Phthalic Anhydride Market Size 2022 Covid-19 Update Analysis, Market Forecast 2030
Phthalic Anhydride Market Size
As per Market Research Future (MRFR)’s analysis, the global phthalic anhydride market has been projected to exhibit moderate growth during the forecast period 2017 to 2023. It is extensively in demand for the production of polyvinyl chloride (PVC), which has its application across the automotive industry. This, in turn, is prognosticated to catapult the phthalic anhydride market on an upward trajectory.
Phthalic anhydride has developed an application in the construction sector as it is used in the production of unsaturated polyester resins (UPR). The strong value maintained by the construction sector is likely to dictate the expansion of the phthalic anhydride market over the assessment period.
The paints & coatings industry is witnessing a boom which is expected to reflect on the growth of the phthalic anhydride market. Alkyd resins, which uses phthalic anhydride in its production process, are used in the manufacturing of paints & coatings. It is foreseen to exhibit an upsurge in demand for improving corrosion and thermal resistance and is anticipated to further fuel demand for phthalic anhydride through the review period.
The market is forecasted to remain lucrative over the next couple of years. The product has found applications in insecticide, detergent, herbicide, etc. It is also extensively used in the production of flame retardants. This is poised to generate demand for phthalic anhydride in the electronics industry. However, health issues associated with long-term exposure to this organic compound is likely to hold the growth of the phthalic anhydride market over the projection period.
Market Segmentation:
By application, the global phthalic anhydride market has been segmented into plasticizers, unsaturated polyester resins, alkyd resins, flame retardant, dyes & pigments, and others.
By end-user industry, the global phthalic anhydride market has been segmented into construction, automotive, electrical and electronics, and others.
Regional Analysis:
By region, the global phthalic anhydride market has been segmented into Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Asia Pacific is likely to emerge as the fastest growing as well as the largest phthalic anhydride market by the end of 2023. The drastic growth of the end-user industries is predicted to propel the proliferation of the phthalic anhydride market.
Europe is foreseen to witness a strong demand from electronics and automotive industries. It is likely to expedite revenue creation for the participants of the phthalic anhydride market. North America, also, is expected generate considerable revenue owing to the intensified demand from the construction industry. Nevertheless, the stringent environmental regulations in both the regions remain impediments to the growth of the phthalic anhydride market.
The Middle East & Africa is expected to witness moderate growth due to the boom witnessed in the tourism industry. Meanwhile, Latin America is anticipated to resonate promising growth opportunities which are attributable to the thriving construction industry in Brazil and Mexico.
Competitive Landscape:
Some of the key players profiled in the report are Hongxin Chemical (China), BASF SE (Germany), Nan Ya Plastics Corporation (Taiwan), ExxonMobil Corporation (U.S.), Aekyung Petrochemical Co., Ltd (Republic of Korea), Polynt SPA (Italy), Koppers Inc. (U.S.), Mitsubishi Gas Chemicals Co. Inc. (Japan), I G Petrochemicals Limited (India), and UPC Group (Taiwan).
Industry News:
In February 2018, RAMPF Eco Solutions and Kai Anlagenbau, German tech companies, have designed a state-of-the-art plant in Dubai which is capable of producing premium quality polyols based on phthalic anhydride (PSA), polyethylene terephthalate (PET), and polyurethane (PU)/polyisocyanurates (PIR).
In June 2018, the biggest chemical producer in Romania, Valcea, has offered three of its production units for sale. The plants include a phthalic anhydride plant in Ramnicu Valcea.
In July 2018, Thirumalai Chemicals, India announced that phase 1 of the Phthalic Anhydride project located in Dahej, Gujarat, is expected to commence operations by May 2019.
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