Phthalic Anhydride Market
According to Market Research Future (MRFR), the market of Phthalic Anhydride Market is projected to expand at a CAGR of 4.63% while acquiring a value of USD 7.9 Billion by 2030.
Competitive Outlook
Mitsubishi Gas Chemical Company, Inc., NAN YA PLASTICS CORPORATION, SHANDONG HONGXIN CHEMICAL CO. LTD, Koppers Inc., AEKYUNG PETROCHEMICAL Co., Ltd, Exxon Mobil Corporation, IG Petrochemicals Ltd, Thirumalai Chemicals Ltd, C-Chem Co. Ltd, and BASF SE are key players of the global phthalic anhydride market.
Market Scope
The global phthalic anhydride market is projected to register a CAGR of 4.2% to reach a size of USD 7,213.7 million by 2025. It is primarily driven by the use of plasticizers to enhance the flexibility of polyvinyl chloride (PVC). The application of chemical in electrical electronics, building construction, automotive, and other industries can drive the market demand over the forecast period. Characteristics of dimensional stability, non-flammability, moisture abrasion resistance, and strength can facilitate the market demand greatly. Rapid industrialization and modernization of infrastructure can act as catalysts for accelerating the market demand.
However, adverse effects to the human body caused due to exposure to phthalic anhydride can deter its market prospects.
However, regulations pertaining to the restriction of the use of phthalates can hamper the market growth.
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Segmentation
The global phthalic anhydride market has been segmented on the basis of derivative, application, and end-use industry.
On the basis of derivative, the global market is classified into phenolphthalein, phthalate esters, phthalimide, phthalein, and others. The phthalate esters segment had a value of USD 3,909 million in 2018 and is expected to dominate the market till the end of the forecast period. This is due to their extensive use in PVC production.
Based on application, the market has been segmented into flame retardants, dyes and pigments, plasticizers, unsaturated polyester resin, alkyd resin, and others. The plasticizers segment held the largest market share of around 50% in 2018. This segment is set for growth owing to the expansion of the polyvinyl chloride (PVC) sector. The requirement for PVC in healthcare and automotive sectors can propel the segment growth till 2025.
By end-use industry, the market is segmented into electrical electronics, building construction, agriculture, automotive, healthcare, and others. The building construction segment is estimated to exhibit a CAGR of 4.6% during the forecast period.
Regional Analysis
The global phthalic anhydride Market Assessment has been studied across five regions, namely Asia Pacific (APAC), North America, Europe, Latin America, and the Middle East Africa (MEA).
The market in APAC held the largest market share of over 60% in 2018 with a market value pegged at USD 3,439 million. The high growth in this region can be attributed to the rapid industrialization and urbanization in growth-centric countries of Malaysia, India, and South Korea. For instance, the implementation of the ‘Make in India’ initiative is expected to support domestic production of phthalates. Recently, Clariant has gained high returns from its Petrowidada’s phthalic anhydride plant in Indonesia.
The European phthalic anhydride market is likely to witness significant growth on account of the high demand for PVC in automobile manufacturing. The resurgence of the sector and heightened demand for vehicles for easy transportation can induce demand in the region. The demand from the construction sector in Central and Eastern Europe can positively impact the market.
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