Phthalic Anhydride Market size is set to grow by USD 908.5 million from 2024-2028, Growth of construction industry boost the market, Technavio

NEW YORK, Aug. 12, 2024 /PRNewswire/ -- The global phthalic anhydride market size is estimated to grow by USD 908.5 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 3.59%  during the forecast period. Growth of construction industry is driving market growth, with a trend towards growing demand for green and sustainable resins. However, health hazards due to exposure to phthalic anhydride  poses a challenge. Key market players include AGROFERT AS, Anhui Tongua International Trade Group Co. Ltd., Asian Paints Ltd., BASF SE, Compania Espanola de Petroleos SA, Exxon Mobil Corp., IG Petrochemicals Ltd., Koppers Holdings Inc., Lanxess AG, Mitsubishi Corp., Nan Ya Plastic Corp., PETRONAS Chemicals Group Berhad, Polynt Spa, Proviron Industries NV, Shandong Hongxin Chemical Co. Ltd., Specialty Polymers Inc., Stepan Co., Thirumalai Chemicals Ltd., Tokyo Chemical Industry Co. Ltd., and UPC Technology Corp..

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Market Driver

In developed economies such as Canada, the US, and Germany, there is a growing preference for eco-friendly resins in construction and manufacturing industries. Green sustainable resins and energy-saving systems are gaining popularity in both developed and developing regions. The Leadership in Engineering and Environmental Design (LEED) in the US is promoting the use of low-impact construction methods and materials, including fewer synthetic chemicals. This trend towards eco-friendly resins not only reduces the toxicity of industrial gases from sectors like automobile and chemical industries but also contributes to maintaining the ecological balance. As a result, the global phthalic anhydride market is anticipated to grow significantly during the forecast period due to the increasing demand for eco-friendly resins. 

Phthalic anhydride is a crucial raw material in the plasticizer manufacture industry, primarily used in the production of phthalate esters for PVC (Polyvinyl Chloride) products. The agricultural industry utilizes phthalic anhydride in the production of certain dyes like Phthalein, Rhodamine, Phthalocyanine, Fluorescein, and Xanthene. In the realm of paints and coatings, phthalic anhydride is employed in the production of heat-resistant paints, maritime coatings, insulation varnishes, and solvent-based coatings. Phthalic anhydride is also used in the synthesis of synthetic resins such as polyester resins, glyptic resins, and alkyd resins. In the production of heat-resistant paints, phthalic anhydride is used as a cross-linking agent. For maritime coatings, it acts as a hardener. In insulation varnishes, it enhances the insulation properties. 

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Market Challenges

• Phthalic anhydride is a chemical compound that can pose health risks to workers, particularly when exposed to it in the form of vapor, fume, or dust. Chronic exposure can lead to irritation of the mucous membranes and upper respiratory tract, causing symptoms such as conjunctivitis, hoarseness, cough, bloody nasal discharge, bronchitis, emphysema, and even bronchial asthma. Sensitized individuals may also experience rhinorrhea, lacrimation, and wheezing. Exposure can occur during the production of phthalate-derived products or through the use of certain medical plastics, such as blood bags, plastic syringes, and plastic tubes. These factors may restrain the growth of the global phthalic anhydride market due to increasing health concerns and regulations.
• The Phthalic Anhydride market faces several challenges in various industries. In the agricultural sector, the availability and price volatility of raw materials like Xylene pose significant challenges. In plasticizer manufacture, the production of Phthalic Anhydride for use in PVC (Polyvinyl Chloride) products, such as doors, sheathing electrical cables, and instrument panels, requires careful management to maintain quality and consistency. In the coatings industry, the use of Phthalic Anhydride in solvent-based coatings for heat resistant paints, maritime coatings, insulation varnishes, and paints and coatings for electric vehicles, faces regulatory challenges due to the toxicity of some phthalates.

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Segment Overview 

This phthalic anhydride market report extensively covers market segmentation by  

1. Application 
• 1.1 Plasticizers
• 1.2 UPR
• 1.3 Alkyd resins
• 1.4 Others
2. Type 
• 2.1 O-xylene catalytic oxidation
• 2.2 Naphthalene catalytic oxidation
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Plasticizers- The global phthalic anhydride market is primarily driven by the plasticizers segment, which is the largest application area. Phthalic anhydride is a crucial raw material in the production of plasticizers. Plasticizers are essential additives that make plastics more pliable and long-lasting. They are used extensively in various plastic products such as polyvinyl chloride (PVC), flooring, furniture, and toys. The demand for plasticizers is projected to expand at a substantial rate due to the rising need for plastic products. The construction and automotive industries' growth is also anticipated to fuel the demand for plasticizers during the forecast period.

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Research Analysis

Phthalic Anhydride is a crucial chemical compound used in the production of various industries. It is primarily used as a building block in the synthesis of phthalate esters, which function as plasticizers in PVC (Polyvinyl Chloride) and other synthetic resins, including alkyd resins and unsaturated polyester resins. In the paint and coatings sector, phthalic anhydride is used to produce high-performance coatings, while in the automotive industry, it is employed in the production of certain types of plastics used in electric vehicles. Phthalic anhydride also finds applications in the production of polyester polyols, which are essential raw materials in the manufacturing of polyurethane foams. However, concerns regarding the toxicity of phthalates have led to the exploration of alternative plasticizers, such as polyhydric alcohols and diacids. Anhydrides like maleic anhydride are also used in the production of phthalic anhydride. The agricultural industry utilizes phthalic anhydride in the manufacture of certain types of herbicides and fungicides. Additionally, phthalic anhydride is used in the production of wood stains and Xylene, a solvent used in the extraction of crude oil.

Market Research Overview

Phthalic anhydride is a crucial intermediate chemical used in the production of various industrial products. It is primarily used in the manufacture of plasticizers for Polyvinyl Chloride (PVC) and other synthetic resins like Alkyd resins and Unsaturated polyester resins. In the plastics industry, it is employed to produce Phthalate esters, which function as plasticizers in PVC products. Phthalic anhydride also plays a significant role in the production of Paints and coatings, where it is used as a cross-linking agent in heat resistant paints, maritime coatings, insulation varnishes, and solvent-based coatings. g demand for Electric vehicles and the production of Polyester polyols.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Plasticizers
• UPR
• Alkyd Resins
• Others
• Type
• O-xylene Catalytic Oxidation
• Naphthalene Catalytic Oxidation
• Geography
• APAC
• North America
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio