According to ChemAnalyst report, “Global Phthalic Anhydride Market Analysis: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2030”. Global Phthalic Anhydride market witnessed a strong demand in the past five years and is projected to achieve a CAGR of 5.8% during the forecast period owing to the products derived from anhydride such as Plasticizers, polyester resins, alkyd resins etc. that are having wide range applications in the end use industries for the production of plastics, automotive accessories, construction, paint & coatings, electrical & electronics, and others.
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Phthalic Anhydride is an organic compound industrially manufactured by oxidation of Ortho-Xylene Naphthalene by Vanadium Pentoxide as a catalyst. It is a white crystalline solid and the anhydride of Phthalic acid with pungent odor. The versatile properties such as lightweight, durability, flexibility, heat, corrosion, and scratch resistant acts as a driver for Phthalic Anhydride market. It is a significant industrial chemical and used extensively for the production of plasticizers which further utilizes in PVC, polyester resins and alkyd resins which are utilized in the manufacturing of paints, coatings, polyester polyols and insect repellents etc. Additionally, Phthalic Anhydride is also used as an intermediate in organic chemistry, precursor to dyes such as phthalocyanine, phthalein, fluorescein, and xanthene that are used for medical diagnosis, coating for medicines, and others. Availability of Phthalic Anhydride at low-cost and its wide usage in various industries are the major reasons for the high growth of Phthalic Anhydride in the market, are also expected to boost the global market for Phthalic Anhydride in the forecast period
In the first half of 2020, the worldwide outbreak of Covid 19 pandemic drastically impacted numerous industries and supply chains due to nationwide lockdowns. Construction and Automotive were the most impacted sectors during the COVID crisis that resulted into the decline in the demand for Phthalic anhydride as its derivative “PVC” is extensively utilized in Building and Construction purpose as well as in the manufacturing of automotive body parts such as automobile doors, dashboards, sheathing electrical cables, and instrument panels. However, in the later half of 2020, after the relaxation in lockdowns the industries went operational with full efficiency and the improvement in the Phthalic Anhydride market was witnessed. The surge in the demand for Phthalic Anhydride from various end use industries like PVC, wires and cables, pharmaceuticals, Paints & coatings, Construction, etc. is expected to boost the Global market for Phthalic Anhydride in the forecasted period. Harmful effects of Phthalic Anhydride on human health and environment due to their toxicity coupled with the increasing concern towards environment is shifting the focus of manufacturers to develop bio-based alternative of Phthalic Anhydride are anticipated to incumber the progress of the phthalic anhydride market during the forecast period.
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Region wise, Asia pacific region holds the major share of global demand for Phthalic Anhydride due to the increasing consumption of Phthalic Anhydride in the region from various end use industries such as Automotive, Construction, Pharmaceuticals, Electronics etc. Countries like China and India are the largest importers of Phthalic Acid due to the presence of large number of end use industries as well as the large consumer base. Moreover, rapid industrialization, urbanization and government policies for housing projects, such as “Housing for All” as well as the “Smart City Project, is projected to create high demand for PVC consequently fuels the market for Phthalic Anhydride in the forecasted period. Europe and North America are expected to show a promising growth in the demand of Phthalic Anhydride in the upcoming years.
According to ChemAnalyst report, “Global Market By Global Phthalic Anhydride Market Analysis: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2030.
Key Players:
Major players for Phthalic Anhydride globally include BASF SE, Shandong Hongxin Chemical co. Ltd., Stepan Company, Nan-Ya Plastics, Exxon Mobil Corporation, Aekyung Petrochemical, Polynt SPA, IG Petrochemicals, Asian Paints, Lanxess, Proviron Basic Chemicals, UPC Technology Corporation and Koppers Industries.
“Phthalic Anhydride and its derivatives are linked to the Construction, Automotive, Electronics and Pharmaceuticals that are constantly growing sectors owing to the rising population and rapid industrialization, consequently robust the growth of Phthalic Anhydride industry. Also, due to its high durability and resistance to heat and corrosion there is upsurge in the demand from the paints and coatings industry which is likely to drive the market growth in the forthcoming years. Additionally, the increase in the utilization of glass fiber-reinforced polymers and the expansion in the production capacity for its derivatives are expected to offer an opportunity for the manufacturers in the forecasted period. With new competitors emerging across the Asian agrochemical intermediates market, players anticipate that there will be sufficient supply demand gaps in future. At this, it is extremely important to keep an eye which region will grab the biggest market share in the upcoming years” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
