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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