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The global phthalic anhydride market size is estimated to grow by USD 908.5 million between 2023 and 2028 exhibiting a CAGR of 3.59%. The market's expansion hinges on various factors, notably the robust growth of the construction industry, driven by escalating infrastructure projects worldwide. Additionally, the multifunctional attributes of Unsaturated Polyester Resins (UPRs) contribute significantly to market growth, offering versatile applications across diverse sectors. Moreover, the increasing demand for phthalic anhydride in the automotive sector further propels market expansion, as it finds extensive usage in manufacturing processes. These combined factors underscore the dynamic nature of the market, with construction, UPRs versatility, and automotive demand acting as primary growth drivers.
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The market is driven by its extensive application across various industries such as automotive, electrical, electronics, building, construction, and agriculture. It serves as a crucial component in the production of unsaturated polyester resins, polyester polyols, and synthetic resins, facilitating the manufacturing of diverse products including electric vehicles, paints, coatings, and wood stains. However, challenges such as toxicity concerns and environmental regulations regarding its production and usage pose significant hurdles. Nonetheless, ongoing research and development initiatives aim to address these challenges while capitalizing on emerging trends in sustainable and eco-friendly manufacturing processes. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
The growth of the construction industry is a major factor driving the market growth. Phthalic anhydride is utilized in the manufacturing of PVC, a versatile material extensively employed in the construction sector. PVC finds application in various construction components like pipes, fittings, profiles, flooring, and more. The increasing demand for PVC-based construction materials directly fuels the requirement for phthalic anhydride. Phthalic anhydride is a crucial raw material in the production of plasticizers, such as DOP and DINP, which enhance the flexibility, durability, and workability of construction materials, including those made from PVC.
The robust growth of the construction industry necessitates the use of plasticizers, thereby propelling the demand for phthalic anhydride. The global demand for construction materials is driven by factors like urbanization, population growth, and infrastructure development projects. Phthalic anhydride plays a vital role in producing PVC-based materials that are extensively used in infrastructure projects, including residential and commercial buildings, bridges, roads, and transportation systems. The consumption of phthalic anhydride is driven by the need for construction materials in infrastructure development. These factors are expected to contribute to the growth of the market in the forecast period.
Growing demand for green and sustainable resins is a key trend shaping the growth of the market. Developed economies like Canada, the US, and Germany show a strong preference for eco-friendly development resins. This trend is also gaining popularity in developing regions. In the US, the Leadership in Engineering and Environmental Design encourages the use of low-impact construction methods and green materials with fewer synthetic chemicals, creating opportunities for alternative resins.
The adoption of green and sustainable resins also helps reduce harmful gas emissions from industries like automobiles and chemicals, contributing to ecological balance. This shift towards eco-friendly resins is expected to drive the growth of the market in the forecast period.
Health hazards due to exposure to phthalic anhydride is a major challenge hindering the growth of the market. Determining exposure to phthalic anhydride lacks a specific technique. However, it primarily irritates the respiratory system and mucous membranes. Workers exposed to it may experience various symptoms, including conjunctivitis, cough, and bronchial issues. Skin sensitization can also occur, leading to asthma and allergic reactions. Exposure can occur during the production of phthalate-derived products and through the use of certain plastics, limiting the growth of the market.
Phthalic Anhydride serves as a crucial compound in various industries, including the automotive, electrical and electronics, building and construction, and agriculture sectors. It finds extensive application in the production of unsaturated polyester resins, which are integral components in manufacturing processes across these industries. Additionally, phthalic anhydride plays a vital role in the formulation of polyester polyols and glyptic resins, contributing to the development of glass fiber reinforced polymers and wood stains. Its involvement in the synthesis of plasticizers, paints, and coatings further highlights its significance in the plastic and chemical sectors. As a key monomer in the production of polyvinyl chloride products, phthalic anhydride remains indispensable in shaping modern industrial processes and applications.
The market share growth by the plasticizers segment will be significant during the forecast period. The plasticizers segment, which is projected to grow at a strong rate during the forecast period, will likely lead the global phthalic anhydride market. Phthalic anhydride is a major raw material used in the production of plasticizers. Plasticizers are additives that are used to make plastics more flexible and durable. They are used in a wide variety of plastic products.
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The plasticizers segment showed a gradual increase in the market share of USD 1.41 billion in 2018. In view of an increase in demand for plastic products, there is a strong expected growth in the demand for plasticizers over the forecast period. Plasticizers can be made from renewable resources, such as vegetable oils. This makes plasticizers a more sustainable option than traditional plasticizers, which are made from petroleum.
Based on the type, the phthalic market is categorized into o-xylene catalytic oxidation and naphthalene catalytic oxidation. The o-xylene catalytic oxidation holds the largest market share during the forecast period. The o-xylene catalytic oxidation process is a vital step in producing phthalic anhydride, a key precursor in various industries. It finds applications in plasticizers, coatings, dyes, and resins. The market is expected to grow significantly in the o-xylene catalytic oxidation segment. Phthalic anhydride derived from this process is crucial for producing plasticizers used in flexible PVC, coatings, and resins. The increasing demand for plasticizers in the automotive, construction, packaging, and textile industries drives the need for phthalic anhydride. Catalyst technology plays a crucial role in optimizing the oxidation process, and improving efficiency, energy consumption, and environmental impact. Advancements in catalyst technology contribute to the growth of the o-xylene catalytic oxidation segment in the market.
APAC is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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During this market forecast period, the overall market for phthalic anhydride is expected to increase at a healthy rate. The APAC region holds a dominant position in the market, both in terms of production and consumption. APAC countries, particularly China and India, have witnessed rapid industrialization and urbanization in recent years. This has led to increased demand for phthalic anhydride in various sectors, including construction, automotive, consumer goods, and packaging. With the development of infrastructures and commercial and residential building projects, as well as investments in intelligent cities, the construction sector has enjoyed significant growth in the Asia Pacific region.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Phthalic Anhydride Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Specpoly- The company offers phthalic anhydride.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
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.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments
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Phthalic Anhydride, a vital chemical compound, serves as a precursor in the production of various materials across industries. Its significance is particularly pronounced in sectors like the automotive industry, electrical and electronics industry, building and construction industry, agriculture industry, and marine industry. Phthalic anhydride is utilized in the synthesis of polyhydric alcohols, diacids, and anhydrides, which are essential components in the formulation of a wide range of products such as heat-resistant paints, maritime coatings, and insulation varnishes. Additionally, it plays a crucial role in plasticizers manufacture, vinyl chloride, and phthalate esters, which are extensively used in the production of automotive body parts, doors, sheathing electrical cables, and instrument panels. The market for phthalic anhydride continues to thrive due to its indispensability as a raw material in solvent-based coatings and catalytic oxidation processes, driving innovation and growth in various industrial applications.
Additionally, the market is integral to various industries such as agriculture, the paints and coatings industry, and plasticizer manufacture. It serves as a key component in the production of heat-resistant paints, solvent based coatings, and plasticizers utilized in diverse applications. Phthalic anhydride is crucial in the synthesis of maleic anhydride, which finds extensive use in the agricultural industry for manufacturing agricultural chemicals. Moreover, it is essential in the formulation of dyes like anthraquinone, phthalein, and rhodamine, contributing to vibrant coloration in paints and coatings. Additionally, it plays a significant role in the production of raw materials such as benzoic acid and orthophthalic acid, further highlighting its importance across various sectors.
Further, the market encompasses crucial components like PVC (Polyvinyl chloride), O Xylene, and various dyes such as Phthalocyanine, Fluorescein, and Xanthene dyes. Additionally, it includes essential chemical compounds like Phenolphthalein, Phthalylsulfathiazole, and Phthalates, which are utilized in diverse industrial applications. Moreover, O xylene catalytic oxidation is a key process in the production of phthalic anhydride, highlighting its significance in the manufacturing process. Overall, these components play integral roles in the production and application of phthalic anhydride across different industries.
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Phthalic Anhydride Market Scope |
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Report Coverage |
Details |
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Page number |
181 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.59% |
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Market growth 2024-2028 |
USD 908.5 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
3.42 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 40% |
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Key countries |
China, US, Germany, Canada, and India |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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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. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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