Phthalic Anhydride Highlights
Global Phthalic Anhydride Market is Projected to Be Valued at USD 7,213.7 Million By 2025 Registering a CAGR of 4.2% during the Forecast Period.
The major driver for the growth of the global phthalic anhydride market is its extensive use as a plasticizer in PVC production. It is widely used in major end-use industries as it enhances PVC flexibility. Polyurethanes exhibit properties such as strength, moisture abrasion resistance, non-flammability, dimensional stability, and low cost.
The Global Phthalic Anhydride Market has been segmented on the basis of Derivative, Application, End-Use Industry, and Region.
Based on Derivative, phthalic anhydride is segmented into phthalate esters, phthalimide, phthalein, phenolphthalein, and others. The phthalate esters segment is projected to exhibit a CAGR of 4.4% during the review period. This is attributed to their use as additives in plastics to increase flexibility, transparency, durability, and longevity of the plastics.
Based on Application, the market has been categorized into plasticizers, unsaturated polyester resin, alkyd resin, flame retardants, dyes and pigments, and others. Among these, the plasticizer segment accounted for the largest market share in 2018 and is expected to be valued at USD 3,781.4 million by the end of the review period. Plasticizers are mainly added to a material to increase its plasticity and durability. Phthalates have been prominently used as a plasticizer owing to their relative cost-efficiency, excellent ability to create elastic material, and low volatility.
By End-Use Industry, the market is classified into building construction, automotive, electrical electronics, healthcare, agriculture, and others. Rapid industrialization and urbanization in emerging economies leading to increased construction activities are projected to drive the demand for PVC, which in turn, is expected to drive the demand for phthalic anhydride in the coming years.
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MRFR recognizes the following companies as the Key Players in the global Phthalic Anhydride Market — BASF SE (Germany), SHANDONG HONGXIN CHEMICAL CO. LTD (China), AEKYUNG PETROCHEMICAL Co., Ltd (South Korea), C-Chem Co. Ltd (Japan), NAN YA PLASTICS CORPORATION (Taiwan), IG Petrochemicals Ltd (India), Exxon Mobil Corporation (US), Mitsubishi Gas Chemical Company, Inc. (Japan), Koppers Inc. (US), and Thirumalai Chemicals Ltd (India), among others.
Key Findings of the Study
- Global aanhydride market is projected to reach a value of USD 7,213.7 million by 2025 with a CAGR of around 4.2% during the forecast period, 2019–2025.
- Asia-Pacific emerged as the leading and fastest-growing regional market on account of the rapid industrialization and urbanization in the region.
- Upcoming global events such as the FIFA World Cup 2022 in the Middle East African region is likely to result in an increased demand for phthalic anhydride.
- The outbreak of Coronavirus has resulted in a negative impact on the chemicals industry, including phthalic anhydride.
- Some of the leading players operating in the phthalic anhydride market are BASF SE, Mitsubishi Gas Chemical Company, Inc., NAN YA PLASTICS CORPORATION, Exxon Mobil Corporation, and IG Petrochemicals Lt