SECTION 1 — MARKET OVERVIEW

Why Phthalic Anhydride Market Is Expanding?

The global phthalic anhydride (PA) market is expanding at a steady pace, driven by rising demand across plasticizer chemicals, unsaturated polyester resins, alkyd resin materials, flame retardants, and dyes and pigments applications in building and construction, automotive, electrical and electronics, and renewable energy industries worldwide. Market Research Future estimates the global phthalic anhydride market at 4.93 million tons in 2025, with the forecast period beginning at 5.06 million tons in 2026 and climbing to 6.24 million tons by 2035 at a compound annual growth rate (CAGR) of 2.65%. Demand for plasticizer chemicals remains the single largest consumption driver, underpinned by expanding PVC additive chemicals usage in construction and automotive wiring across developing economies, while India's USD 37 billion petrochemical self-sufficiency program and China's continued capacity additions in ortho-xylene processing are reshaping global trade flows for this critical chemical intermediate.

Naphthalene accounted for 77% of the phthalic anhydride market by raw material in 2025, reflecting entrenched supply chains in China and India where coal-tar naphthalene and petroleum naphthalene feedstock streams remain competitive. Ortho-xylene is expected to register the fastest CAGR of 3.55% through 2035 as integrated refineries expand aromatics extraction capacity and transition legacy coal-tar naphthalene routes to more controllable petroleum-derived feedstocks. By application, plasticizer chemicals commanded 51% of market volume in 2025, led by PVC additive demand in construction sector pipe, wire insulation, and flooring. Unsaturated polyester resins are the fastest-growing application at 4.72% CAGR through 2035, fueled by wind-energy composite fabrication where fiberglass blade manufacturing requires substantial UPR volumes — a demand segment that capital expenditure exceeding USD 4.8 billion in 2024 across UPR and alkyd resin value chains directly validates. By end-use industry, automotive captured 48% share in 2025, with synthetic resin production for interior trim, underbody coatings, and EV wire-harness insulation compounds driving sustained PA demand. Electrical and electronics is advancing at a 4.45% CAGR driven by wire-harness insulation and circuit-board laminates. Asia-Pacific commanded 57% of global PA volume in 2025 and is the fastest-growing region at 3.45% CAGR through 2035. Europe's 19% share reflects REACH-driven coating resin reformulation, while North America contributes approximately 14%. Market Research Future assesses the phthalic anhydride market expansion as structurally durable through 2035, underpinned by construction PVC demand, wind energy composite growth, EV wiring insulation requirements, and integrated oil-to-chemicals capacity additions in Asia and the Middle East.

Why These Companies Are Leading the Market?

Market leadership in the global phthalic anhydride market is determined by four structural competitive factors:

Integrated ortho-xylene feedstock access and production scale: BASF, ExxonMobil Chemical, Nan Ya Plastics, and Aekyung Petrochemical operate ortho-xylene-based PA production integrated with refinery aromatics extraction units — accessing o-xylene at marginal feedstock cost within their existing petrochemical operations and enabling cost discipline that standalone PA producers purchasing o-xylene on the merchant market cannot maintain during periods of aromatics price volatility.

Vertical integration from PA through downstream derivatives: IGPL's exploration of PA-to-plasticizer downstream integration, Thirumalai's integrated PA-to-phthalate production model, Polynt's PA-to-UPR value chain, and BASF's Palatinol plasticizer business demonstrate how vertical integration beyond commodity PA monomer supply creates higher-margin revenue streams from plasticizers, UPR, and alkyd resins that sustain profitability when PA monomer market prices are compressed by Asian capacity additions.

Sustainable PA and REACH-compliant derivative development: The Beckers-Symeres-BioBTX partnership announced in July 2023 — developing a supply chain for sustainable PA from waste plastic-derived xylene oxidation using the ICCP technology platform — represents the leading edge of circular economy PA production that will create premium-priced, certified recycled-content PA grades for European coating resin manufacturers facing REACH and Extended Producer Responsibility mandates, establishing first-mover advantages for producers who achieve commercial-scale sustainable PA production.

Alignment with India's petrochemical self-sufficiency program: IGPL's 53,000 tonne PA capacity expansion at Taloja, Maharashtra and Thirumalai's Ranipet facility expansion directly benefit from India's government-backed USD 37 billion petrochemical self-sufficiency initiative that is incentivizing domestic PA production capacity to reduce import dependence — creating a regulatory and financial support environment that improves the economics of Indian PA capacity investment versus competing in commodity global PA markets.

Market Research Future defines a category leader in the phthalic anhydride market as a company combining integrated feedstock access from o-xylene or naphthalene, large-scale PA production with efficient catalyst recovery systems, downstream derivative integration across plasticizers or resins, sustainable or REACH-compliant product development, and geographic alignment with Asia-Pacific growth demand — attributes shared by the top-ranked companies profiled in this report.

SECTION 2 — TOP 10 GLOBAL PHTHALIC ANHYDRIDE COMPANIES — MRFR RANKINGS (2026)

MRFR has identified and profiled the following leading phthalic anhydride companies globally, evaluated on the basis of production capacity, geographic presence, feedstock integration, derivative application breadth, technology differentiation, and innovation track record.

*Rankings based on MRFR analysis. Revenue figures sourced from official company filings and investor relations disclosures.

SECTION 3 — DETAILED COMPANY PROFILES

1. BASF SE | ETR: BAS | Ludwigshafen, Germany

Company Overview: BASF SE is Europe's leading phthalic anhydride producer and a major global supplier of PA and downstream PA derivatives — including phthalate plasticizers, alkyd resins, and specialty chemical intermediates — from its integrated Ludwigshafen petrochemical complex using ortho-xylene oxidation technology. BASF's PA production is closely integrated with its downstream plasticizer and resin businesses, enabling vertical supply chain management from PA monomer through finished Palatinol-branded phthalate and non-phthalate plasticizers for PVC and rubber applications.

2025–2026 Update: BASF advanced REACH-compliant plasticizer reformulation initiatives in 2025, developing PA-derived Palatinol plasticizer grades meeting the European Chemicals Agency's evolving restrictions on specific phthalate plasticizers in consumer-contact and medical applications.

1. ExxonMobil Chemical | NYSE: XOM (Parent) | Spring, TX, USA

Company Overview: ExxonMobil Chemical is a major North American phthalic anhydride producer, generating PA from its integrated petrochemical operations using ortho-xylene feedstock derived from its refinery aromatics extraction units. ExxonMobil's PA products serve North American plasticizer manufacturers, unsaturated polyester resin producers, and alkyd resin formulators, with distribution through ExxonMobil's established chemical supply network to industrial polymer compounders and specialty chemical manufacturers.

2025–2026 Update: ExxonMobil expanded ortho-xylene-based phthalic anhydride production in 2025 for North American plasticizer and unsaturated polyester resin customers, addressing growing demand from the construction sector's PVC pipe, wire insulation, and building materials markets.

1. Nan Ya Plastics Corporation (Formosa Group) | TWSE: 1303 | Taipei, Taiwan

Company Overview: Nan Ya Plastics Corporation, a member of the Formosa Plastics Group, is Taiwan's largest phthalic anhydride producer and a leading Asia-Pacific PA supplier, operating integrated ortho-xylene-to-PA production at its Mailiao Industrial Park complex alongside downstream plasticizer, unsaturated polyester resin, and epoxy resin manufacturing. Nan Ya's integrated model enables captive PA supply for its substantial downstream resin businesses while also serving third-party plasticizer and UPR manufacturers across Asia-Pacific.

2025–2026 Update: Nan Ya Plastics expanded its integrated ortho-xylene-to-phthalic anhydride and downstream plasticizer and UPR production operations at Mailiao Industrial Park in 2025, targeting growing Asia-Pacific demand from construction sector PVC and automotive interior resin applications. Market Research Future identifies Nan Ya's vertically integrated PA value chain — from o-xylene aromatics extraction through PA production and downstream plasticizer and resin manufacturing — as a structural competitive advantage enabling cost-efficient supply to its captive downstream businesses and third-party customers simultaneously.

1. IG Petrochemicals Ltd (IGPL) | NSE: IGPL | Mumbai, India

Company Overview: IG Petrochemicals Ltd (IGPL) is India's largest phthalic anhydride manufacturer, operating PA production at its Taloja, Maharashtra facility using both naphthalene and ortho-xylene oxidation technologies, and supplying PA to Indian and export plasticizer, alkyd resin, and unsaturated polyester resin manufacturers. IGPL is a key beneficiary of India's USD 37 billion petrochemical self-sufficiency program, which is driving domestic chemical intermediate capacity expansion across plasticizers, resins, and specialty derivatives.

2025–2026 Update: IGPL commenced a major 53,000 tonne per year PA capacity expansion at its Taloja facility in Maharashtra with a target start-up by March 2024, announced in May 2023, positioning India's largest PA producer to capture a larger share of the growing domestic demand for plasticizer and resin chemical intermediates. IGPL is also exploring the feasibility of downstream plasticizer manufacturing using PA and maleic anhydride feedstock — a vertical integration move that would expand IGPL's value chain participation beyond PA monomer production.

1. Aekyung Petrochemical Co., Ltd. | KRX: 015880 | Ulsan, South Korea

Company Overview: Aekyung Petrochemical Co., Ltd. is South Korea's leading phthalic anhydride producer, operating PA production at its Ulsan petrochemical complex using ortho-xylene oxidation technology and supplying plasticizer, unsaturated polyester resin, and alkyd resin manufacturers across South Korea and Asia-Pacific export markets. Aekyung Petrochemical's integrated aromatics and PA production capability supports both domestic Korean polymer manufacturers and regional Asian chemical customers.

2025–2026 Update: Aekyung Petrochemical expanded PA production capacity at its Ulsan complex in 2025, targeting growing Korean domestic demand from PVC plasticizer manufacturers serving the construction sector and from UPR producers serving automotive and marine composite applications.

1. Shandong Hongxin Chemical Co., Ltd. | Private | Shandong, China

Company Overview: Shandong Hongxin Chemical Co., Ltd. is a leading Chinese phthalic anhydride producer, operating large-scale PA production from both naphthalene and ortho-xylene feedstocks in Shandong province and supplying plasticizer and unsaturated polyester resin manufacturers across China's domestic market and regional Asian export customers. Shandong Hongxin is representative of China's large, cost-competitive PA production base that collectively accounts for a major share of Asia-Pacific's 57% global PA volume dominance.

2025–2026 Update: Shandong Hongxin Chemical expanded PA production capacity in 2025 to serve China's growing domestic demand for plasticizer chemicals in PVC building materials, automotive wiring insulation compounds, and electrical cable sheathing — all end markets experiencing sustained growth driven by China's construction infrastructure investment and accelerating electric vehicle production.

1. Thirumalai Chemicals Ltd | NSE: THIRUMALAI | Mumbai, India

Company Overview: Thirumalai Chemicals Ltd is a major Indian chemical manufacturer producing phthalic anhydride, maleic anhydride, and downstream phthalate plasticizers from its Ranipet, Tamil Nadu facility, serving domestic Indian and international plasticizer, alkyd resin, and specialty chemical customers. Thirumalai's integrated PA-to-plasticizer production model enables downstream value chain participation beyond commodity PA supply, generating higher-margin plasticizer derivative revenue alongside PA monomer sales.

2025–2026 Update: Thirumalai Chemicals advanced its integrated PA-to-plasticizer production capacity expansion at its Ranipet facility in 2025, targeting growing Indian domestic demand for phthalate plasticizers in PVC cable insulation, flooring, and automotive components.

1. Polynt Group | Private | Scanzorosciate, Italy

Company Overview: Polynt Group is a leading European producer of phthalic anhydride, maleic anhydride, and unsaturated polyester resins, operating an integrated PA-to-UPR production model that serves the European composites, wind energy, marine, and construction sectors. Polynt's PA production feeds directly into its UPR manufacturing, enabling integrated monomer-to-finished resin supply for composite fabricators and construction material manufacturers requiring reliable European-sourced resin supply.

2025–2026 Update: Polynt expanded its UPR production from PA feedstock in 2025 to address growing European wind turbine blade composite resin demand — one of the fastest-growing PA derivative applications at a 4.72% CAGR through 2035 as offshore and onshore wind energy installation capacity additions drive UPR consumption for fiberglass blade manufacturing.

1. Mitsubishi Gas Chemical Company | TYO: 4182 | Tokyo, Japan

Company Overview: Mitsubishi Gas Chemical Company is a Japanese specialty chemical manufacturer with a significant phthalic anhydride business producing PA from ortho-xylene oxidation for plasticizer, unsaturated polyester resin, and specialty chemical derivative applications in Japan and Asia-Pacific. MGC's PA products serve both standard industrial applications and specialty high-purity grades for electronics laminate and precision chemical applications requiring tighter quality specifications than commodity PA grades.

2025–2026 Update: Mitsubishi Gas Chemical advanced high-purity phthalic anhydride production for electronics laminate and specialty derivative applications in 2025, targeting Japanese electronics manufacturers requiring PA with tightly controlled impurity profiles for circuit board laminate resin and specialty coating applications.

1. Koppers Holdings Inc. | NYSE: KOP | Pittsburgh, PA, USA

Company Overview: Koppers Holdings Inc. is a global provider of carbon compounds and commercial wood preservation chemicals, producing phthalic anhydride from naphthalene derived from its coal-tar distillation operations — making it one of the few Western PA producers using coal-tar naphthalene feedstock rather than petroleum-derived ortho-xylene. Koppers' PA products serve North American and international plasticizer, alkyd resin, and specialty chemical manufacturers, with distribution through Koppers' established carbon chemical supply network.

2025–2026 Update: Koppers advanced its naphthalene-to-phthalic anhydride production from coal-tar distillation in 2025, expanding its specialty PA and carbon chemical derivative portfolio for North American customers requiring consistent coal-tar-derived PA grades for specific alkyd resin and specialty coating applications where naphthalene-route PA's distinct impurity profile is preferred.