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.
For the Quarter Ending June 2024
North America
In Q2 2024, the Maleic Anhydride market in North America has experienced a mixed trajectory in pricing, driven by a confluence of factors. The quarter was characterized by steady but moderate demand from downstream industries, particularly in construction and automotive sectors. A critical influence has been the constrained supply due to limited operating rates and sporadic plant shutdowns, compelling manufacturers to elevate prices marginally to offset these disruptions. Additionally, the rising crude prices did not provide sufficient cost support for Maleic anhydride this quarter as demand woes triumphed over cost pressures.
Focusing on the USA, which has seen significant price fluctuations, the overall trend has been an increase, reflecting robust seasonality and a correlation with rising shipping costs and container shortages. The Federal Reserve's monetary policies, aimed at curbing inflation, have also played a role by reducing spending on manufactured goods and capital projects. This economic environment has led to a complex interplay of supply-side constraints and demand pressures, reinforcing the positive pricing sentiment for Maleic Anhydride.
From the previous quarter in 2024, prices in the USA have risen by 7.7% cumulatively throughout the quarter owing to higher cost crude oil. Conclusively, by the quarter's end, Maleic Anhydride prices in the USA were recorded at USD 1380/MT Liquid DEL Louisiana, reflecting a stable yet positively inclined pricing environment.
APAC
The second quarter of 2024 marked a pivotal period for Maleic Anhydride in the APAC region, characterized by a mixed trend with prices largely fluctuating. The price peaked at the end of the quarter as major deliveries and shipping schedules from China were thus aligned for deliveries and traders faced high premiums for the sale of spots on freight carriers. Several critical factors contributed to this trend. Heightened production activities in industries such as unsaturated polyester resins (UPR) and seasonal demand fluctuations, particularly in applications like paints and coatings, drove a significant increase in Maleic Anhydride consumption. Simultaneously, supply-side constraints, including limited domestic production and disruptions in raw material supply chains, exacerbated the situation, creating a notable supply shortage. Furthermore, the rising costs of benzene, a key feedstock, elevated production expenses, compelling manufacturers to adjust their pricing strategies accordingly. Focusing on Japan, the market experienced the most substantial price volatility within the APAC region. Overall trends indicated a bullish sentiment influenced by seasonal demand peaks and constrained supply chains. The Japanese market observed a 13.7% price rise throughout the quarter as Chinese markets kept the regional market. The positive sentiment was further bolstered by increased import costs and elevated global raw material prices. By the end of Q2 2024, the price of Maleic Anhydride in Japan settled at USD 1020/MT CFR Tokyo, underscoring a stable yet optimistic market outlook. This period's pricing environment was predominantly positive due to the interplay between demand surges and supply constraints, establishing a foundation for potential future increases.
Europe
In Q2 2024, the European Maleic Anhydride market experienced an overall positive pricing environment, driven by several significant factors. The quarter was marked by a steady demand from downstream sectors such as Unsaturated Polyester Resins (UPR), automotive, and construction industries. Despite moderate activity levels in these sectors, the supply chain complexities, including increased shipping costs and container shortages, exerted upward pressure on prices. Additionally, the persistently high feedstock benzene prices contributed to elevated production costs, further supporting the bullish trend in the market. Germany, in particular, witnessed the fluctuating trend with prices having cyclical price movements this quarter due to delays in deliveries and downstream consumption facing outages due to flooding in Rhineland. The country's Maleic Anhydride market saw a cumulative price rise of 8% throughout the quarter. However, the price rise was more pronounced for the latter half of the year due to high deliveries scheduled from Asia. The latest quarter-ending price for Maleic Anhydride Flakes FD Hamburg stood at USD 1275/MT, underscoring the persistent supply-side pressures and firm demand. Overall, the pricing environment in Europe during Q2 2024 was strongly influenced by supply chain constraints, raw material costs, and sector-specific demand dynamics, painting a predominantly positive outlook for Maleic Anhydride prices in Germany and the broader European market.
