ID: MRFR/CnM/4463-CR | April 2020 | Region: Global | 218 pages
According to Market Research Future (MRFR), the market for Phthalic Anhydride Market is projected to expand at a CAGR of 4.2% while acquiring the value of USD 7,213.7 Million by 2025.
The outbreak of COVID-19 has brought a negative impact on the phthalic anhydride industry owing to the disruption caused due to the imposition of lockdown. Various end-use sectors were temporarily shut down to stop the spread of the virus, which brought a significant impact on the market.
Growing Demand for Products Containing Phthalic Anhydride in Various End-Use Industries
The growing need for products that comprise phthalic anhydride in various end-use industries, such as paints & coatings, medical devices, home appliances, and furniture, is predicted to be a significant factor that can grow the industry during the evaluation timeframe. Also, the growing usage of phthalic anhydride in the plastic industry is likely to be another salient cause that can steer the trade during the analysis timeframe. Other factors such as; superior properties like strength, dimensional stability, low cost, and non-flammability are expected to grow its demand in various end-use sectors that can strengthen the trade in the coming period.
Rising Demand for Polyester Polyols to Offer Significant Opportunity for Market Growth
The increasing demand for polyester polyols in the manufacture of polyurethanes is likely to provide high growth opportunities during the evaluation period.
Growing Demand for Non-Phthalates to Hinder the Market Growth
The rising demand for non-phthalates in the manufacture of PVC compound is expected to hinder the market growth during the review period. In addition, the toxic nature of alkyd resins and phthalates, along with the imposition of some stringent environmental rules and regulations, are anticipated to further restrict the market growth in the assessment period.
Fluctuating Prices of Phthalic Anhydride to Pose a Significant Challenge to the Market
The frequent fluctuations in the phthalic anhydride prices, owing to the instability in the prices of feedstock and energy costs.
Cumulative Market Growth Analysis
MRFR asserts that the global market for phthalic anhydride is likely to grow at a decent rate during the forecast period. The market growth can be attributed to the growing demand for the product in various end-use sectors.
Global Market for Phthalic Anhydride is segmented into Application, Derivative, and End-Use Industries.
Based on the application, the global market for phthalic anhydride is segmented into plasticizers, unsaturated polyester resin, alkyd resin, flame retardants, dyes and pigments, and others. Among all, the plasticizers segment is projected to acquire the largest market share during the review period.
Based on the derivative, the global market for phthalic anhydride is segmented into phenolphthalein, phthalimide, phthalein, phthalate esters, and others. Among all, the phthalate esters segment is expected to dominate the market during the evaluation tenure due to its growing usage as plasticizers in PVC production.
By End-Use Industry
Based on the end-use industry, the global market for phthalic anhydride is segmented into building & construction, automotive, electrical & electronics, healthcare, agriculture, and others. Among all segments, the building & construction segment is anticipated to dominate the market while thriving at a CAGR of 4.6% during the evaluation tenure.
As per the phthalic anhydride market analysis report by MRFR, the global market for phthalic anhydride is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
APAC to Lead the Global Market for Phthalic Anhydride during the Forecast Period
The APAC region is predicted to experience robust expansion during the evaluation tenure due to the availability of abundant raw material. The regional expansion of the market can be attributed to the rapid urbanization and industrialization in the evolving economies such as; India, China, South Korea. Among all, China is the largest consumer of phthalic anhydride owing to the low-operation costs and the rising demand for plastics like PVC is predicted to grow the regional market in the coming period.
Europe to Acquire the Second Largest Market during the Forecast Period
Europe is expected to acquire the second largest market share during the forecast period owing to the growing demand of the product from various end-user industries. The growing application of phthalate anhydride in the manufacturing of PVC compounds is expected to be another salient factor that can strengthen the regional market during the assessment period. In addition, the European Phthalate Anhydride plants have accelerated their utilization rate to multiply their productivity that can augment the regional market in the coming period.
North America to Witness Significant Growth During the Forecast Period
North America is projected to display significant expansion during the analysis timeframe due to the notable participation of the construction sector. The growing demand for UPR and phthalate plasticizers for the production of PVC and FRP is likely to be another salient cause that is likely to develop the regional industry during the evaluation tenure. Countries like the US, Canada, and Mexico are predicted to make considerable participation in strengthening the regional market in the coming period.
Rest of the World (RoW) to Witness Steady Growth during the Assessment Period
The RoW is likely to display a steady rise during the analysis period due to the surging demand of the product in various end-user industries.
The growing R&D activities, increasing mergers & acquisitions among key players are some of the strategies that are being adopted by the industrialists to strengthen their place in the market, which is likely to enhance the competition in the coming period.
The report on the global market for phthalate anhydride is an exhaustive study that highlights various key players, manufacturing technology, and applications of the product that may notably affect market growth. The market has been evaluated in multiple segments that inform about the market share during the review period. The report also casts light on the regional and globally renowned players that play a significant role in intensifying the market competition during the evaluation tenure.
Global Phthalic Anhydride Market, By Application
Global Phthalic Anhydride Market, By Derivative
Global Phthalic Anhydride Market, By End-User
|Market Size||2027: USD 7,213.7 Million|
|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) :
Phthalic anhydride is the commercial form of phthalic acid and has the chemical formula C6H4(CO)2O.
It is mainly used for producing phthalate plasticizers for making PVC.
The growing demand for PVC in the construction and automotive industries is the major driver for the phthalic anhydrate market.
Asia Pacific is the largest regional market due to the growing construction and automotive industries in the region.
Leading players in the phthalic anhydrate market include BASF, Hongxin Chemical, and ExxonMobil, among others.