“The phthalic anhydride market is expected to grow at a CAGR during the forecasting period (2021-2028)”.
Phthalic anhydride is a white crystalline compound, toxic used to manufacture phthaleins and other dyes, plasticizers, resins and insecticides. This colorless solid is a crucial industrial chemical, especially for the large–scale plasticizers production for plastics. It is obtained by catalytic oxidation of naphthalene or ortho-xylene.
Phthalic anhydride is widely used worldwide for a comprehensive range of applications ranging from the plastics industry to the synthesis of agricultural fungicides, resins and amines.
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The increasing investment in paint & coating is expected to drive the demand for the phthalic anhydride market
The phthalic anhydride market is expected to drive with increasing investments in the paint & coating industry. Phthalic anhydride is a significant reference resin for manufacturing paints and coatings based on high-performance materials and alkyd resin, such as solvent-based architectural coatings. The expanding paint & coating industry is due to rapid investments in developing counties on better infrastructure. For instance, In 2019, the trade value of the Indian paint industry was valued at over 57 trillion Indian rupees. Moreover, phthalic anhydride-containing materials are widely used in coatings applications for automobiles, home appliances, medical devices and furniture. Acid anhydrides are used as plasticizers for PVC and other plastics for temperature stability in coatings for wires and cables. Hence, the increasing applications of phthalic anhydride in paint & coating are expected to drive the market growth.
The health impacts associated with phthalic anhydride is likely to hinder the market growth.
The phthalic anhydride market is impacted by the health impacts caused due to phthalic anhydrides, such as problems like irritation to the eyes, respiratory tract, and skin. Common Chronic effects that are observed in workers include conjunctivitis, rhinoconjunctivitis, rhinitis, bronchitis, and irritation of the skin and mucous membranes of the respiratory tract. Moreover, regulatory restrictions for the consumption and production of chemicals are the major factor for restricting.
By End User
Paints & Coatings
Dyes & Pigments
Unsaturated Polyester Resins
Asia Pacific region holds the largest market share for the global phthalic anhydride market
Asia Pacific region holds the largest market share for the phthalic anhydride market globally and is expected to continue its dominance in the forecast period. The rapid growth in construction and automotive industries in the counties like China and India are surging the market demand in the region. According to the statistics, China exported 442.05 tons of and imported 14383.40 tons of phthalic anhydride in June 2020, being the major producer and consumer of the market. Moreover, the phthalic anhydride market is hyped with increasing production of the alkyd resins used in paints and lacquers, certain dyes, insect repellents and polyester polyols for polyurethanes.
Many leading market players have been expanding the production of phthalic anhydride to cater to the industry’s demand. For instance, Thirumalai Chemicals plans to execute a manufacturing site with 180,000 tons per year production of phthalic anhydride and 30,000 tons per year of fine & specialty chemicals.
The phthalic anhydride market is consolidated with the local player’s presence, followed by the global companies, contributing to the major share in the market growth. In addition, some of the key players contributing to the growth of the market are IG Petrochemicals Limited, UPC Technology Corp., Aekyung Petrochemicals, BASF SE, KLJ Plasticizers, ExxonMobil Chemical, Polynt SpA, Shandong Hongxin Chemical Co. Ltd, Koppers Inc., C-Chem Co. Ltd, Stepan Company and others. The major players are adopting various new strategies to dominate the market, such as expansions, acquisitions and collaborations, contributing to the growth of the phthalic anhydride market globally.
Sai Kiran Sales Manager at DataM Intelligence Email: [email protected] Tel: +1 877 441 4866 Website: www.datamintelligence.com