Phthalic Anhydride Market Comprehensive SWOT Analysis Report Forecast 2023 | BASF SE, Hongxin Chemical, NAN YA PLASTICS CORPORATION, ExxonMobil Corporation, AEKYUNG PETROCHEMICAL Co., Ltd, I G Petrochemicals Limited, Polynt SPA, Koppers Inc., Mitsubishi G

Market Scenario:

Phthalic anhydride is an organic compound known by the molecular formula C6H4(CO)2O. It is white, lustrous crystalline flakes or molten form, and has a characteristic pungent choking odor. It is a commercial form of phthalic acid. It is produced by the oxidation of naphthalene in concentrated sulfuric acid in the presence of mercury sulfate. It is soluble in hot water, benzene, carbon disulfide, and alcohol and is slightly soluble in water and ether.

Phthalic anhydride is extensively used in the production of phthalate plasticizers for making polyvinyl chloride (PVC). The other significant applications of phthalic anhydride include unsaturated polyester resins (UPR), alkyd resins, dyes & pigments, flame retardant, and others (rubber scorch inhibitor, insecticide, herbicide, detergent, saccharin).

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High demand for PVC in construction and the automotive industry is expected to fuel the demand for plasticizers and ensure the stable revenue source for the global phthalic anhydride market over the forecast period. The growing application of UPR in reinforced laminates and surface coatings is expected to propel the global phthalic anhydride market to a large extent in the construction, automotive, and electrical & electronics industry. Alkyd resins are widely used in paints & varnishes, particularly solvent-based coatings. Increasing demand for coatings & paints for improving corrosion and thermal resistance in automotive and construction industries are expected to promote the need for alkyd resins, which positively impact the growth of the global phthalic anhydride market over the forecast period. Additionally, phthalic anhydride is used to make flame retardants, which finds wide applications in electronics products, foams of furniture, and car seats among other. Thus, it is expected to propel high demand from automotive, home furnishing, and electrical & electronics industry. Furthermore, huge demand for dyes & pigments from plastics and paints & coating industry is expected to show rising demand for phthalic anhydride in the coming years.

The short-term exposure to phthalic anhydride causes irritation to the eyes, respiratory tract, and skin. Long-term exposure can cause conjunctivitis, rhinitis, bronchitis, and irritation of the skin and mucous membranes of the respiratory tract, as well as an extreme case of cancer. Toxic nature of phthalate plasticizers, alkyd resin, flame retardants derived from phthalic anhydride coupled with stringent environmental regulations by regulatory body REACH is expected to hamper the global phthalic anhydride market to some extent. Furthermore, an increase in the demand for non-phthalates in the manufacturing of PVC compound is a major restraining factor for the growth of the global phthalic anhydride market.

Regional Analysis

The global phthalic anhydride market is spanned across five regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa.  Asia Pacific is expected to hold the major market share over the forecast period. Europe and North America are expected to witness steady demand for the phthalic anhydride during the forecast period. The Middle East & Africa is expected to witness moderate demand for phthalic anhydride during the forecast period. Latin America is expected to show sluggish growth due to the slow growth of the region

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Market Segmentation

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

Based on 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.

Based on 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.

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

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This release was published on openPR.