Phthalic Anhydride Market Size 2020 Growth Cover Enlargement Future Trends Top Manufacturers And Competitive Landscape To 2028
Phthalic Anhydride Market Research Report
The Phthalic Anhydride Market Size is expected to grow at a significant CAGR of 4.2% while reaching the value of USD 7,213.7 Million by the end of the forecast period.
Increasing demand for phthalic anhydride products in various end-use sectors, including paints and coatings, medical devices, home appliances, and furniture, is expected to be a significant element in the industry’s growth over the evaluation period. In addition, the growing usage of phthalic anhydride in plastic manufacture could prove to be a significant participant in the market throughout the analysis period. Its outstanding qualities, including strength, dimensional stability, low cost, and non-flammability, can help it gain traction in a variety of growing end-use industries shortly. Polyester polyols are predicted to be in high demand in the manufacture of polyurethanes during the evaluation period due to increased demand for polyester polyols.
The outbreak of Phthalic Anhydride Market has caused difficulties in the industry, which has been under lockdown since the outbreak of COVID-19. Several end-use sectors were temporarily stopped to prevent the virus from spreading, creating severe market disruption.
Market Segmentation
Based on the Application, the market is segmented into plasticizers, unsaturated polyester resin, alkyd resin, flame retardants, dyes, pigments, and others.
Based on the Derivative, the market is segmented into Phenolphthalein, Phosphor Phthalein, phthalimide, phthalein, phthalate esters, and phthalic anhydride.
Based on the End-Use Industry, the market is segmented into building & construction, automotive, electrical & electronics, healthcare, and agriculture.
Based on the Region, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
Regional Classification
Based on the availability of sufficient raw materials, the APAC region is expected to grow at a profitable rate during the evaluation period. The market’s regional expansion has been aided by the increasing urbanization and industrialization that has happened in developing nations like India, China, and South Korea. Increasing demand for the product in Europe from several sectors is predicted to propel the continent to the second-largest market share during the projection period. Moreover, over the assessment period, anhydride is predicted to become increasingly widely used in the production of PVC compounds. This will also be a significant influence in boosting regional market success.
Furthermore, Purified Terephthalic Acid Market in Europe have increased their utilization rates, resulting in increased productivity, which will aid regional market expansion in the next years. Because of the strong participation of the construction sector, North America is predicted to increase significantly throughout the analyzed period. Another factor that is projected to fuel the development of the regional sector throughout the evaluation period is the increased demand for UPR and phthalate plasticizers in the PVC and FRP industries. As the regional market expands, the United States, Canada, and Mexico are likely to make important contributions. Because the product is in demand across a wide range of industries and by increasingly sophisticated end-users, demand in the rest of the globe is expected to rise during the analysis period.
Industry News
The major key players in the market are Shandong Hongxin Chemical Co. Ltd., IG Petrochemicals Ltd., Exxon Mobil Corporation, Nan Ya Plastics Corporation, Aekyung Petrochemical Co. Ltd., Mitsubishi Gas Chemical Company, C-Chem Co. Ltd., Thirumalai Chemicals Ltd., Koppers Inc., and Basf Se.
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