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The Global Phthalic Anhydride Market size is estimated to grow by USD 1,200.75 million between 2022 and 2027 exhibiting a CAGR of 4.79%. Phthalic anhydride is an organic compound with the formula C6H4(CO)2O. Phthalic anhydride is primarily used as a chemical intermediate in the production of various products such as plastics, paints, and coatings, fiber. It is a white, crystalline solid with a strong odor and is derived from the oxidation of ortho-xylene or naphthalene.
The growth of the construction industry is a significant factor driving the market growth. Growing demand for green and sustainable resins is a key market growth trend. Health hazards due to exposure to phthalic anhydride is a major challenge that may restrain the market's growth.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growth of the construction industry is a key factor propelling the growth of the market. Phthalic anhydride finds extensive application in the manufacturing of PVC, a versatile material widely utilized in the construction industry. PVC is employed in the production of pipes, fittings, profiles, flooring, and various other construction components. The increasing demand for construction materials based on PVC directly influences the requirement for phthalic anhydride. Phthalic anhydride serves as a crucial raw material in the production of plasticizers like DOP and DINP. These plasticizers enhance the flexibility, durability, and workability of different construction materials, including those based on PVC. The thriving growth of the construction industry necessitates the utilization of plasticizers, thereby driving the demand for phthalic anhydride.
The rising global urbanization, population growth, and infrastructure development projects further fuel the demand for construction materials. Phthalic anhydride plays a vital role in the production of PVC-based materials extensively used in infrastructure projects such as residential and commercial buildings, bridges, roads, and transportation systems. The requirement for construction materials in infrastructure development significantly contributes to the consumption of phthalic anhydride. These factors collectively are expected to propel the growth of the global phthalic anhydride market during the forecast period.
Growing demand for green and sustainable resins is a key trend shaping the market. There is a strong preference in developed economies such as Canada, the US, and Germany for development resins that are eco-friendly in nature. Green sustainable resins and other related energy-saving resin systems are increasingly becoming popular in developing regions along with developed regions. In the US, the Leadership in Engineering and Environmental Design is helping designers, architects, builders, and others to come out with low-impact construction methods and products and more green and eco-friendly materials using few synthetic chemicals, which helps in making chances for creating new alternative resins.
Also, the use of green and sustainable resins helps in reducing the toxicity of gases from industries such as automobile and chemical industries, thereby maintaining the ecological balance of the atmosphere in the vicinity. This trend to opt for eco-friendly resins is expected to boost the growth of the global phthalic anhydride market during the forecast period.
Health hazards due to exposure to phthalic anhydride is a challenge in the phthalic anhydride market. There is no specific technique to determine exposure to phthalic anhydride. However, phthalic anhydride, in the form of vapor, fume, or dust, is a primary irritant to the mucous membranes and upper respiratory tract. Workers exposed to combinations of phthalic acid and phthalic anhydride develop conjunctivitis, hoarseness, cough, bloody nasal discharge, atrophy of the nasal mucosa, occasional bloody sputum, bronchitis, and emphysema. Several cases of bronchial asthma have resulted in skin sensitization with occasional urticaria and eczematous response. Clinical sensitization of phthalic anhydride occurred in a worker who developed symptoms of rhinorrhea, lacrimation, and wheezing after chronic exposure to phthalic anhydride.
Exposure to phthalic anhydride may occur during the production of phthalate-derived products. It has been proposed that exposure to phthalic anhydride may occur due to the use of plastics from which phthalate plasticizers are percolated, specifically certain medical plastics such as blood bags, plastic syringes, and plastic tubes. Such factors are expected to restrain the growth of the global phthalic anhydride market during the forecast period.
This report extensively covers market segmentation by Application (plasticizers, UPR, alkyd resins, and others), Type (o-xylene catalytic oxidation and naphthalene catalytic oxidation), and Geography (APAC, North America, Europe, South America, and Middle East and Africa).
The market share growth by the plasticizers segment will be significant during the forecast period. The plasticizers segment, which is projected to grow at a strong rate during the forecast period, will likely lead the global phthalic anhydride market. Phthalic anhydride is a major raw material used in the production of plasticizers. Plasticizers are additives that are used to make plastics more flexible and durable. They are used in a wide variety of plastic products.
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The plasticizers segment shows a gradual increase in the market share of USD 1,369.57 million in 2017 and continue to grow by 2021. In view of an increase in demand for plastic products, there is a strong expected growth in the demand for plasticizers over the forecast period. Plasticizers can be made from renewable resources, such as vegetable oils. This makes plasticizers a more sustainable option than traditional plasticizers, which are made from petroleum.
Based on the type, the phthalic market is categorized into o-xylene catalytic oxidation and naphthalene catalytic oxidation. The o-xylene catalytic oxidation holds the largest market share during the forecast period. The o-xylene catalytic oxidation process is a vital step in producing phthalic anhydride, a key precursor in various industries. It finds applications in plasticizers, coatings, dyes, and resins. The global phthalic anhydride market is expected to grow significantly in the o-xylene catalytic oxidation segment. Phthalic anhydride derived from this process is crucial for producing plasticizers used in flexible PVC, coatings, and resins. The increasing demand for plasticizers in the automotive, construction, packaging, and textile industries drives the need for phthalic anhydride. Catalyst technology plays a crucial role in optimizing the oxidation process, improving efficiency, energy consumption, and environmental impact. Advancements in catalyst technology contribute to the growth of the o-xylene catalytic oxidation segment in the phthalic anhydride market.
APAC is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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During this forecast period, the overall market for phthalic anhydride is expected to increase at a healthy rate. The APAC region holds a dominant position in the global phthalic anhydride market, both in terms of production and consumption. APAC countries, particularly China and India, have witnessed rapid industrialization and urbanization in recent years. This has led to increased demand for phthalic anhydride in various sectors, including construction, automotive, consumer goods, and packaging. With the development of infrastructures and commercial and residential building projects, as well as investments in intelligent cities, the construction sector has enjoyed significant growth in the Asia Pacific region.
In 2020, COVID-19 affected the growth of several industries in the region, including the construction and automotive industries. However, in 2021, as the number of active COVID-19-infected cases declined, several markets, including the market in focus, gradually resumed business operations owing to the large-scale COVID-19 vaccination drives conducted by the governments and adherence to social distancing norms.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Phthalic Anhydride Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Specpoly- The company offers phthalic anhydride.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
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.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The phthalic anhydride market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Phthalic Anhydride Market Scope |
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Report Coverage |
Details |
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Page number |
178 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.79% |
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Market growth 2023-2027 |
USD 1,200.75 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
3.34 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 39% |
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Key countries |
US, Canada, China, India, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
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 dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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