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Phthalic Anhydride Market Size, Share, Growth Analysis, Business
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The market's growth is attributed to the increased utilization of phthalic anhydride in the production of alkyd resin and plasticizers, a rise in alkyd resin consumption within the paints and coatings industry, and a surge in construction activities across the Asia-Pacific region. However, concerns about the harmful effects of phthalates due to their toxicity and the development of bio-based alternatives to phthalic anhydride are potential hurdles for market growth. On a positive note, there's an anticipated rise in the demand for polyester polyols and an increased use of glass fiber-reinforced polymers, which could present lucrative opportunities for market players in the future.
Phthalic anhydride, a white crystalline organic compound with the chemical formula C6H4(CO)2O, is produced through the catalytic oxidation of O-Xylene. It reacts exothermically with water, potentially accelerating corrosion. Commonly used in the production of artificial resins, it serves as a key chemical intermediate, particularly in the manufacture of plastics from vinyl chloride.
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The demand for phthalic anhydride is predominantly driven by industries such as building and construction, automotive, paints and coatings, electrical and electronics, marine, and agriculture. It finds extensive use in the production of plasticizers, with around 90% of plasticizers being utilized by PVC manufacturers to tailor the properties of their PVC products. The versatility and cost-effectiveness of polyvinyl chloride (PVC) contribute to its widespread use, particularly in rapidly industrializing and urbanizing economies like China and India.
The market is segmented based on process, application, end-use industry, and region. In terms of application, the plasticizers segment dominated the market in 2020, accounting for more than half of the market share. However, the alkyd resins segment is expected to exhibit the highest CAGR of 5.5% from 2021 to 2030.
In the end-use industry segment, paints and coatings are projected to register the highest CAGR of 5.2% during the forecast period, while the building and construction sector held the largest share in 2020, contributing to over one-third of the market.
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Geographically, Asia-Pacific led the global phthalic anhydride market in 2020, holding more than half of the market share, and is expected to maintain the highest CAGR of 4.5% during the forecast period.
Key market players include Nan Ya Plastics Corporation, BASF SE, Asian Paints Ltd., Exxon Mobil Corporation, I.G. Petrochemicals Ltd., C-Chem Co. Ltd., Mitsubishi Gas Chemicals Co. Ltd., Koppers Inc., Stepan Company, Polynt Spa, UPC Technology Corporation, and Thirumalai Chemicals Ltd.
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