Phthalic Anhydride Market size to increase by USD 1.20 billion between 2022 to 2027, Market Segmentation by Application and Geography, Technavio

NEW YORK, April 15, 2024 /PRNewswire/ -- The global phthalic anhydride market size is estimated to grow by USD 1200.75 million from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of almost 4.79% during the forecast period. Phthalic anhydride is a primary irritant linked to mucous membranes and upper respiratory issues. Exposure sources include wood stains, maleic anhydride, agricultural industry, plastics, and various resins. Symptoms include conjunctivitis, hoarseness, cough, and respiratory conditions like bronchitis and emphysema. Key industries include coatings, maritime applications, and insulation varnishes.

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The Application segment emerges as the fastest-growing segment in the phthalic anhydride market

The Phthalic Anhydride market is driven by the o-xylene catalytic oxidation segment, producing phthalic anhydride for various applications. This vital intermediate chemical is used in the production of plasticizers, primarily for flexible PVC, coatings, and resins. Key applications include solvent-based coatings for doors, sheathing electrical cables, instrument panels, and in PVC production. Phthalic anhydride also finds use in the production of Xanthene dyes, such as Rhodamine and Fluorescein, and in the synthesis of Phenolphthalein, Benzoic acid, and Phthalylsulfathiazole. Raw materials like Anthraquinone and Phthalein are used in its production. Phthalic anhydride is also used in the production of Diacids, Anhydrides, Polyhydric alcohols, and Polyester polyols. Industries like automotive, construction, agriculture, marine, and electric vehicles utilize phthalates and phthalate esters in their products. However, concerns regarding toxicity remain, with alternatives like unsaturated polyester resins and alkyd resins being explored in paints and coatings.

The Phthalic Anhydride market is projected to expand at a significant rate, driven by its extensive applications in various industries. Notably, in the construction sector, it is a crucial ingredient in the production of PVC pipes, flooring, cables, and insulation materials. In the automotive industry, it functions as a plasticizer in PVC and acts as a monomer in the synthesis of unsaturated polyester resins and alkyd resins. Phthalic Anhydride is also integral to the manufacturing of heat resistant paints, maritime coatings, insulation varnishes, and anthraquinone. Additionally, it is used in the agriculture industry as a raw material for the production of certain pesticides and herbicides. In the realm of plasticizer manufacture, it is employed to create phthalate esters, which are essential components in solvent-based coatings. Furthermore, it is used in the production of various dyes, including phthalocyanine, rhodamine, and phenolphthalein. Benzoic acid and phthalylsulfathiazole are other derivatives of phthalic anhydride. It is important to note that while phthalic anhydride offers numerous benefits, it is also associated with toxicity concerns due to its potential health hazards. Therefore, ongoing research focuses on developing safer alternatives, such as polyhydric alcohols and diacids, for use in anhydrides and plasticizers.

Commenting on the market trends, a Senior Analyst of Technavio, stated," Phthalic anhydride is a key component in the production of phthalates, widely used as plasticizers in industries such as automotive, agriculture, marine, and electric vehicles. In developed economies, there's a growing preference for eco-friendly alternatives due to their reduced toxicity. LEED initiatives promote green materials, including sustainable resins, reducing the use of phthalic anhydride and related chemicals like xylene, orthophthalic acid, and phthalates."

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Analyst Review

Phthalic Anhydride is a crucial component in the production of various plasticizers for Polyvinyl Chloride (PVC) products. In the automotive, agriculture, marine, and electric vehicle industries, PVC is extensively used in paints and coatings due to its durability and resistance to weathering. Phthalic Anhydride plays a significant role in the manufacture of these PVC products. Phthalic Anhydride is also used in the synthesis of unsaturated polyester resins and alkyd resins, which are essential in the production of wood stains and synthetic resins. The agricultural industry utilizes Phthalic Anhydride in the manufacture of certain plasticizers, particularly those based on polyester polyols, which are derived from polyhydric alcohols, diacids, and anhydrides. Moreover, Phthalic Anhydride is a key intermediate in the production of Maleic Anhydride, another important chemical used in various industries, including the production of PVC and synthetic resins. The versatility of Phthalic Anhydride makes it an indispensable chemical in numerous applications, from the automotive and agriculture industries to the marine and electric vehicle sectors.

Market Overview

The Phthalic Anhydride market plays a significant role in the production of various polyesters and polyvinyl chloride (PVC) resins. This organic compound, with the chemical formula (C6H4(CO)2NH)n, is produced through the oxidation of naphthalene or xylene. The global Phthalic Anhydride market size was valued at USD11.2 billion in 2019 and is projected to grow at a CAGR of 4.5% from 2020 to 2027. Key factors driving the market growth include the increasing demand for PVC resins in various end-use industries such as construction, packaging, and automotive. Additionally, the growing demand for biodegradable plastics is expected to provide significant opportunities for the market. However, stringent regulations regarding the use of phthalic anhydride due to its toxic nature may hinder market growth. Major players in the Phthalic Anhydride market include BASF SE, SABIC, LG Chem, and INEOS.

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SOURCE Technavio