Phthalic Anhydride Market 2023 Analysis by Leading Player BASF SE, Hongxin Chemical, NAN YA Plastics Corporation, ExxonMobil Corporation, Aekyung Petrochemical Co., Ltd, I G Petrochemicals Limited

Market Scenario;

Phthalic anhydride is white, crystalline, organic compound known by the formula C6H4(CO)2O. It is used to synthesize plasticizers, unsaturated polyester resins, alkyd resins, flame retardants, and dye & pigments among other. High demand for phthalic anhydride-based products from the construction, automotive, electrical & electronics, paints & coatings, and plastic industries is expected to drive the global phthalic anhydride market over the forecast period 2017-2023.

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Market Segmentation:

The global phthalic anhydride market is segmented based on application, end-use industry, and region.

On the basis of the application, the global phthalic anhydride market is segmented into plasticizers, unsaturated polyester resins (UPR), alkyd resins, flame retardant, dyes & pigments, and others (urethane polyester polyols, rubber scorch inhibitor, insecticide, herbicide, detergent, saccharin). Plasticizers are accounted to have the largest market share in 2017 due to growing demand for PVC in the construction industry for applications like pipes & fittings, profile & hoses, wires & cables, and floorings among others. Plasticizers are used to address the problem of moldability of PVC, curing of coatings, and surface protection. Moreover, UPR is expected to witness rising demand over the forecast period due to its application in reinforced composites and surface coatings.

On the basis of the end-user industry, the global phthalic anhydride market is categorized into construction, automotive, electrical and electronics, and others. The construction industry is expected to be the largest market for phthalic anhydride due to a wide range of end-use applications of PVC, UPR, and alkyd resin in different products.

Regional Analysis:

By region, the global phthalic anhydride market has been segmented into Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Asia Pacific is likely to emerge as the fastest growing as well as the largest phthalic anhydride market by the end of 2023. The drastic growth of the end-user industries is predicted to propel the proliferation of the phthalic anhydride market.

Europe is foreseen to witness a strong demand from electronics and automotive industries. It is likely to expedite revenue creation for the participants of the phthalic anhydride market. North America, also, is expected generate considerable revenue owing to the intensified demand from the construction industry. Nevertheless, the stringent environmental regulations in both the regions remain impediments to the growth of the phthalic anhydride market.

The Middle East & Africa is expected to witness moderate growth due to the boom witnessed in the tourism industry. Meanwhile, Latin America is anticipated to resonate promising growth opportunities which are attributable to the thriving construction industry in Brazil and Mexico.

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Competitive Analysis

 BASF SE
 Hongxin Chemical
 NAN YA PLASTICS CORPORATION
 ExxonMobil Corporation
 AEKYUNG PETROCHEMICAL Co., Ltd
 I G Petrochemicals Limited
 Polynt SPA
 Koppers Inc.
 Mitsubishi Gas Chemicals Co. Inc.
 UPC Group

Industry News:

In February 2018, RAMPF Eco Solutions and Kai Anlagenbau, German tech companies, have designed a state-of-the-art plant in Dubai which is capable of producing premium quality polyols based on phthalic anhydride (PSA), polyethylene terephthalate (PET), and polyurethane (PU)/polyisocyanurates (PIR).

In June 2018, the biggest chemical producer in Romania, Valcea, has offered three of its production units for sale. The plants include a phthalic anhydride plant in Ramnicu Valcea.

In July 2018, Thirumalai Chemicals, India announced that phase 1 of the Phthalic Anhydride project located in Dahej, Gujarat, is expected to commence operations by May 2019.

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