Market Insights:
Phthalic
anhydride is an organic compound known by the molecular formula C6H4(CO)2O. It
is white, lustrous crystalline flakes or molten form, and has a characteristic
pungent choking odor. It is a commercial form of phthalic acid. It is produced
by the oxidation of naphthalene in concentrated sulfuric acid in the presence
of mercury sulfate. It is soluble in hot water, benzene, carbon disulfide, and
alcohol and is slightly soluble in water and ether.
Phthalic
anhydride is extensively used in the production of phthalate plasticizers for
making polyvinyl chloride (PVC). The other significant applications of phthalic
anhydride include unsaturated polyester resins (UPR), alkyd resins, dyes &
pigments, flame retardant, and others (rubber scorch inhibitor, insecticide,
herbicide, detergent, saccharin).
High demand
for PVC in construction and the automotive industry is expected to fuel the
demand for plasticizers and ensure the stable revenue source for the global
phthalic anhydride market over the forecast period. The growing application of
UPR in reinforced laminates and surface coatings is expected to propel the
global phthalic anhydride market to a large extent in the construction,
automotive, and electrical & electronics industry. Alkyd resins are widely
used in paints & varnishes, particularly solvent-based coatings. Increasing
demand for coatings & paints for improving corrosion and thermal resistance
in automotive and construction industries are expected to promote the need for
alkyd resins, which positively impact the growth of the global phthalic
anhydride market over the forecast period. Additionally, phthalic anhydride is
used to make flame retardants, which finds wide applications in electronics
products, foams of furniture, and car seats among other. Thus, it is expected
to propel high demand from automotive, home furnishing, and electrical &
electronics industry. Furthermore, huge demand for dyes & pigments from
plastics and paints & coating industry is expected to show rising demand
for phthalic anhydride in the coming years.
The short-term
exposure to phthalic anhydride causes irritation to the eyes, respiratory
tract, and skin. Long-term exposure can cause conjunctivitis, rhinitis,
bronchitis, and irritation of the skin and mucous membranes of the respiratory
tract, as well as an extreme case of cancer. Toxic nature of phthalate
plasticizers, alkyd resin, flame retardants derived from phthalic anhydride
coupled with stringent environmental regulations by regulatory body REACH is
expected to hamper the global phthalic anhydride market to some extent.
Furthermore, an increase in the demand for non-phthalates in the manufacturing
of PVC compound is a major restraining factor for the growth of the global
phthalic anhydride market.
Competitive
Analysis
Ø BASF SE
Ø Hongxin Chemical
Ø NAN YA PLASTICS CORPORATION
Ø ExxonMobil Corporation
Ø AEKYUNG PETROCHEMICAL Co., Ltd
Ø I G Petrochemicals Limited
Ø Polynt SPA
Ø Koppers Inc.
Ø Mitsubishi Gas Chemicals Co. Inc.
Ø UPC Group
Market Segmentation
The Global
Phthalic Anhydride Market
is segmented based on application, end-use industry, and region.
Based on the
application, the global phthalic anhydride market is segmented into
plasticizers, unsaturated polyester resins (UPR), alkyd resins, flame
retardant, dyes & pigments, and others (urethane polyester polyols, rubber
scorch inhibitor, insecticide, herbicide, detergent, saccharin). Plasticizers are
accounted to have the largest market share in 2017 due to growing demand for
PVC in the construction industry for applications like pipes & fittings,
profile & hoses, wires & cables, and floorings among others.
Plasticizers are used to address the problem of moldability of PVC, curing of
coatings, and surface protection. Moreover, UPR is expected to witness rising
demand over the forecast period due to its application in reinforced composites
and surface coatings.
Based on the
end-user industry, the global phthalic anhydride market is categorized into
construction, automotive, electrical and electronics, and others. The
construction industry is expected to be the largest market for phthalic
anhydride due to a wide range of end-use applications of PVC, UPR, and alkyd
resin in different products.
Regional
Analysis
The global
phthalic anhydride market is spanned across five regions namely Asia Pacific,
North America, Europe, Latin America, and the Middle East and Africa.
Asia Pacific is expected to hold the major market share over the forecast
period. Europe and North America are expected to witness steady demand for the
phthalic anhydride during the forecast period. The Middle East & Africa is
expected to witness moderate demand for phthalic anhydride during the forecast
period. Latin America is expected to show sluggish growth due to the slow
growth of the region
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