Phthalic Anhydride Market Share- Growth, Trends, Covid-19 Impact, And Forecasts (2022 - 2030)
Market Highlights
Global Phthalic Anhydride Market is Projected
to Be Valued at USD 7,213.7 Million By 2025 Registering a CAGR
of 4.2% during the Forecast Period.
The major driver for the growth of the global
phthalic anhydride market is its extensive use as a plasticizer in PVC
production. It is widely used in major end-use industries as it enhances PVC
flexibility. Polyurethanes exhibit properties such as strength, moisture &
abrasion resistance, non-flammability, dimensional stability, and low cost.
Segment Analysis
The Global Phthalic Anhydride Market Share has been
segmented on the basis of Derivative, Application, End-Use Industry, and
Region.
Based on Derivative, phthalic anhydride is segmented
into phthalate esters, phthalimide, phthalein, phenolphthalein, and others. The
phthalate esters segment is projected to exhibit a CAGR of 4.4% during the
review period. This is attributed to their use as additives in plastics to
increase flexibility, transparency, durability, and longevity of the plastics.
Based on Application, the market has been
categorized into plasticizers, unsaturated polyester resin, alkyd resin, flame
retardants, dyes and pigments, and others. Among these, the plasticizer segment
accounted for the largest market share in 2018 and is expected to be valued at
USD 3,781.4 million by the end of the review period. Plasticizers are mainly
added to a material to increase its plasticity and durability. Phthalates have
been prominently used as a plasticizer owing to their relative cost-efficiency,
excellent ability to create elastic material, and low volatility.
By End-Use Industry, the market is classified into
building & construction, automotive, electrical & electronics,
healthcare, agriculture, and others. Rapid industrialization and urbanization
in emerging economies leading to increased construction activities are
projected to drive the demand for PVC, which in turn, is expected to drive the
demand for phthalic anhydride in the coming years.
Key Players
MRFR recognizes the following companies as the Key
Players in the global Phthalic Anhydride Market
share— BASF SE (Germany), SHANDONG HONGXIN CHEMICAL CO. LTD (China),
AEKYUNG PETROCHEMICAL Co., Ltd (South Korea), C-Chem Co. Ltd (Japan), NAN YA
PLASTICS CORPORATION (Taiwan), IG Petrochemicals Ltd (India), Exxon Mobil
Corporation (US), Mitsubishi Gas Chemical Company, Inc. (Japan), Koppers Inc.
(US), and Thirumalai Chemicals Ltd (India), among others.
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Key Findings of the Study
- Global phthalic anhydride market Share is projected to reach
a value of USD 7,213.7 million by 2025 with a CAGR
of around 4.2% during the forecast period, 2019–2025.
- Asia-Pacific emerged as the leading and
fastest-growing regional market on account of the rapid
industrialization and urbanization in the region.
- Upcoming global events such as the FIFA World
Cup 2022 in the Middle East & African region is likely
to result in an increased demand for phthalic anhydride.
- The outbreak of Coronavirus has resulted in a
negative impact on the chemicals industry, including
phthalic anhydride.
- Some of the leading players operating in the
phthalic anhydride market are BASF SE, Mitsubishi Gas
Chemical Company, Inc., NAN YA PLASTICS CORPORATION, Exxon Mobil
Corporation, and IG Petrochemicals Ltd.
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