Phthalic Anhydride Market Size, Share, Trends, Growth and Forecast 2030

The global phthalic anhydride market is expected to grow from its estimated value of USD 10.20 billion in 2023 to USD 16.26 billion by the end of 2032, according to a report released by Zion Market Research. Over the course of the projected period, the market is anticipated to rise at a CAGR of 6%. The growth factors, barriers to growth, and effects on demand for the global phthalic anhydride market are examined in this study for the period of forecasting. Additionally, it will support exploration and navigation of the emerging opportunities within the Phthalic Anhydride Market sector.

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Introduction

Phthalic anhydride is an important chemical intermediate used in the production of various industrial applications, including plastics, resins, and dyes. As a key building block for producing plasticizers, unsaturated polyester resins, and alkyd resins, phthalic anhydride is crucial in various sectors such as construction, automotive, and consumer goods. This research article provides an in-depth analysis of the current trends, drivers, challenges, and future outlook of the phthalic anhydride market.

Market Overview

The global phthalic anhydride market was valued at approximately USD 5 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 4.5% from 2024 to 2030. The increasing demand for plastics and resins in various applications drives market growth.

Growth Factors for the Global Phthalic Anhydride Market

The global market for phthalic anhydride is being driven by an increase in demand from the paint and coatings, building and construction, automotive, marine, electrical and electronics, and agricultural industries. Phthalic anhydride is a common ingredient in plasticizers. About 90.0% of plasticizers are used by PVC manufacturers to modify the characteristics of their goods in order to satisfy final consumers. Polyvinyl chloride’s (PVC) physical attributes include great strength at a low loss and dimensional stability. Growing populations in developing nations like China and India have accelerated industrialization and modernization, which has increased demand for new homes in both rural and urban areas.

Because of this, the building and construction industry has grown significantly in recent years, which has increased both the demand for and output of PVC items in these countries. Phthalic anhydride demand is also expected to increase throughout the projection period because to growing demand for PVC in the automobile industry for dashboards and vehicle body parts including car doors, wrapping electrical wires, and instrument panels. Solvent-based paints are another prominent application for alkyd resins based on phthalic anhydride. Growing industry in developing countries like China, India, and Brazil has resulted in a major increase in the need for paints and coatings in architectural, equipment, furniture, and fixture applications. Throughout the upcoming years, all of these elements are probably going to fuel the growth of the global phthalic anhydride market.

The COVID-19 pandemic had a modest to minor effect on the world market for phthalic anhydride. The low demand from end-use industries was the reason given for the market’s modest expansion during the epidemic.

Segmentation of the Global Phthalic Anhydride Market

The classification of the global market for phthalic anhydride includes application, process, end-use, and geography.
The section is divided into two categories: o-xylene catalytic oxidation and naphthalene catalytic oxidation.

Plasticizers, unsaturated polyester resins, alkyd resins, and other products are divided into the market’s application sector.

Paints and coatings, automotive, electrical and electronics, maritime, building and construction, agricultural, and other industries are the different end-use sectors.

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Market for Phthalic Anhydride: Report Scope

Worldwide Phthalic Anhydride Industry: Regional Evaluation

Throughout the projected period, Asia Pacific is anticipated to hold the top spot in the worldwide phthalic anhydride market. The need for phthalic anhydride in the area is being driven by rising government spending on infrastructure construction and growing industrialization in nations like China and India. The Asia Pacific phthalic anhydride market is also being driven by the need for phthalic anhydride in a number of industrial sectors, including automotive, building & construction, paints & coatings, marine, electrical & electronics, and agricultural.

The raw material phthalic anhydride is utilized in the manufacturing of finished goods. Additionally, it is anticipated that the region’s growing construction industry will increase demand for PVC products, which in turn will increase demand for phthalic anhydride from PVC product manufacturers and boost the Asia Pacific phthalic anhydride market. Moreover, the area leads the world in automotive manufacturing. The use of electric vehicles is being promoted by the governments of many countries in the area, including China and India, in an effort to lower carbon emissions and lessen dependency on fossil fuels.

Key Drivers

Rising Demand in the Construction Industry: The construction sector is a significant consumer of phthalic anhydride, primarily used in producing unsaturated polyester resins and coatings. The growth of the construction industry, especially in emerging economies, is driving demand for phthalic anhydride.
Growing Automotive Sector: The automotive industry increasingly uses phthalic anhydride in producing lightweight materials, coatings, and adhesives. As vehicle production rises globally, so does the demand for phthalic anhydride.
Expansion of the Packaging Industry: The packaging sector utilizes phthalic anhydride in producing plasticizers for flexible packaging materials. The growing demand for convenient and sustainable packaging solutions supports market growth.
Increased Production of Consumer Goods: The rise in consumer goods production, including electronics and household items, drives the need for phthalic anhydride-based plastics and coatings, further fueling market demand.
Technological Advancements: Innovations in phthalic anhydride production processes, such as more efficient catalytic methods and the development of bio-based alternatives, are expected to enhance production efficiency and drive market growth.

Challenges

Environmental Regulations: Phthalic anhydride production involves hazardous substances that may pose environmental risks. Stricter regulations regarding emissions and waste disposal can create challenges for manufacturers.
Volatility in Raw Material Prices: The price fluctuations of key raw materials, such as naphthalene and o-xylene, can affect production costs and profitability for phthalic anhydride manufacturers.
Competition from Alternative Chemicals: The emergence of alternative plasticizers and resins may hinder the growth of the phthalic anhydride market as manufacturers seek eco-friendly and cost-effective substitutes.

Market Segmentation

The phthalic anhydride market can be segmented based on product type, application, and region:

By Product Type:
Orthophthalic Anhydride
Isophthalic Anhydride
Other Phthalic Anhydrides
By Application:
Plastics and Resins
Coatings
Adhesives
Dyes and Pigments
Others
By Region:
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa

Regional Insights

North America: The North American phthalic anhydride market is driven by the strong demand from the automotive and construction sectors. The U.S. is a significant contributor due to the presence of major manufacturers and a well-established industrial base.
Europe: Europe holds a substantial share of the phthalic anhydride market, supported by stringent environmental regulations promoting sustainable practices. Countries like Germany and the U.K. are leading contributors to market growth.
Asia-Pacific: The Asia-Pacific region is expected to witness the highest growth in the phthalic anhydride market due to rapid industrialization and urbanization, particularly in countries like China and India. The growing demand for consumer goods and packaging materials further drives the market.
Latin America and Middle East & Africa: These regions are gradually increasing their consumption of phthalic anhydride, supported by expanding manufacturing sectors and infrastructure development.

Competitive Landscape

The phthalic anhydride market is characterized by the presence of several key players focusing on innovation and sustainability. Major players include:

BASF SE: A leading chemical company, BASF produces a wide range of phthalic anhydride products for various applications, emphasizing sustainability and efficiency.
Mitsubishi Gas Chemical Company, Inc.: This company is involved in the production of phthalic anhydride and derivatives, focusing on quality and innovation
SABIC: SABIC is a significant player in the phthalic anhydride market, providing high-quality products and solutions for various industries.
Eastman Chemical Company: Eastman offers a variety of phthalic anhydride products, focusing on innovation and meeting customer needs across different applications.
Oxea GmbH: Oxea specializes in producing phthalic anhydride and other chemicals, focusing on sustainability and reducing environmental impact.

Future Outlook

The phthalic anhydride market is expected to experience steady growth over the next few years, driven by increasing demand from the construction, automotive, and packaging industries. As manufacturers focus on sustainable practices and the development of bio-based alternatives, the market landscape will likely evolve. Additionally, exploring new applications and expanding into emerging markets will be crucial for manufacturers seeking to capitalize on growth opportunities.

Conclusion

The global phthalic anhydride market is poised for significant growth, driven by rising demand across various industries. While challenges such as environmental regulations and competition from alternative chemicals exist, the overall market outlook remains positive. Manufacturers that invest in innovation and sustainability will likely thrive in the evolving landscape of the phthalic anhydride market.

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