Phthalic Anhydride Market Overview
According to Market Research Future (MRFR), the market for Phthalic Anhydride Market is projected to expand at a CAGR of 4.63% while acquiring the value of USD 7.9 Billion by 2030.
Phthalic Anhydride Market Effects of COVID-19
Having been imposed a lockdown since the outbreak of COVID-19, the outbreak of phthalic anhydride has resulted in disruptions in the industry. To prevent the spread of the virus, several end-use sectors were temporarily closed causing significant disruption on the market.
As the industrialists seek to strengthen their presence in the market, the R&D activities and mergers and acquisitions between key players are increasing. This is projected to enhance competition in the coming years. The major players in the Phthalic Anhydride Market include
- Shandong Hongxin Chemical Co. Ltd (China)
- IG Petrochemicals Ltd (India)
- Exxon Mobil Corporation (US)
- Nan Ya Plastics Corporation (Taiwan)
- Aekyung Petrochemical Co.
- Ltd (South Korea)
- Mitsubishi Gas Chemical Company (Japan)
- C-Chem Co. Ltd (Japan)
- Thirumalai Chemicals Ltd (India)
- Koppers Inc. (US) and
- Basf Se (Germany).
DriversVarious Industries are seeing an Increasing Demand for Products containing Phthalic AnhydrideDuring the evaluation period, the increasing demand for phthalic anhydride products in different end-use industries, such as paints and coatings, medical devices, home appliances, and furniture, is likely to be a significant factor in the industry's growth. Also, the increasing use of phthalic anhydride in plastic manufacturing may prove to be another notable player that can influence the market during the analysis time frame. In addition to its superior properties, such as strength, dimensional stability, low cost, and non-flammability, it can strengthen its demand in an array of emerging end-use sectors soon.
The Polyester Polyol Market is Forecast to Show Significant Growth Opportunities.
Over the evaluation period, polyester polyols are expected to be in high demand in the manufacture of polyurethanes due to the increasing demand for polyester polyols.
Non-Phthalates will Impede the Growth of the Phthalic Anhydride Market Value
In the review period, market growth is expected to be hindered by the rising demand for PVC compounds without phthalates. In addition, some stringent environmental rules and regulations will further inhibit the market growth in the assessment period due to the toxic nature of alkyd resins and phthalates.
The Phthalic Anhydride Market Will Face Major Price Fluctuations
Phosphoric anhydride's price fluctuates frequently in response to fluctuations in the cost of feedstocks and energy.
Cumulative Market Growth Analysis
The phthalic anhydride global market is expected to grow at a decent rate during the forecast period, according to MRFR. Various end-use markets are increasing the demand for the product, which is reflected in the growth of the market.
These companies may contribute substantially to increasing market growth by cooperating, launching new products, and utilizing advanced technological innovations. Technological advancements today lead to daily shifts in our economy due to factors such as labor shortages, new business opportunities, and competition among businesses. It is therefore imperative for corporations to understand how market movements work, so they can formulate more effective strategies. A company's ability to plan and stay ahead of the competition can only be enhanced by having an effective strategy. There are several key strategies for the phthalic anhydride market trends, among them new technologies launches, acquisitions, and research and development.
There are three segments of the global market for Phthalic Anhydride: Applications, Derivatives, and End-Use Industries.
Phthalic anhydride is classified by application in the global market for plasticizers, unsaturated polyester resin, alkyd resin, flame retardants, dyes, and pigments. During the review period, the plasticizers segment is expected to acquire the largest market share.
Phosphor Phthalein, phthalimide, phthalein, phthalate esters, and phthalic anhydride are segments of the global phthalic anhydride market, depending on their derivative. PVC manufacture, that is, its growing use as a plasticizer, is expected to propel the phthalate esters segment to dominate the market during the evaluation period.
By End-Use Industry
According to the end-use industry for phthalic anhydride, the market can be divided into five types, including building & construction, automotive, electrical & electronics, healthcare, and agriculture. Building & construction is predicted to grow at a CAGR of 4.6% during the evaluation period.
The phthalic anhydride market can be classified into Plasticizers, Flame Retardants, Dyes and Pigments, Alkyd Resin, Unsaturated Polyester Resin, and Others by application.
Derivatives Market for Phthalic Anhydride in the Global Market
Using the derivative to segment the market of Phthalic Anhydride, the global market is divided into Phenolphthalein, Phthalate esters, Phthalein, Phthalimide, and others.
Global Market Analysis by End Users of Phthalic Anhydride
Building & construction, electrical & electronic, agriculture, automotive, healthcare, and others are the segments in the global phthalic anhydride market industry by end-user.
Globally, the phthalic anhydride market growth is divided into North America, Europe, Asia-Pacific, and the rest of the world (RoW), according to MRFR's phthalic anhydride market analysis report.
Phthalic Anhydride Market Growth to Lead Globally During Forecast Period
On the existence of adequate raw material, it is estimated that the APAC region will have a lucrative growth at the time of evaluation tenure. The rapid urbanization and industrialization that has occurred in developing economies like India, China, and South Korea have contributed to the market's regional expansion. A recent report predicts that the phthalic anhydride market in the region will grow significantly by 2022 due to the low operating costs and the increasing demand for plastics like PVC that will drive the market in the region.
The Second Largest Phthalic Anhydride Market during the Forecast Period is Expected to be Europe
Growing demand for the product from a variety of industries in Europe is expected to lead to the continent gaining the second-largest share during the forecast period. Furthermore, anhydride is expected to grow in applications to manufacturing PVC compounds during the assessment period. This will also act as a salient factor that will support the regional market performance. Additionally, the Phthalate Anhydride factories in Europe have accelerated their utilization rates, thus increasing their productivity, which in turn will help the regional market growth in the years to come.
In the Forecast Period, the North American Economy is Expected to Grow Significantly
North America is expected to show significant growth during the analysis period due to the large participation of the construction sector. The growing demand for UPR and phthalate plasticizers in the PVC and FRP industries is another factor likely to drive the development of the regional industry during the evaluation period. The United States, Canada, and Mexico are expected to make significant contributions as the regional market grows.
Global Growth will Continue During the Assessment Period in the Rest of the World
Because the product is in demand by many industries with increasingly sophisticated end-users, demand will likely grow in the rest of the world during the analysis period.Recent DevelopmentJune 2021:
Thirumalai Chemicals Ltd (TCL) of India announced plans to construct an integrated plant capable of producing 180,000 tons of phthalic anhydride (PA) per year at its Dahej complex in western Gujarat state. The project, which is expected to produce 30,000 tons of fine and specialty chemicals per year, will be carried out in two phases. TCL anticipates bringing the first phase online approximately two years after obtaining all necessary permissions for the project. The integrated plant's raw materials would be supplied mostly from Gujarat. TCL intends to promote its products primarily in India's western and northern areas, with an eye toward exports. India's use of PA and its derivatives such as colorants
, polymer additives, and fine chemicals reinforced polymers remains low in comparison to other countries, despite high demand growth. TCL, one of India's two largest producers of PA, now operates a 144,000-tonne-per-year factory in southern Tamil Nadu. Additionally, the corporation manufactures maleic anhydride and its derivatives, plasticizers, and esters through subsidiaries in India and Malaysia.April 2021:
KLJ Plasticizers Ltd (KLJ) of India announced plans to develop a greenfield 200,000-ton-per-year phthalic anhydride (PA) factory in western Gujarat, a company source said on Thursday. The business plans to open the factory in 2024. Additionally, the complex, which is projected to cost USD 82 million, will manufacture 7,100 tons of maleic anhydride (MA) and 480,000 tons of other plasticizers every year.
It is an extensive report that highlights different key players, manufacturing technologies, and applications of phthalic anhydride. These factors may have significant effects on market growth. Multiple segments of the market have been evaluated and those segments provide information on market share. As well as the regional and global players, it also alights on the fact that they exert a strong influence over the level of competition on the market during the assessment period.
Global Phthalic Anhydride Market, By Application
- Unsaturated Polyester Resin
- Alkyd Resin
- Dyes and Pigments
- Flame Retardants
Global Phthalic Anhydride Market, By Derivative
- Phthalate esters
Global Phthalic Anhydride Market, By End-User
- Building & construction
- Electrical & electronics
| Market Size
|| USD 7.9 billion
|| 4.63% 2030
| Base Year
| Forecast Period
| Historical Data
|| 2019 & 2020
| Forecast Units
|| Value (USD Million)
| Report Coverage
|| Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
| Segments Covered
|| Application, Derivative, End-Use Industry and Region
| Geographies Covered
|| North America, Europe, Asia-Pacific, and Rest of the World (RoW)
| Key Vendors
|| BASF SE (Germany), SHANDONG HONGXIN CHEMICAL CO. LTD (China), Thirumalai Chemicals Ltd (India), AEKYUNG PETROCHEMICAL Co., Ltd (South Korea), Koppers Inc. (US), C-Chem Co. Ltd (Japan), Mitsubishi Gas Chemical Company, Inc. (Japan), NAN YA PLASTICS CORPORATION (Taiwan), Exxon Mobil Corporation (US), IG Petrochemicals Ltd (India)
| Key Market Opportunities
|| Rising Demand for Polyester Polyols to Offer Significant Opportunity for Market Growth
| Key Market Drivers
|| Growing Demand for Products Containing Phthalic Anhydride in Various End-Use Industries
Frequently Asked Questions (FAQ) :
Chemically speaking, phthalic acid has the formula C6H4(CO)2O. It is a commercial form of phthalic acid.
In PVC manufacturing, it is mainly used to produce plasticizers that contain phthalates.
For the phthalic anhydride market, the growing use of PVC in the construction and automotive sectors is driving demand.
The growing construction industry and the automotive industry in the Asia Pacific make it the largest regional market.
BASF, Hongxin Chemical, and ExxonMobil are among the major players in the phthalic anhydride market.
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