Global Phthalic Anhydride Market - Forecast(2021 - 2026)

 Global Phthalic Anhydride Market size is forecast to reach $7.33 billion by 2025, after growing at a CAGR of 4.6% during 2020-2025 owing to rise in utilization of polyvinyl chloride and polyester resins in end industries such as construction, electronics, equipment manufacturers, marine and automobile. The major factor driving the phthalic anhydride industry during the forecast period includes its increasing applications in wire & cable, swimming pool liners, roofing membrane, coated fabrics manufacturing. The wide usage of phthalic anhydride as a precursor to phthalate esters and as a plasticizer in polyvinyl chloride industries is driving the phthalic anhydride market during the forecast period.

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Report Coverage

The report: “Global Phthalic Anhydride Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the global phthalic anhydride Industry. 

By Process Type: O-Xylene Catalytic Oxidation, and Napthalene Catalytic Oxidation

By Application: Plasticizer, Polyester Resin, Alkyd Resin, Polyester Polyols, Dyes, Medicine, Insecticides, and Others

By End Use Industry: Automotive & Transportation, Building & Construction, Paints & Coatings, Marine, Electrical & Electronics, Plastics, Agriculture, and Others

By Geography: North-America, South-America, Europe, Asia Pacific, and RoW

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Key Takeaways

• Asia Pacific dominates the global phthalic anhydride market, owing to the rising demand for lightweight materials such as PVC plasticizer in the automotive, aeronautics, construction and consumer good sectors in the region. According to OICA, in 2018 the production of light commercial vehicles has increased by 10.2 % in APAC. 
• Owing to the extensive properties of alkyd resins such as corrosion and thermal resistant, there is an increasing demand of alkyd resins, which is likely drive the global phthalic anhydride market during the forecast period. Also, the increasing application of phthalic anhydride such as flame retardants, dyes and pigment is anticipated to drive the market.
• Phthalic anhydride derivatives such as unsaturated polyester resins, alkyd resins, detergents, insecticide and herbicide have varied applications due to which there is an increasing demand of phthalic anhydride from various end-users, which is further expected to drive the global phthalic anhydride market in the coming years.
• Stringent government regulations regarding environmental exposure such as Consumer Product Safety Improvement Act of 2008 (CPSIA), is anticipated to restrain the growth of phthalic anhydride market over the forecast period. 
• Due to the COVID-19 Pandemic most of the countries has gone under lockdown, due to which operations of various industries such as automotive and construction has been negatively affected, which is hampering the global phthalic anhydride market growth.

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By Process Type – Segment Analysis

Phthalic Anhydride is produced from two main sources i.e. o-xylene and naphthalene. It is anticipated that O-Xylene catalytic oxidation process is mostly preferred as naphthalene catalytic oxidation process has lower feed utilization and higher priced feedstock. The high concentration of o-xylene in the feed gas also leads to removal of undesired by products and minimized burning of Phthalic Anhydride, which results in lower investment and operational costs. Moreover, the oxidation process of o-xylene permits a simpler feed system, because of its liquid state, than that of the oxidation process of naphthalene, which is the major factor driving the o-xylene process demand in phthalic anhydride market during the forecast period.

By Application – Segment Analysis

The Plasticizer segment holds the largest share in the global phthalic anhydride market in 2019, owing to its extensive properties such as flexible, bendable and durable, which ensures its high performance for a longer tenure. There is an increasing demand of phthalic anhydride from wire & cable, film & sheet, paint & coating, transportation and medical industries, for manufacturing PVC compounds such as packaging films, floor & wall covering, hoses, medical devices, cables & wire insulations, automotive units and synthetic leather. Thus, the ease of use of phthalate plasticizers at low-cost rates and wide usage in various industries are the major reasons driving the phthalic anhydride market during the forecast period.