Phthalic Anhydride Market - Growth, Trends, and Forecast (2020 - 2025)
The market for phthalic anhydride is anticipated to register a CAGR of more than 2%, during the forecast period, owing to an increase in the utilization of plasticizers, which is used in the production of polyvinyl chloride (PVC), in the AsiaPacific region. The increasing demand for glass fiberreinforced plastics in various industries is also likely to stimulate the phthalic anhydride market, during the forecast period.
Increasing construction activities in AsiaPacific are augmenting the growth of the market.
Harmful effects of phthalates, due to its toxicity, and development of biobased alternative of phthalic anhydride are likely to hinder the market growth.
Increasing use of glass fiberreinforced polymers and capacity expansion for phthalic anhydride derivatives are projected to act as an opportunity for the market, in the future.
Key Market Trends
Alkyd Resin to Emerge as One of the Fastest Growing Applications
By application, alkyd resins attribute to approximately 20% of the global phthalic anhydride market, by application. Phthalic anhydride has been considered as a major reference resin, used for the manufacturing of alkyd resinbased paints and coatings.
Alkyd resins are produced by heating polyhydric alcohols with diacids or their anhydrides. The alkyd coatings are the most highly consumed coatings across the world. They can be available as shortoil, mediumoil, longoil, and ultralong alkyd resins. Longoil alkyd resins have good wood penetration properties. Thus, they are suitable for wood stains.
Moreover, these resins are widely used to produce highperformance materials, like solventbased architectural coatings.
Paints and coatings, with excellent anticorrosive properties, can be prepared by longoil alkyd resins that are modified with maleic anhydride and phthalic anhydride.
Factors, such as growing consumption of alkyd resins in developing economies, due to the rising paints and coatings industry, are, in turn, increasing the demand for the phthalic anhydride market.
AsiaPacific Region to Dominate the Market
China is the largest consumer of phthalic anhydride in the AsiaPacific region, and the demand is expected to grow further, in the coming years, due to several factors.
With decreasing prices of naphthalene and low operating costs involved in the production, the capacity of phthalic anhydride is also increasing in the country.
Additionally, China is the largest consumer of plastics in the global scenario. The demand for plastics, like PVC, is expected to grow at a rapid rate in the country, in the near future, owing to the expanding packaging and manufacturing sectors.
The Chinese manufacturing industry is expected to grow, on an average, by more than 78% every year, with transportation and heavy equipment manufacturing being the major growth segments.
Owing to these factors, the demand for plasticizers in China is expected to grow at a significant rate in the coming years, which, in turn, is expected to boost the demand for phthalic anhydride used in plasticizers.
Hence, the aforementioned factors are expected to drive the consumption of phthalic anhydride for various applications, during the forecast period.
The phthalic anhydride market is fragmented, with the presence of large number of global and local players in the market. The major players in the phthalic anhydride market are BASF SE, ExxonMobil Corporation, LANXESS, I G Petrochemicals Limited, Aekyung Petrochemical Co. Ltd, and Mitsubishi Gas Chemical Company, among others.
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