Phthalic Anhydride Market Share, Size, Industry Analysis, Global Segment, Top Companies, Growth Rate Forecast to 2023

Phthalic anhydride is an organic compound known by the molecular formula C6H4(CO)2O. It is white, lustrous crystalline flakes or molten form, and has a characteristic pungent choking odor.

Pune, India - May 2, 2019 /MarketersMedia/ —

Market Analysis:

The global phthalic anhydride (PA) market is touted to register a spiraling growth at a significant CAGR over the estimated period (2017-2023). Phthalic anhydride is a white, organic, crystalline compound that is used for manufacturing resins, dyes, pigments and plasticizers. It has a molecular formula C6H4(CO)2O with a pungent choking odor. PA is soluble in alcohol, carbon disulfide, benzene and hot water and is somewhat soluble in ether and water. One of its key consumers is the phthalate plasticizer sector where PA is used for producing flexible plastic products namely swimming pool liners, roofing membranes, coated fabrics, pipes, hoses and wire and cable applications. Phthalic Anhydride is used for manufacturing unsaturated polyester resins (UPR) which are generally blended together with glass fibers for producing fiberglass-reinforced plastics. Key consumer markets of PA include transportation, marine and construction. Alkyd resins that are PA-based are utilized in lacquers and paints which go into fixture applications, furniture, machinery and architectural applications. Pigments and dyes are another key consumer of PA. It is used for manufacturing products such as rubber scorch inhibitors, polyester polyols, fire retardants, insect repellents, insecticides, herbicides and others.

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There are abundant factors that is propelling the growth of the phthalic anhydride market. These factors as per the Market Research Future (MRFR) report include increasing demand for PA products in numerous end-use industries such as home appliances & furniture, medical devices, construction, automotive, dyes & pigments, and paints & coatings, easy availability, low cost, easy to handle, and increasing infrastructure expenditure. On the contrary, stringent environmental regulations limiting or affecting the utilization of PA, toxic nature of phthalates and alkyd resins, growing need for non-phthalates to manufacture PVC compound, short term exposure to PA causing irritation to the skin, eyes and respiratory tract and long-term exposure causing bronchitis, rhinitis, conjunctivitis and cancer in extreme cases are factors that may restrict phthalic anhydride market growth over the estimated period.

Global Key Players:

Leading players profiled in the phthalic anhydride market include UPC Group (Taiwan), Mitsubishi Gas Chemicals Co. Inc. (Japan), Koppers Inc. (U.S.), Polynt SPA (Italy), I G Petrochemicals Limited (India), AEKYUNG PETROCHEMICAL Co., Ltd (Republic of Korea), ExxonMobil Corporation (U.S.), NAN YA PLASTICS CORPORATION (Taiwan), Hongxin Chemical (China), and BASF SE (Germany).

April 2019- Clariant has recently announced about the flourishing start-up of their high-yield OxyMax PA 690 catalyst in Petrowidada’s phthalic anhydride plant at Gresik, Indonesia. Petrowidada is the sole producer of PA in Indonesia and is amid the largest producers in Southeast Asia.

Market Segmentation:

MRFR report offers a broad segmental analysis of the phthalic anhydride market on the basis of application and end-use industry.

Based on application, it is segmented into dyes & pigments, flame retardant, alkyd resins, unsaturated polyester resins (UPR), plasticizers and others (saccharin, detergent, herbicide, insecticide, rubber scorch inhibitor and urethane polyester polyols). Of these, plasticizers will have the maximum share in the market over the estimated period. This is owing to increasing need for PVC especially in the construction sector for applications such as floorings, wires and cables, profile and hoses, pipes and fittings and others. Plasticizers are utilized for addressing the issue of moldability in case of PVC, surface protection and curing of coatings. Besides, it is predicted to experience rising demand owing to its use in surface coatings and reinforced composites.

Based on end-user industry, the phthalic anhydride market is segmented into electrical & electronics, automotive, construction and others. Of these, the construction sector is predicted to have the maximum share in the market over the estimated period owing to innumerable end-use applications of alkyd resin, UPR and PVC in various products.

Regional Analysis:

By region, the Phthalic Anhydride Market covers growth opportunities and latest trends across Asia Pacific, Europe, North America, Middle East and Africa and Latin America. Of these, APAC will remain the driving force in the market owing to growing electrical and electronics, automotive and construction industry. The phthalic anhydride market in Europe is predicted to have a strong demand for PA from the microelectronics and automotive industries. In North America, the phthalic anhydride market is predicted to have a steady demand from the construction and renovation industry. But the strict environmental regulations especially in North America and Europe may hamper the market growth to some extent owing to phthalic anhydride’s toxicity. In the Middle East and Africa, the phthalic anhydride market is prognosticated to have a moderate demand from the construction sector owing to initiatives taken by the government to flourish tourism sector. In Latin America, the phthalic anhydride is predicted to have a slow growth. The growing construction sector however, in Mexico and Brazil is projected to boost the market growth in this region.

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