According to ChemAnalyst report, “Global Phthalic Anhydride Market Analysis: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2030”. Global Phthalic Anhydride market witnessed a strong demand in the past five years and is projected to achieve a CAGR of 5.8% during the forecast period owing to the products derived from anhydride such as Plasticizers, polyester resins, alkyd resins etc. that are having wide range applications in the end use industries to produce plastics, automotive accessories, paint & coatings, electrical & electronics devices, Packaging films, synthetic leather and others.
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Phthalic Anhydride is an organic compound industrially manufactured by oxidation of Ortho-Xylene Naphthalene by Vanadium Pentoxide as a catalyst. It is a white crystalline solid and the anhydride of Phthalic acid with pungent odor. The versatile properties such as lightweight, durability, flexibility, heat, corrosion, and scratch resistant acts as a driver for Phthalic Anhydride market. It is a significant industrial chemical and used extensively for the production of plasticizers which further utilizes in PVC. Polyester resins and Alkyd resins are also the derivatives of Phthalic Anhydride which are utilized in the manufacturing of paints, coatings, polyester polyols and insect repellents etc. Additionally, Phthalic Anhydride is also used as an intermediate in organic chemistry, precursor to dyes such as phthalocyanine, phthalein, fluorescein, and xanthene that are used for medical diagnosis, coating for medicines, and others. Availability of Phthalic Anhydride at low-cost and its wide usage in various industries are the major reasons for the high growth of Phthalic Anhydride in the market, are also expected to boost the global market for Phthalic Anhydride in the forecast period
In the first half of 2020, the worldwide outbreak of Covid 19 pandemic drastically impacted numerous industries and supply chains due to nationwide lockdowns. Construction and Automotive were the most impacted sectors during the COVID crisis that resulted into the decline in the demand for Phthalic anhydride as its derivative “PVC” is extensively utilized in Building and Construction purpose for wiring, flooring etc. as well as in the manufacturing of automobile body parts such as automobile doors, dashboards, bumpers, thermoplastic sheathed cables, and instrument panels. However, in the later half of 2020, after the relaxation in lockdowns the industries went operational with full efficiency and the improvement in the Phthalic Anhydride market was witnessed as the sectors such as Automotive, Coatings, Consumer goods etc. resumed back strongly. The surge in the demand for Phthalic Anhydride from high performance industrial cables to extremely sensitive medical devices coupled with the boom in the packaging industry due to intensive demand from hygiene and medical segment amid the pandemic is expected to boost the Global market for Phthalic Anhydride in the forecasted period. Harmful effects of Phthalic Anhydride on human health and environment due to their toxicity coupled with the increasing concern towards environment is shifting the focus of manufacturers to develop bio-based alternative of Phthalic Anhydride are anticipated to incumber the progress of the phthalic anhydride market during the forecast period.
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Region wise, Asia pacific region holds the major share of global demand for Phthalic Anhydride due to urbanization, increase in per capita income as well as the rising consumption of Phthalic Anhydride due to the presence of various end use industries in the region. South Korea is one of the major producers of Phthalic Anhydride and exports majority to U.S., China, India, Europe, Canada etc. whereas, China is the leading consumer of Phthalic Acid as it is a hub for plastic production and growing automobile manufacturing sector. Major player of Phthalic Anhydride market, IG Petrochemicals in February 2021, has announced to invest around Rs 600 crore for the greenfield expansion of Phthalic Anhydride up to 80,000 MTPA in Gujarat, India. Similarly, Thirumalai Chemicals one of the largest producers of PA announced in May 2021, that it is planning to execute a project at the company’s existing sites at Gujarat, and Western India to manufacture 180,000 tons per year of phthalic anhydride (PAN). All these expansions by the global manufacturers in India is not only going to make India self-sufficient in the production for PAN, thereby reducing import from other countries but also a global exporter in the forthcoming years.
Europe and North America is expected to show a promising progress in the market for PAN owing to the presence of major exporters such as Mexico and Italy. Moreover, Polynt-Reichhold, a major manufacturer of unsaturated Polyester resin (UPR) in U.S. has expansion strategies for Phthalic Anhydride production is likely to propel its market in the region.
According to ChemAnalyst report, “Global Market By Global Phthalic Anhydride Market Analysis: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2030”, Major players for Phthalic Anhydride globally include BASF SE, Shandong Hongxin Chemical co. Ltd., Stepan Company, Nan-Ya Plastics, Exxon Mobil Corporation, Aekyung Petrochemical, Polynt SPA, IG Petrochemicals, Asian Paints, Lanxess, Proviron Basic Chemicals, UPC Technology Corporation and Koppers Industries.
“Phthalic Anhydride and its derivatives are linked to the Construction, Automotive, Electronics and Pharmaceuticals that are constantly growing sectors owing to the rising population and rapid industrialization, consequently robust the growth of Phthalic Anhydride industry. Also, due to its high durability and resistance to heat and corrosion there is upsurge in the demand from the paints and coatings industry which is likely to drive the market growth in the forthcoming years. Additionally, the increase in the utilization of glass fiber-reinforced polymers and the expansion in the production capacity for its derivatives are expected to offer an opportunity for the manufacturers in the forecasted period. With new competitors emerging across the Asian Phthalic Anhydride market, players anticipate that there will be sufficient supply demand gaps in future. At this, it is extremely important to keep an eye which region will grab the biggest market share in the upcoming years” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
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