Phthalic Anhydride market to grow by USD 1.20 billion from 2022 to 2027 | The growth of the construction industry to boost market growth - Technavio
NEW YORK , Aug. 23, 2023 /PRNewswire/ -- The phthalic anhydride market is to grow by USD 1,200.75 million at a CAGR of 4.79% from 2022 to 2027, according to the latest research report from Technavio. Discover Specialty Chemicals industry potential and make informed business decisions based on qualitative and quantitative evidence highlighted in Technavio reports. View Sample Report!
The phthalic anhydride market covers the following areas:
- Phthalic Anhydride Market Sizing
- Phthalic Anhydride Market Forecast
- Phthalic Anhydride Market Analysis
Company Landscape
The phthalic anhydride market is fragmented, and companies are deploying organic and inorganic growth strategies to compete in the market.
Company Offering
- Specpoly- The company offers phthalic anhydride.
- BASF SE - The company offers phthalic anhydride processed and o Xylene or naphthalene oxidation to phthalic anhydride catalysts which results in products and services for individual customers.
- Compania Espanola de Petroleos SA - The company offers phthalic anhydride in the form of plasticizers for vinyl resins. For more insights, buy report!
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Key Market Segmentation
The market is segmented by application (plasticizers, UPR, alkyd resins, and others), and type (o-xylene catalytic oxidation and naphthalene catalytic oxidation)
- The market share growth by the plasticizers segment will be significant during the forecast period. Phthalic anhydride is the main raw material used in the production of plasticizers. Plasticizers are additives used to make plastics more flexible and durable. They are used in a wide variety of plastic products. Considering the increase in demand for plastic products, a strong growth in demand for plasticizers is expected during the forecast period.
View Sample Report in minutes for more highlights into the market segments.
Regional Market Outlook
By geography, the market is segmented by APAC, North America, Europe, South America, and the Middle East and Africa.
- APAC is estimated to contribute 39% to the growth of the global market during the forecast period. APAC countries, especially China and India, have experienced rapid industrialization and urbanization in the past few years. This has led to an increase in demand for phthalic anhydrides in various sectors including construction, automotive, consumer goods, and packaging. With the development of infrastructure and commercial and residential construction projects, as well as investment in smart cities, the construction sector has witnessed significant growth in the region. Hence, such factors are expected to drive market growth in this region during the forecast period.
For more key highlights on the regional market share of most of the above-mentioned countries.- View Sample Report
Market Dynamics
Key Drivers
The growth of the construction industry is a key factor driving market growth.
Major Trends
Growing demand for green and sustainable resins is a major trend in the market. Environmentally friendly development resins are strongly preferred in developed economies like those in Canada, the US, and Germany. Additionally, growing in popularity are underdeveloped nations. Additionally, in the US the Leadership in Engineering and Environmental Design program promotes the use of environmentally friendly building techniques and materials with fewer synthetic chemicals, opening market prospects for substitute resins. Hence, a shift towards eco-friendly resins is expected to drive the growth of the phthalic anhydride market during the forecast period.
Significant Challenges
Health hazards due to exposure to phthalic anhydride are significant challenges restricting market growth.
Companies Mentioned
- 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.
- UPC Technology Corp.
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Table of Contents
Executive Summary
Market Landscape
Market Sizing
Historic Market Size
Five Forces Analysis
Market Segmentation by Application
Market Segmentation by Type
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, and Trends
Vendor Landscape
Vendor Analysis
Appendix
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