Phthalic Anhydride Market Can Enjoy a Smooth Ride Ahead Due to Automobile Industry

 

The global phthalic anhydride market, during the forecast period 2022 to 2030, will register growth at a CAGR of4.63%. The market for phthalic anhydride is set to reach USD 7.9 Billion by 2030. As per market analysts, the global market is anticipated to witness growth owing to the factors such as the growing demand for products containing phthalic anhydride as well as high growth opportunities. However, the phthalic anhydride market will face challenges and restraints due to growing demand for non-phthalates and the instability in the prices of feedstock and energy costs during the forecast period 2022 to 2030.

 

The growing demand for products across various end-use industries in the market is set to play a key role in determining the growth potential during 2022 to 2030 years. Analysts have also studied the market to understand potential threats and challenges the market companies could face. Although the market is poised to grow at a fast pace across application, derivative, and end-use industries segments, factors such as the rising demand for non-phthalates could slow down the market's growth worldwide.

 

The phthalic anhydride market has been segmented into application, derivative, and end-use industries. Based on the segment which is application, the market is categorized on the basis of alkyd resin, dyes and pigments, flame retardants, plasticizers, unsaturated polyester resin, and others. The global market for phthalic anhydride is further segmented based on derivative into phenolphthalein, phthalate esters, phthalein, phthalimide, and others. Furthermore, the market, on the basis of end-use industries is segmented into agriculture, automotive, building & construction, electrical & electronics, healthcare, and others.

 

The global phthalic anhydride market research report covers all the aspects of the market based on the segmental analysis of this application, derivative, and end-use industries segments. Analysts have also studied the global market's regional markets spread across many continents and countries. The application, derivative, and end-use industries segments along with their sub-segments have been analyzed and companies functioning in the market across these segments are profiled and analyzed based on input and feedback from market-based decision makers as well as primary and secondary sources. The market research report presents analysis based information for companies functioning in the market.

The rising demand in the manufacture of PVC compounds may hinder market growth. The market research report suggests that companies in the phthalic anhydride market could be supported by the growing need for products such as furniture, home appliances, medical devices, and paints & coatings as well as rising demand for polyester polyols  during the forecast period. The market is set to register growth at a high CAGR of 4.63% owing to these key factors. 

 

The market is spread across North America, Europe, Asia-Pacific, and other parts of the world. The global market research report reveals that APAC, North America, and Europe regional markets will dominate the global market for phthalic anhydride during the forecast period 2022 to 2030. As per market analysts, the market is set to witness tremendous growth across phenolphthalein and building & construction segments in North America which covers markets across the United States, Canada, Mexico, and several other regional markets. Companies active in the market are also analyzed and studied in the market research report.

 

The phthalic anhydride market for Europe covers smaller market segments of Germany, Italy, France, and the United Kingdom. Additionally, the market research report covers the Asia-Pacific region covering markets from India, China, Japan, Australia, and others. The market is also spread across the rest of the world. The market report covers all such regions including the Middle East, Africa, Brazil, and others.

Phthalic anhydride has seen increased demand over the years, due to the increasing demand for polyester polyols and high growth opportunities for polyester polyols. Companies functioning in the global phthalic anhydride market are also being challenged due to fluctuating prices of phthalic anhydride and the frequent fluctuations in the phthalic anhydride prices. Mergers and acquisitions by market companies are anticipated to help the market during the forecast period 2022 to 2030. As the phthalic anhydride market is set to register a high CAGR of 4.63% and is also anticipated to reach USD 7.9 Billion by 2030, the report highlights key areas companies need to focus on. The report suggests that the market will see healthy growth in the long run till 2030. Based on SWOT analysis and market’s analysis based on Porter’s Five Force Model presented in the market report. Mergers and acquisitions by market companies are anticipated to help the phthalic anhydride market during the forecast period 2022 to 2030. 

ZAK said recently that it is looking for a buyer who is not immune to European Union chemical constraints and wants to purchase its phthalic anhydride factory. The 20,000 tonne/year plant produced phthalic anhydride as a source for biodiesel production of phthalate-based polymers, which are now subject to REACH regulations in Europe. ZAK, which is eventually transitioning to the manufacture of non-phthalate-based plasticizers, believes the whole system could be sold to a buyer in Africa or Asia.