New York 10013, United States of America – March 22, 2022 —
Phthalic Anhydride Market Overview
The Phthalic Anhydride Market Size is expected to grow at a significant CAGR of 4.2% while reaching the value of USD 7,213.7 Million by the end of the forecast period.
Increasing demand for phthalic anhydride products in various end-use sectors, including paints and coatings, medical devices, home appliances, and furniture, is expected to be a significant element in the industry’s growth over the evaluation period. In addition, the growing usage of phthalic anhydride in plastic manufacture could prove to be a significant participant in the market throughout the analysis period. Its outstanding qualities, including strength, dimensional stability, low cost, and non-flammability, can help it gain traction in a variety of growing end-use industries shortly. Polyester polyols are predicted to be in high demand in the manufacture of polyurethanes during the evaluation period due to increased demand for polyester polyols.
The outbreak of phthalic anhydride has caused difficulties in the industry, which has been under lockdown since the outbreak of COVID-19. Several end-use sectors were temporarily stopped to prevent the virus from spreading, creating severe market disruption.
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Key Players
The major market players in the market are
- Shandong Hongxin Chemical Co. Ltd.,
- IG Petrochemicals Ltd.,
- Exxon Mobil Corporation,
- Nan Ya Plastics Corporation,
- Aekyung Petrochemical Co. Ltd.,
- Mitsubishi Gas Chemical Company,
- C-Chem Co. Ltd.,
- Thirumalai Chemicals Ltd.,
- Koppers Inc., and
- Basf Se.
Phthalic Anhydride Market Segmentation
Based on the Application, the market is segmented into plasticizers, unsaturated polyester resin, alkyd resin, flame retardants, dyes, pigments, and others.
Based on the Derivative, the market is segmented into Phenolphthalein, Phosphor Phthalein, phthalimide, phthalein, phthalate esters, and phthalic anhydride.
Based on the End-Use Industry, the market is segmented into building & construction, automotive, electrical & electronics, healthcare, and agriculture.
Based on the Region, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
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Regional Classification
Based on the availability of sufficient raw materials, the APAC region is expected to grow at a profitable rate during the evaluation period. The market’s regional expansion has been aided by the increasing urbanization and industrialization that has happened in developing nations like India, China, and South Korea. Increasing demand for the product in Europe from several sectors is predicted to propel the continent to the second-largest market share during the projection period. Moreover, over the assessment period, anhydride is predicted to become increasingly widely used in the production of PVC compounds. This will also be a significant influence in boosting regional market success.
Furthermore, Phthalate Anhydride factories in Europe have increased their utilization rates, resulting in increased productivity, which will aid regional market expansion in the next years. Because of the strong participation of the construction sector, North America is predicted to increase significantly throughout the analyzed period. Another factor that is projected to fuel the development of the regional sector throughout the evaluation period is the increased demand for UPR and phthalate plasticizers in the PVC and FRP industries. As the regional market expands, the United States, Canada, and Mexico are likely to make important contributions. Because the product is in demand across a wide range of industries and by increasingly sophisticated end-users, demand in the rest of the globe is expected to rise during the analysis period.
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Recent Development
June 2021: Thirumalai Chemicals Ltd (TCL) of India announced plans to construct an integrated plant capable of producing 180,000 tons of phthalic anhydride (PA) per year at its Dahej complex in western Gujarat state. The project, which is expected to produce 30,000 tons of fine and specialty chemicals per year, will be carried out in two phases. TCL anticipates bringing the first phase online approximately two years after obtaining all necessary permissions for the project. The integrated plant’s raw materials would be supplied mostly from Gujarat. TCL intends to promote its products primarily in India’s western and northern areas, with an eye toward exports. India’s use of PA and its derivatives such as colorants, polymer additives, and fine chemicals reinforced polymers remains low in comparison to other countries, despite high demand growth. TCL, one of India’s two largest producers of PA, now operates a 144,000-tonne-per-year factory in southern Tamil Nadu. Additionally, the corporation manufactures maleic anhydride and its derivatives, plasticizers, and esters through subsidiaries in India and Malaysia.
April 2021: KLJ Plasticizers Ltd (KLJ) of India announced plans to develop a greenfield 200,000-ton-per-year phthalic anhydride (PA) factory in western Gujarat, a company source said on Thursday. The business plans to open the factory in 2024. Additionally, the complex, which is projected to cost USD 82 million, will manufacture 7,100 tons of maleic anhydride (MA) and 480,000 tons of other plasticizers every year.
Table of Content
1 EXECUTIVE SUMMARY
1.1 MARKET ATTRACTIVENESS ANALYSIS 21
1.1.1 GLOBAL PHTHALIC ANHYDRIDE MARKET, BY DERIVATIVE 22
1.1.2 GLOBAL PHTHALIC ANHYDRIDE MARKET, BY APPLICATION 23
1.1.3 GLOBAL PHTHALIC ANHYDRIDE MARKET, BY END-USE INDUSTRY 24
2 MARKET INTRODUCTION
2.1 DEFINITION 25
2.2 SCOPE OF THE STUDY 25
2.3 MARKET STRUCTURE 25
3 RESEARCH METHODOLOGY
3.1 RESEARCH PROCESS 26
3.2 PRIMARY RESEARCH 27
3.3 SECONDARY RESEARCH 28
3.4 MARKET SIZE ESTIMATION 28
3.5 TOP-DOWN AND BOTTOM-UP APPROACH 29
4 MARKET DYNAMICS
4.1 INTRODUCTION 30
4.2 DRIVERS 31
4.2.1 INCREASING DEMAND AS A PLASTICIZER IN PVC PRODUCTION 31
4.2.2 HIGH DEMAND FOR UNSATURATED POLYESTER RESIN AND ALKYD RESIN 32
4.3 RESTRAINTS 33
4.3.1 STRINGENT REGULATIONS AGAINST THE USE OF PHTHALATES 33
4.4 OPPORTUNITIES 34
4.4.1 BIODEGRADATION OF PHTHALATES 34
4.5 CHALLENGES 34
4.5.1 CHEMICAL ALTERNATIVES TO PHTHALATE PLASTICIZERS 34
4.5.2 REDUCED MANUFACTURING OUTPUT DUE TO CORONAVIRUS OUTBREAK 35
5 MARKET FACTOR ANALYSIS
5.1 SUPPLY CHAIN ANALYSIS 36
5.1.1 RAW MATERIAL SUPPLIER 37
5.1.2 PHTHALIC ANHYDRIDE MANUFACTURER 37
5.1.3 DISTRIBUTION CHANNEL 37
5.1.4 APPLICATION 37
5.2 PORTER’S FIVE FORCES MODEL 38
5.2.1 THREAT OF NEW ENTRANTS 39
5.2.2 INTENSITY OF COMPETITIVE RIVALRY 39
5.2.3 THREAT OF SUBSTITUTES 39
5.2.4 BARGAINING POWER OF SUPPLIERS 39
5.2.5 BARGAINING POWER OF BUYERS 39
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