The chemical industry is undergoing some notable trends that are indicative of the dynamic nature of the phthalic anhydride market, brought about by environmental regulations, technological advancements and changing consumer preferences. Some important changes are occurring in the use of this key intermediate for chemical compounds used to make plasticizers, resins and dyes.
Important role players can greatly contribute to the industry’s growth by encouraging collaboration, launching new products and using advanced technological innovations. For companies to come up with efficient strategies it is essential that they understand market dynamics in a rapidly changing economic scenario marked by labor scarcities, new business opportunities and heightened competition. Strategies such as launching new technologies, acquisitions and research & development investments define key tactics being applied on phthalic anhydride market.
One significant trend in the Phthalic Anhydride market is increased focus on sustainable and green practices. There continues to be growing global concern for developing alternative procedures for making phthalic anhydride that will consume less of our resources while at the same time maintain a low carbon footprint. Manufacturers are looking for more environmentally friendly methods of production as well as renewably characterized feedstock so that they comply with their sustainability objectives and regulatory requirements.
The plastic manufacturing sector remains one of the most important end-users of phthalic anhydride especially because it is used extensively in production of plasticizers. However, there has been a shift in demand away from certain types of plasticizers due to concerns regarding health risks associated with specific phthalate compounds thereby boosting non-phthalate based products’ demand. This change influences how much phtalic anhydride is demanded overall since manufacturers have been forced to come up with alternatives which meet consumers’ preferences for environmental safety standards.
The Asia-Pacific region still plays a major role in driving global sales within the Phthalic Anhydride Market today. Countries such as China and India, with their rapid industrial growth and increasing manufacturing activities consume a lot of phthalic anhydride. A large portion of this demand in the Asia-Pacific region comes from the expanding construction and automobile sectors which need resins and plasticizers for their products.
Market trends are shaped by technological advancement in production processes for phthalic anhydride. On continuous basis, research focused on enhancing efficiency, cost effectiveness and environmental friendliness of producing phtalic anhydride. This is basically being pursued through innovative catalysts, process optimization or alternative technologies that can respond to changing industry standards.
Report Attribute/Metric | Details |
---|---|
Market Opportunities | Rising Demand for Polyester Polyols to Offer Significant Opportunity for Market Growth |
Phthalic Anhydride Market size was valued at USD 5.7 Billion in 2023. The Phthalic Anhydride industry is projected to grow from USD 5.9 Billion in 2024 to USD 8.6 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.67% during the forecast period (2024 - 2032).
Having been imposed a lockdown since the outbreak of COVID-19, the outbreak of phthalic anhydride has resulted in disruptions in the industry. To prevent the spread of the virus, several end-use sectors were temporarily closed causing significant disruption on the market.January 2024Thirumalai Chemicals Limited has made the announcement that the Phthalic Anhydride facility, which was located in GIDC Estate, Dahej Phase-II, Tal. Vagra, Bharuch, Gujarat, and had been shut down since November 5th, 2023, has started operations and production as of today, January 8th, 2024, after the conclusion of maintenance. Compared to the previous closing price of 235.45 rupees, the shares of Thirumalai Chemicals Limited were trading at 228.75 rupees at the latest time on the Bombay Stock Exchange. Over the course of the day, there were over 1865 deals, which resulted in a total of 54121 shares being swapped. During the course of the day, the stock exchanged hands at a high of Rs. 237.25 and a low of Rs. 227.80. The amount of money that was made throughout the day was 12519858.00 rupees.Plasticizers, unsaturated polyester resin, alkyd resin, flame retardants, dyes, and pigments are some of the applications that fall under the category of phthalic anhydride in the worldwide market because of its classification. Over the course of the time under consideration, it is anticipated that the plasticizers sector will gain the biggest market share. During the period of evaluation, the APAC area will have a growth that is both attractive and profitable. This market's geographical development may be attributed, in part, to the tremendous urbanization and industrialization that has taken place in emerging countries like as India, China, and South Korea. According to a research that was published not too long ago, the market for phthalic anhydride in the area is expected to see considerable growth by the year 2022. This growth is expected to be driven by the cheap operating costs and the growing demand for plastics such as PVC by the region.
As the industrialists seek to strengthen their presence in the market, the R&D activities and mergers and acquisitions between key players are increasing. This is projected to enhance competition in the coming years. The major players in the Phthalic Anhydride Market include
DriversVarious Industries are seeing an Increasing Demand for Products containing Phthalic AnhydrideDuring the evaluation period, the increasing demand for phthalic anhydride products in different end-use industries, such as paints and coatings, medical devices, home appliances, and furniture, is likely to be a significant factor in the industry's growth. Also, the increasing use of phthalic anhydride in plastic manufacturing may prove to be another notable player that can influence the market during the analysis time frame. In addition to its superior properties, such as strength, dimensional stability, low cost, and non-flammability, it can strengthen its demand in an array of emerging end-use sectors soon.
Over the evaluation period, polyester polyols are expected to be in high demand in the manufacture of polyurethanes due to the increasing demand for polyester polyols.
In the review period, market growth is expected to be hindered by the rising demand for PVC compounds without phthalates. In addition, some stringent environmental rules and regulations will further inhibit the market growth in the assessment period due to the toxic nature of alkyd resins and phthalates.
Phosphoric anhydride's price fluctuates frequently in response to fluctuations in the cost of feedstocks and energy.
The phthalic anhydride global market is expected to grow at a decent rate during the forecast period, according to MRFR. Various end-use markets are increasing the demand for the product, which is reflected in the growth of the market.
These companies may contribute substantially to increasing market growth by cooperating, launching new products, and utilizing advanced technological innovations. Technological advancements today lead to daily shifts in our economy due to factors such as labor shortages, new business opportunities, and competition among businesses. It is therefore imperative for corporations to understand how market movements work, so they can formulate more effective strategies. A company's ability to plan and stay ahead of the competition can only be enhanced by having an effective strategy. There are several key strategies for the phthalic anhydride market trends, among them new technologies launches, acquisitions, and research and development.
There are three segments of the global market for Phthalic Anhydride: Applications, Derivatives, and End-Use Industries.
Phthalic anhydride is classified by application in the global market for plasticizers, unsaturated polyester resin, alkyd resin, flame retardants, dyes, and pigments. During the review period, the plasticizers segment is expected to acquire the largest market share.
Phosphor Phthalein, phthalimide, phthalein, phthalate esters, and phthalic anhydride are segments of the global phthalic anhydride market, depending on their derivative. PVC manufacture, that is, its growing use as a plasticizer, is expected to propel the phthalate esters segment to dominate the market during the evaluation period.
According to the end-use industry for phthalic anhydride, the market can be divided into five types, including building & construction, automotive, electrical & electronics, healthcare, and agriculture. Building & construction is predicted to grow at a CAGR of 4.6% during the evaluation period.
The phthalic anhydride market can be classified into Plasticizers, Flame Retardants, Dyes and Pigments, Alkyd Resin, Unsaturated Polyester Resin, and Others by application.
Derivatives Market for Phthalic Anhydride in the Global Market
Using the derivative to segment the market of Phthalic Anhydride, the global market is divided into Phenolphthalein, Phthalate esters, Phthalein, Phthalimide, and others.
Global Market Analysis by End Users of Phthalic Anhydride
Building & construction, electrical & electronic, agriculture, automotive, healthcare, and others are the segments in the global phthalic anhydride market industry by end-user.
Globally, the phthalic anhydride market growth is divided into North America, Europe, Asia-Pacific, and the rest of the world (RoW), according to MRFR's phthalic anhydride market analysis report.
Phthalic Anhydride Market Growth to Lead Globally During Forecast Period
On the existence of adequate raw material, it is estimated that the APAC region will have a lucrative growth at the time of evaluation tenure. The rapid urbanization and industrialization that has occurred in developing economies like India, China, and South Korea have contributed to the market's regional expansion. A recent report predicts that the phthalic anhydride market in the region will grow significantly by 2022 due to the low operating costs and the increasing demand for plastics like PVC that will drive the market in the region.
The Second Largest Phthalic Anhydride Market during the Forecast Period is Expected to be Europe
Growing demand for the product from a variety of industries in Europe is expected to lead to the continent gaining the second-largest share during the forecast period. Furthermore, anhydride is expected to grow in applications to manufacturing PVC compounds during the assessment period. This will also act as a salient factor that will support the regional market performance. Additionally, the Phthalate Anhydride factories in Europe have accelerated their utilization rates, thus increasing their productivity, which in turn will help the regional market growth in the years to come.
In the Forecast Period, the North American Economy is Expected to Grow Significantly
North America is expected to show significant growth during the analysis period due to the large participation of the construction sector. The growing demand for UPR and phthalate plasticizers in the PVC and FRP industries is another factor likely to drive the development of the regional industry during the evaluation period. The United States, Canada, and Mexico are expected to make significant contributions as the regional market grows.
Global Growth will Continue During the Assessment Period in the Rest of the World
It is an extensive report that highlights different key players, manufacturing technologies, and applications of phthalic anhydride. These factors may have significant effects on market growth. Multiple segments of the market have been evaluated and those segments provide information on market share. As well as the regional and global players, it also alights on the fact that they exert a strong influence over the level of competition on the market during the assessment period.
Global Phthalic Anhydride Market, By Application
Global Phthalic Anhydride Market, By Derivative
Global Phthalic Anhydride Market, By End-User
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)