Global Phthalic Anhydride Market Size, Share, Trends, Growth and Forecasts 2030

What is Global Phthalic Anhydride Market Size?

According to the report published by Zion Market Research, the global Phthalic Anhydride Market size was valued at USD 10.20 Billion in 2023 and is predicted to reach USD 16.26 Billion by the end of 2032. The market is expected to grow with a CAGR of 6% during the forecast period. The report analyzes the global Phthalic Anhydride Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Phthalic Anhydride Market industry.

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Global Phthalic Anhydride Market: Growth Factors

The spike in demand from paints & coatings, buildings & construction, automotive, marine, electrical & electronics, and agricultural industries is driving the global phthalic anhydride market. Plasticizers are commonly made from phthalic anhydride. PVC producers employ around 90.0 percent of plasticizers to change the properties of their PVC products to meet the needs of the end customer. Physical features of polyvinyl chloride (PVC) include dimensional stability and strong strength at a low loss. Accelerated industrialization and modernization in developing countries such as India and China has resulted in a spike in demand for new dwellings in both rural and urban regions to accommodate the rising population.

As a result, the building and construction sector has experienced tremendous growth in recent years, resulting in an increase in demand for and production of PVC goods in these nations. Furthermore, rising demand for PVC in the automotive sector for dashboards and vehicle body parts such as car doors, wrapping electrical wires, and instrument panels is likely to boost phthalic anhydride demand throughout the projection period. Alkyd resins based on phthalic anhydride are also commonly employed in the manufacturing of solvent-based paints. The need for paints and coatings in architectural, equipment, furniture, and fixture applications has increased dramatically as a result of growing industrialization in developing nations such as India, China, and Brazil. All these factors are likely to drive the growth of the global phthalic anhydride market during the coming period.

The impact of COVID-19 pandemic on the global phthalic anhydride market was moderate to low. The slow growth of the market during the pandemic period was attributed to low demand from end-use industries.

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Global Phthalic Anhydride Market: Segmentation

The global market for phthalic anhydride is categorized based on application, process, end-use, and region.

Based on the process, the segment is categorized into naphthalene catalytic oxidation and o-xylene catalytic oxidation.

The application segment of the market is segregated into alkyd resins, unsaturated polyester resins, plasticizers, and others.

The end-use industries are split into paints & coatings, automotive, electrical & electronics, marine, building & construction, agriculture, and others.

Phthalic Anhydride Market: Report Scope

Global Phthalic Anhydride Market: Regional Analysis

Asia Pacific is expected to lead the global market for phthalic anhydride during the forecast period. Increased government expenditure on infrastructure development and increasing industrialization in countries like India and China are driving the requirement for phthalic anhydride in the region. Also, the demand for phthalic anhydride in various industrial industries, such as automotive, building & construction, paints & coatings, marine, electrical & electronics, and agriculture, is driving the Asia Pacific phthalic anhydride market.

Phthalic anhydride is used as a raw material for the production of end products. Furthermore, the area's expanding construction sector is predicted to drive up demand for PVC goods, which is expected to drive up demand for phthalic anhydride from PVC product makers, propelling the phthalic anhydride market in the Asia Pacific region. Furthermore, the region dominates the global vehicle production industry. Governments in many nations in the region, such as China and India, are encouraging citizens to utilize electric vehicles in order to reduce carbon emissions and reliance on fossil fuels.

Global Phthalic Anhydride Market: Competitive Players

The key companies in the global phthalic anhydride market include:

• ExxonMobil Chemical
• BASF
• Shandong Hongxin
• Aekyung Petrochemical
• Nan-Ya Plastics
• Polynt SPA
• IG Petrochemicals
• Koppers Industries.

The Global Phthalic Anhydride Market is segmented as follows:

By Application 

• Alkyd Resins
• Unsaturated Polyester Resins
• Plasticizers
• And Others

By Process 

• Naphthalene Catalytic Oxidation
• O-Xylene Catalytic Oxidation

By End-Use 

• Paints & Coatings
• Automotive
• Electrical & Electronics
• Marine
• Building & Construction
• Agriculture
• And Others

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.