NEW
YORK, Aug. 12, 2024 /PRNewswire/ -- The
global phthalic anhydride market size is estimated to
grow by USD 908.5 million from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of almost 3.59% during the forecast period.
Growth of construction industry is driving market
growth, with a trend towards growing demand for green and
sustainable resins. However, health hazards due to exposure to
phthalic anhydride poses a challenge. Key market players
include AGROFERT AS, Anhui Tongua International Trade Group Co.
Ltd., Asian Paints Ltd., BASF SE, Compania Espanola de Petroleos
SA, Exxon Mobil Corp., IG Petrochemicals Ltd., Koppers Holdings
Inc., Lanxess AG, Mitsubishi Corp., Nan Ya Plastic Corp., PETRONAS
Chemicals Group Berhad, Polynt Spa, Proviron Industries NV,
Shandong Hongxin Chemical Co. Ltd., Specialty Polymers Inc., Stepan
Co., Thirumalai Chemicals Ltd., Tokyo Chemical Industry Co. Ltd.,
and UPC Technology Corp..
![Technavio has announced its latest market research report titled Global phthalic anhydride market 2024-2028 Technavio has announced its latest market research report titled Global phthalic anhydride market 2024-2028](https://mma.prnewswire.com/media/2479486/IRTNTR44742_bw_info_v4.jpg)
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Phthalic Anhydride
Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
3.59%
|
Market growth
2024-2028
|
USD 908.5
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
3.42
|
Regional
analysis
|
APAC, North America,
Europe, South America, and Middle East and Africa
|
Performing market
contribution
|
APAC at 40%
|
Key
countries
|
China, US, Germany,
Canada, and India
|
Key companies
profiled
|
AGROFERT AS, Anhui
Tongua International Trade Group Co. Ltd., Asian Paints Ltd., BASF
SE, Compania Espanola de Petroleos SA, Exxon Mobil Corp., IG
Petrochemicals Ltd., Koppers Holdings Inc., Lanxess AG, Mitsubishi
Corp., Nan Ya Plastic Corp., PETRONAS Chemicals Group Berhad,
Polynt Spa, Proviron Industries NV, Shandong Hongxin Chemical Co.
Ltd., Specialty Polymers Inc., Stepan Co., Thirumalai Chemicals
Ltd., Tokyo Chemical Industry Co. Ltd., and UPC Technology
Corp.
|
Market Driver
In developed economies such as Canada, the US, and Germany, there is a growing preference for
eco-friendly resins in construction and manufacturing industries.
Green sustainable resins and energy-saving systems are gaining
popularity in both developed and developing regions. The Leadership
in Engineering and Environmental Design (LEED) in the US is
promoting the use of low-impact construction methods and materials,
including fewer synthetic chemicals. This trend towards
eco-friendly resins not only reduces the toxicity of industrial
gases from sectors like automobile and chemical industries but also
contributes to maintaining the ecological balance. As a result, the
global phthalic anhydride market is anticipated to grow
significantly during the forecast period due to the increasing
demand for eco-friendly resins.
Phthalic anhydride is a crucial raw material in the plasticizer
manufacture industry, primarily used in the production of phthalate
esters for PVC (Polyvinyl Chloride) products. The agricultural
industry utilizes phthalic anhydride in the production of certain
dyes like Phthalein, Rhodamine, Phthalocyanine, Fluorescein, and
Xanthene. In the realm of paints and coatings, phthalic anhydride
is employed in the production of heat-resistant paints, maritime
coatings, insulation varnishes, and solvent-based coatings.
Phthalic anhydride is also used in the synthesis of synthetic
resins such as polyester resins, glyptic resins, and alkyd resins.
In the production of heat-resistant paints, phthalic anhydride is
used as a cross-linking agent. For maritime coatings, it acts as a
hardener. In insulation varnishes, it enhances the insulation
properties.
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Market Challenges
- Phthalic anhydride is a chemical compound that can pose health
risks to workers, particularly when exposed to it in the form of
vapor, fume, or dust. Chronic exposure can lead to irritation of
the mucous membranes and upper respiratory tract, causing symptoms
such as conjunctivitis, hoarseness, cough, bloody nasal discharge,
bronchitis, emphysema, and even bronchial asthma. Sensitized
individuals may also experience rhinorrhea, lacrimation, and
wheezing. Exposure can occur during the production of
phthalate-derived products or through the use of certain medical
plastics, such as blood bags, plastic syringes, and plastic tubes.
These factors may restrain the growth of the global phthalic
anhydride market due to increasing health concerns and
regulations.
- The Phthalic Anhydride market faces several challenges in
various industries. In the agricultural sector, the availability
and price volatility of raw materials like Xylene pose significant
challenges. In plasticizer manufacture, the production of Phthalic
Anhydride for use in PVC (Polyvinyl Chloride) products, such as
doors, sheathing electrical cables, and instrument panels, requires
careful management to maintain quality and consistency. In the
coatings industry, the use of Phthalic Anhydride in solvent-based
coatings for heat resistant paints, maritime coatings, insulation
varnishes, and paints and coatings for electric vehicles, faces
regulatory challenges due to the toxicity of some phthalates.
For more insights on driver and
challenges - Request a sample report!
Segment Overview
This phthalic anhydride market report extensively covers market
segmentation by
- Application
- 1.1 Plasticizers
- 1.2 UPR
- 1.3 Alkyd resins
- 1.4 Others
- Type
- 2.1 O-xylene catalytic oxidation
- 2.2 Naphthalene catalytic oxidation
- Geography
- 3.1 APAC
- 3.2 North America
- 3.3 Europe
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Plasticizers- The global phthalic anhydride
market is primarily driven by the plasticizers segment, which is
the largest application area. Phthalic anhydride is a crucial raw
material in the production of plasticizers. Plasticizers are
essential additives that make plastics more pliable and
long-lasting. They are used extensively in various plastic products
such as polyvinyl chloride (PVC), flooring, furniture, and toys.
The demand for plasticizers is projected to expand at a substantial
rate due to the rising need for plastic products. The construction
and automotive industries' growth is also anticipated to fuel the
demand for plasticizers during the forecast period.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
Research Analysis
Phthalic Anhydride is a crucial chemical compound used in the
production of various industries. It is primarily used as a
building block in the synthesis of phthalate esters, which function
as plasticizers in PVC (Polyvinyl Chloride) and other synthetic
resins, including alkyd resins and unsaturated polyester resins. In
the paint and coatings sector, phthalic anhydride is used to
produce high-performance coatings, while in the automotive
industry, it is employed in the production of certain types of
plastics used in electric vehicles. Phthalic anhydride also finds
applications in the production of polyester polyols, which are
essential raw materials in the manufacturing of polyurethane foams.
However, concerns regarding the toxicity of phthalates have led to
the exploration of alternative plasticizers, such as polyhydric
alcohols and diacids. Anhydrides like maleic anhydride are also
used in the production of phthalic anhydride. The agricultural
industry utilizes phthalic anhydride in the manufacture of certain
types of herbicides and fungicides. Additionally, phthalic
anhydride is used in the production of wood stains and Xylene, a
solvent used in the extraction of crude oil.
Market Research Overview
Phthalic anhydride is a crucial intermediate chemical used in
the production of various industrial products. It is primarily used
in the manufacture of plasticizers for Polyvinyl Chloride (PVC) and
other synthetic resins like Alkyd resins and Unsaturated polyester
resins. In the plastics industry, it is employed to produce
Phthalate esters, which function as plasticizers in PVC products.
Phthalic anhydride also plays a significant role in the production
of Paints and coatings, where it is used as a cross-linking agent
in heat resistant paints, maritime coatings, insulation varnishes,
and solvent-based coatings. g demand for Electric vehicles and the
production of Polyester polyols.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- Plasticizers
- UPR
- Alkyd Resins
- Others
- Type
-
- O-xylene Catalytic Oxidation
- Naphthalene Catalytic Oxidation
- Geography
-
- APAC
- North America
- Europe
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio