Worldwide Phthalic Anhydride Market Overview, Trends and Growth Opportunities Forecasted till 2023

Phthalic Anhydride Market
Phthalic Anhydride Market has average CAGR forecast period 2017-2023, Phthalic Anhydride Market Categorizes the Global Market by Industry, Service, Application and Region| Phthalic Anhydride Industry

Market Scenario

Phthalic anhydride is white, crystalline, organic compound known by the formula C6H4(CO)2O. It is used to synthesize plasticizers, unsaturated polyester resins, alkyd resins, flame retardants, and dye & pigments among other. High demand for phthalic anhydride-based products from the construction, automotive, electrical & electronics, paints & coatings, and plastic industries is expected to drive the global phthalic anhydride market over the forecast period 2017-2023.

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High demand for PVC in construction and the automotive industry is expected to fuel the demand for plasticizers and ensure the stable revenue source for the global phthalic anhydride market over the forecast period. The growing application of UPR in reinforced laminates and surface coatings is expected to propel the global phthalic anhydride market to a large extent in the construction, automotive, and electrical & electronics industry. Alkyd resins are widely used in paints & varnishes, particularly solvent-based coatings. Increasing demand for coatings & paints for improving corrosion and thermal resistance in automotive and construction industries are expected to promote the need for alkyd resins, which positively impact the growth of the global phthalic anhydride market over the forecast period. Additionally, phthalic anhydride is used to make flame retardants, which finds wide applications in electronics products, foams of furniture, and car seats among other. Thus, it is expected to propel high demand from automotive, home furnishing, and electrical & electronics industry. Furthermore, huge demand for dyes & pigments from plastics and paints & coating industry is expected to show rising demand for phthalic anhydride in the coming years.

Market Segmentation

The global phthalic anhydride market is segmented based on application, end-use industry, and region.

On the basis of the application, the global phthalic anhydride market is segmented into plasticizers, unsaturated polyester resins (UPR), alkyd resins, flame retardant, dyes & pigments, and others (urethane polyester polyols, rubber scorch inhibitor, insecticide, herbicide, detergent, saccharin). Plasticizers are accounted to have the largest market share in 2017 due to growing demand for PVC in the construction industry for applications like pipes & fittings, profile & hoses, wires & cables, and floorings among others. Plasticizers are used to address the problem of moldability of PVC, curing of coatings, and surface protection. Moreover, UPR is expected to witness rising demand over the forecast period due to its application in reinforced composites and surface coatings.

On the basis of the end-user industry, the global phthalic anhydride market is categorized into construction, automotive, electrical and electronics, and others.  The construction industry is expected to be the largest market for phthalic anhydride due to a wide range of end-use applications of PVC, UPR, and alkyd resin in different products.

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Regional Analysis

The global phthalic anhydride market is spanned across five regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa.  Asia Pacific is expected to hold the major market share over the forecast period. Europe and North America are expected to witness steady demand for the phthalic anhydride during the forecast period. The Middle East & Africa is expected to witness moderate demand for phthalic anhydride during the forecast period. Latin America is expected to show sluggish growth due to the slow growth of the region

Competitive Analysis

  • Hongxin Chemical
  • ExxonMobil Corporation
  • I G Petrochemicals Limited
  • Polynt SPA
  • Koppers Inc.
  • Mitsubishi Gas Chemicals Co. Inc.
  • UPC Group

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