Continuous Growth in Automotive Sector to Create Growth Opportunities for Phthalic Anhydride Market

Pune, India, September 2019, MRFR Press Release/- Market Research Future has Published a Half-Cooked Research Report on the Global Phthalic Anhydride Market.

Market Overview

The phthalic anhydride market, as per a report by Market Research Future (MRFR) is touted to register a healthy CAGR during the forecast period (2021-2030).

Phthalic anhydride is an organic compound, which is white and appears in molten form or lustrous crystalline flakes and possesses a pungent odor. The compound is extensively used in the production of plasticizers, which results in the making of PVC. It is produced by the oxidation of naphthalene in concentrated sulfuric acid in the presence of mercury sulfate. The compound is soluble in benzene, alcohol, hot water, and carbon disulfide, and is slightly soluble in ether and water.

The mounting demand for PVC from the automotive and construction industries is likely to trigger the demand for plasticizers and ensure a stable source of revenue for the phthalic anhydride market. The surging application of UPR in surface coatings and reinforced laminates will propel market growth in the automotive, construction, and electrical & electronics industries. Phthalic anhydride is extensively used to produce flame retardants which find huge applications in foams of furniture, electronics products, and car seats. This is predicted to encourage market growth in the home furnishing, automotive, and electrical & electronics industries. Surging demand for dyes and pigments from the plastics and paints & coating industry will create new growth opportunities for the market. Moreover, the surging demand for polyester polyols used in the manufacturing of polyurethanes is likely to offer growth opportunities in the foreseeable future.

Despite such advantages, phthalic anhydride possesses some characteristics which will impede market growth in the coming years. Short-term exposure to phthalic anhydride can result in irritation to the eyes, skin, and respiratory tract. Meanwhile, long-term exposure can lead to rhinitis, conjunctivitis, irritation of the skin and mucous membranes of the respiratory tract, bronchitis, and even cancer in extreme cases. This is likely to slow down the market growth in the long run.

Global Phthalic Anhydride Market: Segmental Analysis

The phthalic anhydride market has been segmented on the basis of application and end-use industry.

By application, the market is segmented into unsaturated polyester resins, plasticizers, flame retardants, alkyd resins, dyes & pigments, and others. Of these, the plasticizers segment acquired the lion’s share in 2017 and is likely to expand with the booming PVC market. Plasticizers find application in curing coatings, fixing the moldability of PVC, and surface protection. This is further anticipated to encourage the market demand in the segment.

The end-use industry comprises automotive, construction, electrical & electronics, and others. Of these, the construction industry has better scope for the phthalic anhydride market owing to the varied application of UPR, PVC, and alkyd resin to manufacture several products.

Regional Frontiers

Geographically, the phthalic anhydride market spans North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Considering the global scenario, the Asia Pacific is likely to command the fastest and largest share of the global market, mainly due to the recent boom in the automotive, construction, and electrical & electronics industries. Strong supply and rising inventory management of PA among the producers have generated downward pressure on raw material prices.

Europe is likely to experience strong demand from the microelectronics and automotive industries. The region is likely to expand at a steady pace, in terms of revenue as well as volume. The region may expect slow growth in the coming years due to the slow recovery of manufacturing industries from the effects of economic turndown. Meanwhile, North America will register a steady demand for phthalic anhydride from the construction and renovation industry.

However, strict environmental mandates in North America and Europe are likely to restrict the market growth owing to the toxicity of phthalic anhydride.

Competitive Dashboard

The top players operating in the phthalic anhydride market include Hongxin Chemical (China), BASF SE (Germany), ExxonMobil Corporation (U.S.), NAN YA PLASTICS CORPORATION (Taiwan), I G Petrochemicals Limited (India), AEKYUNG PETROCHEMICAL Co., Ltd (Republic of Korea), Koppers Inc. (U.S.), Polynt SPA (Italy), UPC Group (Taiwan), and Mitsubishi Gas Chemicals Co. Inc. (Japan). 

Access Full Report Details - phthalic anhydride market trends