Phthalic anhydride, an organic compound, is white in color and appears in lustrous crystalline flakes or molten form. It carries a pungent odor. It finds extensive application in the production process plasticizers that results in the making of polyvinyl chloride (PVC). The global phthalic anhydride market is all set to find a substantial growth in terms of CAGR during the forecast period (2017-2023). Market Research Future (MRFR) declared the probability for the phthalic anhydride market growing during the forecast period is quite high.
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Factors, such as the burgeoning construction industry, automotive sector, manufacturing sectors where coating is essential, paints & varnishes, electronics & electrical industries are expected to create wider market expansion possibilities for the phthalic anhydride market. However, it has adverse health impacts, which can deter the market growth.
The recent report on the global phthalic anhydride market, as discussed by MRFR analysts, contains a segmentation that is founded upon application and end-use industry. Such an analysis ensures a much-detailed look into the regional market.
Based on the application, the global phthalic anhydride market can be segmented into plasticizers, alkyd resins, unsaturated polyester resins (UPR), dyes & pigments, flame retardant, and others (insecticide, urethane polyester polyols, rubber scorch inhibitor, detergent, herbicide, saccharin). The plasticizers segment had the largest market share in 2017 and it is expected to grow further by in-sync with the booming PVC market. Latter’s growth for applications like pipes & fittings, profile & hoses, wires & cables, floorings, and others is expected to create substantial scope for the segment to expand. Plasticizers often find a wide-scale application in fixing the moldability of PVC, curing of coatings, and surface protection. The UPR segment is expected to witness its demand surging with its percolation in reinforced composites and surface coatings.
Based on the end-user industry, the global phthalic anhydride market comprises construction, automotive, electrical & electronics, and others. The construction industry has better scope for phthalic anhydride permeation due to a varied application of PVC, UPR, and alkyd resin to manufacture diverse products.
- Hongxin Chemical
- BASF SE
- ExxonMobil Corporation
- NAN YA PLASTICS CORPORATION
- Mitsubishi Gas Chemicals Co. Inc.
- I G Petrochemicals Limited
- AEKYUNG PETROCHEMICAL Co., Ltd
- Koppers Inc.
- Polynt SPA
- UPC Group
In April 2019, Clariant announced the integration of high-yield OxyMax PA 690 catalyst into the production procedure of phthalic anhydride production in their Indonesian plant.
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The global phthalic anhydride market has been segmented based on regions, by MRFR, for a better study of the market demographics. The included regions are Asia Pacific (APAC), North America, Europe, Latin America, and the Middle East and Africa (MEA).
The APAC market has the maximum chance to score big with the highest CAGR. The regional market was already the leading one and it is only going to increase its profit margin during the forecast period. This wide-scale growth can be attributed to growing construction, automotive, and electrical & electronics industry.
On the other hand, Europe is ready to take on the strong demand posed by the robust automotive and growing microelectronics industries. North America’s growth would mark steady demand for phthalic anhydride as the construction & renovation industry are expected to witness substantial growth during the forecast period. However, stringent environmental regulations in Europe and North America have the potential to tweak the market outcomes. The Middle East & Africa can expect a moderate growth as the booming construction industry and flourishing tourism industry can inspire a hike in intake.
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