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Phthalic Anhydride Market : Latest Trends and Forecast Analysis up to 2019
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Increasing Demand from End-User Industries Driving the Phthalic Anhydride Market
Phthalic anhydride (PA) being a chemical intermediate is used as a catalyst for manufacturing of plasticizers. Hence, the demand for PA is driven by high demand for phthalate plasticizers worldwide. The phthalate plasticizers industry led the demand for PA and attributed to 56.5% of the total global volume consumption in 2012. Increasing demand for phthalate plasticizers combined with strong demand from Asia Pacific has been the primary growth driver for the global PA market. Unsaturated Polyester Resins (UPRs) market is another growth driver for PA market, and contributed to 18.1% share of the total volume consumed in the year 2012. Accelerating demand for phthalate plasticizers in the production of polyvinyl chloride and UPRs, in the manufacturing of fiberglass-reinforced plastic (FPR) will further drive the global PA market during the forecast period.
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The global phthalic anhydride (PA) market according to geography is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). Currently, Asia Pacific is the largest regional market segment for the PA industry. In 2012, Asia Pacific dominated the global phthalic anhydride market with 55.2% of the total consumption of PA. In the past few years, the global PA market was driven by emerging countries such as India, Brazil, and China. However, the PA market experienced a significant decline in demand due to the global economic meltdown of 2008-2009. But, since 2010, the global PA market has witnessed a steady upward growth graph due to the upsurge in the end-user industries following the revival of the global economy. Furthermore, ever rising demand for phthalate plasticizers in PVC applications will further boost the demand for PA in the construction and automobile industry.
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Even though, the global PA market will demonstrate a modest 5.8% CAGR during 2013-2019, it will be suppressed by many factors. Stringent environment policies on the use of phthalates and alkyd resins and development of non-phthalate plasticizers will suppress the growth of the global PA industry. However, the growing paints and coating industry provides a good opportunity for the PA market. Currently, Asia Pacific is leading the global paints and coating market, which is followed by Europe and North America.
The global PA market is highly fragmented in nature, and in 2013 the top 5 companies dominated less than one-third share of the market. Some of the key corporations in the global PA market include UPC Technology Corporation, Exxon Mobil Corporation, Polynt SpA, BASF SE, and Aekyung Petrochemical Co. Ltd..
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