Market Overview:
Phthalic anhydride, an organic
compound, is white in color and appears in lustrous crystalline flakes or
molten form. It carries a pungent odor. It finds extensive application in the
production process plasticizers that results in the making of polyvinyl
chloride (PVC). The global phthalic anhydride market is all set to find a substantial
growth in terms of CAGR during the forecast period (2017-2023). Market Research
Future (MRFR) declared the probability for the phthalic anhydride market
growing during the forecast period is quite high.
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Factors, such as the burgeoning
construction industry, automotive sector, manufacturing sectors where coating
is essential, paints & varnishes, electronics & electrical industries
are expected to create wider market expansion possibilities for the phthalic
anhydride market. However, it has adverse health impacts, which can deter the
market growth.
Industry Segmentation:
The recent report on the global
phthalic anhydride market, as discussed by MRFR analysts, contains a
segmentation that is founded upon application and end-use industry. Such an
analysis ensures a much-detailed look into the regional market.
Based on the application, the
global phthalic anhydride market can be segmented into plasticizers, alkyd
resins, unsaturated polyester resins (UPR), dyes & pigments, flame
retardant, and others (insecticide, urethane polyester polyols, rubber scorch
inhibitor, detergent, herbicide, saccharin). The plasticizers segment had the
largest market share in 2017 and it is expected to grow further by in-sync with
the booming PVC market. Latter’s growth for applications like pipes &
fittings, profile & hoses, wires & cables, floorings, and others is
expected to create substantial scope for the segment to expand. Plasticizers
often find a wide-scale application in fixing the moldability of PVC, curing of
coatings, and surface protection. The UPR segment is expected to witness its
demand surging with its percolation in reinforced composites and surface
coatings.
Based on the end-user industry,
the global phthalic anhydride market comprises construction, automotive,
electrical & electronics, and others. The construction industry has
better scope for phthalic anhydride permeation due to a varied application of
PVC, UPR, and alkyd resin to manufacture diverse products.
Competitive Landscape:
·
Hongxin Chemical
·
BASF SE
·
ExxonMobil Corporation
·
NAN YA PLASTICS CORPORATION
·
Mitsubishi Gas Chemicals Co. Inc.
·
I G Petrochemicals Limited
·
AEKYUNG PETROCHEMICAL Co., Ltd
·
Koppers Inc.
·
Polynt SPA
·
UPC Group
In April 2019, Clariant announced the integration of high-yield
OxyMax PA 690 catalyst into the production procedure of phthalic anhydride
production in their Indonesian plant.
Regional Analysis:
The global phthalic anhydride
market has been segmented based on regions, by MRFR, for a better study of the
market demographics. The included regions are Asia Pacific (APAC), North
America, Europe, Latin America, and the Middle East and Africa (MEA).
The APAC market has the maximum
chance to score big with the highest CAGR. The regional market was already the
leading one and it is only going to increase its profit margin during the
forecast period. This wide-scale growth can be attributed to growing construction,
automotive, and electrical & electronics industry.
On the other hand, Europe is
ready to take on the strong demand posed by the robust automotive and growing
microelectronics industries. North America’s growth would mark steady demand
for phthalic anhydride as the construction & renovation industry are
expected to witness substantial growth during the forecast period. However,
stringent environmental regulations in Europe and North America have the
potential to tweak the market outcomes. The Middle East & Africa can expect
a moderate growth as the booming construction industry and flourishing tourism
industry can inspire a hike in intake.
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