowed, and inventory adjustments stabilized the market. In February, prices initially rose with post-holiday restocking and raw material cost hikes, but the trend reversed by late February due to weak demand and sufficient supply. Throughout March, prices mostly stabilized, with slight fluctuations driven by limited spot availability and cautious buying activity. Export demand and logistics disruptions, including port congestion and fog delays, provided temporary support. Overall, the MA market in APAC showed alternating phases of stability and volatility, reflecting a balanced but cautious outlook shaped by domestic production consistency, variable demand from resin producers, and external shipping constraints. Compared to the previous quarter, prices decreased by 5%, indicating lower demand.
Europe
The Maleic Anhydride (MA) market in Europe saw a gradual upward trend in prices during Q1 2025. Early in the quarter, the market remained stable, driven by consistent demand from key downstream industries such as unsaturated polyester resins (UPR), automotive, and construction. The automotive sector showed mixed performance, with some recovery signs despite ongoing challenges like overcapacity and stricter emissions regulations. Similarly, the construction industry faced slower-than-expected growth, but demand for UPR in construction materials continued to support steady consumption.
Logistical disruptions, including port congestion at major terminals like Hamburg and Bremerhaven, became a key factor influencing the market. These delays, along with supply chain inefficiencies, caused minor short-term supply shortages, putting upward pressure on prices. While these disruptions were partly alleviated towards the end of the quarter, they still contributed to localized price increases. Additionally, fluctuations in raw material costs, such as benzene, also impacted production costs, contributing to higher MA prices.
Overall, despite economic uncertainties and subdued activity in certain sectors, steady demand, combined with supply-side disruptions, led to a slight upward price movement in the Maleic Anhydride market by the end of Q1 2025. Compared to the previous quarter, prices decreased by 2.4%.
For the Quarter Ending December 2024
North America
The price trend of Maleic Anhydride (MA) in North America during Q4 2024 exhibited a steady decline, influenced by a combination of supply-side pressures and weakened demand across key sectors.
At the start of the quarter, supply was stable, but disruptions caused by hurricanes Helene and Francine led to temporary spikes in n-butane prices, creating initial bullish market conditions. However, despite these fluctuations, overall demand for MA remained muted throughout the quarter. A significant decline in new orders, coupled with labor shortages and capacity utilization issues, added downward pressure on prices. Additionally, a slowdown in manufacturing activity and reduced consumption in both the automotive and construction sectors further contributed to the market's weakness.
By mid-quarter, suppliers responded to reduced demand by holding inventory levels steady but continued to lower prices to attract sales. The consistent drop in butane prices and stable raw material costs helped maintain production but failed to prevent the price declines. By December, oversupply concerns due to increased domestic production and imports exacerbated the downward price movement.
Overall, the North American Maleic Anhydride market in Q4 2024 experienced an overall decline, driven by subdued demand and excess supply in the market. Compared to the previous quarter, prices decreased by 5%, indicating low demand.
APAC
The Maleic Anhydride (MA) market in the APAC region exhibited an overall declining trend during Q4 2024, driven by a combination of oversupply, subdued demand, and year-end market dynamics.
In October, the market initially remained stable, supported by consistent production levels. Supply was ample, with significant output from key producers, although feedstock prices experienced moderate increases. Demand picked up slightly due to stimulus measures and activity in downstream industries such as unsaturated polyester resins. However, the demand recovery was insufficient to create upward price momentum.
By November, market conditions began to soften as increased production volumes led to oversupply. Key manufacturers ramped up operations, contributing to competitive pricing pressure. The unsaturated resin sector, a primary consumer of MA, displayed weak procurement activity, resulting in cautious market sentiment. Construction activity remained lackluster, and economic headwinds, including declining real estate investment, further suppressed demand.
In December, the trend continued with prices facing additional pressure. Lower raw material costs and limited year-end purchasing activities compounded the decline. Downstream industries maintained a conservative approach to inventory, reflecting cautious economic sentiment.
Overall, Q4 2024 was characterized by declining Maleic Anhydride prices, underpinned by supply outpacing demand and limited recovery in key consuming sectors. Compared to the previous quarter, prices decreased by 5%, indicating lower demand.
Europe
In Q4 2024, the price trend for Maleic Anhydride (MA) in Europe showed a consistent decline, primarily driven by reduced demand, ample supply, and a challenging macroeconomic environment.
Throughout the quarter, prices initially stabilized in early October due to moderate demand in the automotive and construction sectors, supported by pre-fall stocking. However, by mid-quarter, the manufacturing sector began to show signs of weakness, with production cuts and a decline in new orders, particularly in countries like Germany and the Netherlands. This slowdown in industrial activity exerted downward pressure on Maleic Anhydride prices.
The situation worsened in November and December, as demand from downstream industries such as unsaturated polyester resins (UPR) and agricultural chemicals remained subdued. Despite elevated stock levels, suppliers faced challenges in balancing supply and demand, with prices seeing a gradual decrease as excess inventories put downward pressure on the market.
In addition, higher feedstock costs from butane did not provide sufficient support for price stability, further contributing to the overall downward trend. The weak construction sector, combined with geopolitical uncertainties and reduced consumer confidence, also played a role in limiting demand.
Thus, Q4 concluded with an overall decline in Maleic Anhydride prices, reflecting the muted demand and a cautious outlook for the near term. Compared to the previous quarter, prices decreased by 5%, indicating low demand.
For the Quarter Ending September 2024
North America
The third quarter of 2024 has been a period of mixed movement of prices for Maleic Anhydride in North America, with significant factors influencing market prices. The demand for Maleic Anhydride has been on the rise due to strong performance in downstream industries such as coatings and Unsaturated Polyester Resin. This increased demand has put pressure on prices, supported by stable production costs driven by benzene prices and high natural gas costs.
In the USA, where the most substantial price changes have been observed, market trends have shown a consistent upward trajectory. The quarter’s ending price of Maleic Anhydride has increased by 28% compared to the same quarter last year, highlighting the significant growth in the market. Furthermore, there was relatively no change from the previous quarter’s ending price in 2024, indicating a flattening of prices and the market reaching equilibrium
The price comparison a 1% increase in the first half, showcasing consistent growth only to see a downturn right at the end of the October driven by growth and geopolitical concerns. As the quarter ended, the price of Maleic Anhydride Liquid DEL Louisiana in the USA stood at USD 1390/MT, reflecting the positive and increasing pricing environment in the region.
APAC
The third quarter of 2024 has been marked by a mixed trend in Maleic Anhydride prices in the APAC region. This increase can be attributed to several key factors. Firstly, supply constraints due to disruptions in logistics and production have tightened the market. Secondly, robust demand from various industries, particularly in the automotive and construction sectors, has contributed to the price surge.
Additionally, the impact of rising crude oil prices and fluctuating currency values has added upward pressure on prices. Japan, in particular, has experienced the most pronounced price changes in the region. The overall trend in Japan has been characterized by a steady increase in prices, reflecting a positive pricing environment. The 7% increase in the previous year’s quarter ending price compared to this year, while the 8% rise from the previous quarter’s ending price highlights the surges in Maleic Anhydride prices. Plant outages and supply challenges due to tightening to control oversupply kept the prices up.
Moreover, the prices surged up by 5% due to peaking of trade as well as freight charges in August 2024, underscores the ongoing upward trajectory. The prices then dropped due to weakening demand and lower deliveries scheduled for the given time, followed by further supply tightening and cyclonic disturbances in September raising the prices at faster rate. As of the latest data, Maleic Anhydride is priced at USD 1103/MT CFR Tokyo, indicating a strong and consistent increase in pricing sentiment.
Europe
In Europe, the third quarter of 2024 witnessed a mixed trend in Maleic Anhydride prices, influenced by several key market factors. Demand for Maleic Anhydride increased due to robust performance in downstream industries like coatings and Unsaturated Polyester Resin, exerting upward pressure on prices. This was further supported by stable production costs, largely tied to benzene and high natural gas prices.
In Germany, where the most pronounced price changes were observed, the market experienced a steady upward trend. Maleic Anhydride prices at the close of the quarter were 9% higher compared to the same period last year, demonstrating significant market growth. However, prices at the end of the third quarter showed a 3% rise from the previous quarter of 2024.
A gradual price rise of 5% signaled consistent growth till the third week of September, though a major downturn occurred by the end of September, driven by geopolitical factors and continued economic expansion. As of the end of the quarter, Maleic Anhydride liquid FD Hamburg in Germany was priced at USD 1285 /MT.
MEA
The third quarter of 2024 saw mixed trends in Maleic Anhydride prices in the MEA region, driven by several key factors. Supply constraints, due to logistics and production disruptions, tightened the market. Additionally, strong demand from industries like automotive and construction further contributed to the price increase.
Rising crude oil prices and fluctuating currency values also added upward pressure on prices. Saudi Arabia, in particular, experienced the most significant price shifts in the region. The country saw a steady rise in prices, reflecting a positive pricing environment, with a 7% increase compared to the same quarter last year and an 8% rise from the previous quarter. Supply challenges, including plant outages and efforts to control oversupply, kept prices elevated.
In August 2024, a 6% price surge was driven by heightened trade and freight costs, emphasizing the ongoing upward trend. However, prices briefly dipped due to weakening demand and reduced deliveries before spiking again in September, influenced by further supply tightening and geopolitical concerns. This rapid increase reflects the region's strong pricing momentum.
FAQs
Why did Maleic Anhydride prices rise in North America and Europe in July 2025?
Prices rose due to strong downstream UPR demand, port congestion, and tightening regional supply.
Why did Maleic Anhydride prices decline in China during July 2025?
Prices fell due to ample domestic supply after plant restarts, weaker feedstock costs, and subdued demand.
What role did logistics play in the July 2025 price movement?
Logistical constraints—like Rhine barge delays in Europe and West Coast port congestion in North America—tightened supply and pushed prices higher.
How did demand influence Maleic Anhydride prices across regions?
While UPR sector demand supported bullish sentiment in the West, cautious buying and weak construction trends pressured prices in China.
