The Phthalic Anhydride Market is Segmented by Derivates Type (Plasticizers, Unsaturated Polyester Resins, and Alkyd Resins), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
The Phthalic Anhydride Market is Segmented by Derivates Type (Plasticizers, Unsaturated Polyester Resins, and Alkyd Resins), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
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"Phthalic anhydride market is likely to witness an impressive CAGR of 5.2% during the forecast period".
Market Dynamics
Introduction
Phthalic Anhydride is a crystalline compound that is prepared by the oxidization of naphthalene. The compound can act as an intermediate in the process of manufacturing resins, dyes, and plastics. This crystalline compound is mainly a colorless with needle-like structure but at times can appear to be a lustrous white solid. It has a mild odor and is toxic.
Phthalic Anhydride is majorly used in polyester resin production. Also, it is used in alkyd resin production that is used in urethane polyester polyols, insect repellents, lacquers, and paints. Rubber scorch is another area where the compound is used.
Market Drivers
Various Applications of Phthalic Anhydride
Monomers for synthetic resins, notably those like polyester, alkyd, and glyptic resins, are used in heat-resistant paints, marine coatings, and insulation varnishes. Also, phthalic anhydride is used to produce dyes such as anthraquinone, phthalein, rhodamine, phthalocyanine, fluorescein, and xanthene, which are applied in medical diagnosis research. Such antibiotics like phenolphthalein, benzoic acid, phthalylsulfathiazole, and ortho-phthalic acid can also be obtained from phthalic anhydrides for intestinal operations and colon infections. Phthalate esters being produced in the plastics industry as plasticizers for synthetic resins come from phthalic anhydride as an important intermediary chemical. The useful characteristics of this substance and its various applications drive the market for phthalic anhydride.
Extensive Phthalic Anhydride Properties
The building, furniture, automotive, and aviation industries are experiencing a rise in the demand for phthalic anhydride because of the multiattribute benefits of the material over other competitive alternatives, such as lighter, chemical rot resistance, high transparency, and durability characterized by a high level of mechanical strength, resistance to wearing, weather, corrosion, and impact. Plasticizers are generally applied in numerous end-use sectors since they raise the polymer flexibility and elongation or ease of processing by reducing the cohesive intermolecular forces along the polymer chains. Polyvinyl chloride plasticizers are also commonly used in automobile and aircraft productions because they make the materials easy to cut, bend, sewn, weld, and join in a variety of designs. Over the projected period, these wide features of phthalic anhydrides shall sustain the market for phthalic anhydrides.
In addition, the higher demand for polyester and polyvinyl chloride resins in segments of buildings, electronics, machinery, boats, and automobiles would also give a boost to the growth rate of the phthalic anhydride market. Also, the increase in trade through air transportation will spur market value growth. An increase in defense expenditure and the widening of the automotive industry and its influence are other market-driving forces that are likely to fuel the growth of the market.
According to the International Monetary Fund (IMF), owing to the outbreak of the novel coronavirus (COVID-19), the global economy shrunk by 3.0% in 2020. Many countries are under strict lockdowns, which have forced several sectors to shut down their operations. This has halted manufacturing activities and reduced the demand and production of phthalic anhydride.
According to the United Nations Industrial Development Organization (UNIDO), the Micro, Small and medium Enterprises (MSME) sector across developing economies, such as India, has been worst affected due to the COVID-19 outbreak and the lockdown imposed thereafter. This is expected to decline the demand for phthalic anhydride from various end-use industries such as building & construction, automotive, and paints & coatings. In addition, in the second half of 2020, some countries started to lift restrictions and gradually start business operations in various sectors. Even with the gradual lifting of the lockdown, it is expected to be challenging for the manufacturing sector to get back to normal working conditions. This is expected to subsequently affect the phthalic anhydride market growth in the coming years.
Segment Analysis
By Derivates Type
"Plasticizers are the significant application parts for phthalic anhydride"
The market is segmented into plasticizers, unsaturated polyester resins, and alkyd resins. Plasticizers are the significant application parts for phthalic anhydride, tracked by unsaturated polyester resins and alkyd resins. The growing demand for molding PVC articles is stimulating its demand majorly in the Asia-Pacific and ROW regions.
The increasing application of UPR in reinforced laminates and surface coatings is driving its demand and that for alkyd resins is primarily propelled by the progress in demand for solvent-borne coatings. However, solvent-borne coatings are exceedingly being substituted by water-borne and powder coatings in their scope of application.
By Region
"Asia-Pacific, South America, and the Middle East signify an increasing demand for PA"
Asia-Pacific, South America, and the Middle East signify an increasing demand for PA, while in North America and Europe, the development for its demand is estimated to be relatively low. The prime reason is the toxic profile of phthalic anhydride which may reach the environment by inhalation or leaching. While the noxiousness of phthalic anhydride is the chief reason for limitations on its use, it should be made obvious that not all phthalic anhydride-based products are detrimental or toxic at a normal level.
This report studies the market covering a period of 12 years of trend and forecast and it provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market. The market is segmented into the following categories.
By Derivatives Type:
Plasticizers
Unsaturated Polyester Resins
Alkyd Resins
By Region:
North America (Country Analysis: the USA, Canada, and Mexico)
Europe (Country Analysis: Germany, France, the UK, Russia, and the Rest of Europe)
Asia-Pacific (Country Analysis: China, Japan, India, and the Rest of Asia-Pacific)
Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)
Key Players
The following are the key players in the Phthalic Anhydride Market (arranged alphabetically)
Note: The above list does not necessarily include all the top players in the market.
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Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
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Key questions this report answers
Relevant contents in the report
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In-depth analysis of the Phthalic Anhydride Market
How lucrative is the future?
The market forecast and trend data and emerging trends
Which regions offer the best sales opportunities?
Global, regional and country-level historical data and forecasts
Which are the most attractive market segments?
Market segment analysis and Forecast
What are the top players and their market positioning?
Porter’s five forces analysis, PEST analysis, Life cycle analysis
What are the factors affecting the market?
Drivers & challenges
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Research Methodology
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.
We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.
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Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
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Phthalic Anhydride is a crystalline compound that is prepared by the oxidization of naphthalene. The compound can act as an intermediate in the process of manufacturing resins, dyes, and plastics. This crystalline compound is mainly a colorless with needle-like structure but at times can appear to be a lustrous white solid. It has a mild odor and is toxic in nature.
Aekyung Petrochemical Co. Ltd., Asian Paints Ltd., BASF S.E., C-Chem Co. Ltd., Exxon Mobil Corporation, I.G. Petrochemicals Ltd., Koppers Inc., Mitsubishi Gas Chemicals Co. Ltd., Nan Ya Plastics Corp., and Polynt Spa are among the key players in the market.
