Phthalic Anhydride Market Scope
The 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 the 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 market demand.
Phthalic anhydride, a commercial form of phthalic oil, is used in the manufacture of insecticides, plasticizers, dyes, and resins. Its application in alkyd resins, phthalate plasticizers, and unsaturated polyester resins can widen its scope. The global phthalic anhydride market report by Market Research Future (MRFR) contains a thorough analysis of the industry and estimates projections of revenue and volume for the period of 2019 to 2025 (forecast period). It also contains the impact of the COVID-19 pandemic during the forecast period.
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.
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.
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The global phthalic anhydride market has been segmented on the basis of derivative, application, and end-use industry.
On the basis of derivatives, 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 by 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 the 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.
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The global phthalic anhydride market 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 the growth-centric countries of Malaysia, India, and South Korea. For instance, the implementation of the ‘Make in India’ initiative is expected to support the domestic production of phthalates. Recently, Clariant has gained high returns from its Petrowidada’s phthalic anhydride plant in Indonesia.
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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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