Pune, India, Feb. 24, 2021 (GLOBE NEWSWIRE) — Phthalic Anhydride Market Overview:
According to Market Research Future (MRFR), the Phthalic Anhydride Market is anticipated to progress at a 4.2% CAGR while acquiring the value of USD 7,213.7 Million by 2025. Phthalic anhydride is an essential chemical medium in the plastics industry from which are obtained numerous phthalate esters that work as plasticizers in synthetic resins. Phthalic anhydride is consumed as a monomer for synthetic resins such as the alkyd resins, glyptal, and the polyester resins. The use of phthalic anhydride has been documented in marine, construction, and transportation markets as well. The occurrence of COVID-19 had brought an off-putting impact on the phthalic anhydride industry due to the imposition of lockdown in several regions. Numerous end-use sectors were briefly shut down to stop the virus’s coverage, which impacted the phthalic anhydride market. The increasing need for goods that comprise phthalic anhydride in multiple end-use industries, such as medical devices, paints & coatings, home appliances, and furniture, is an important factor in developing the global market in the forecast period. Additionally, the increasing usage of phthalic anhydride in the plastic industry is anticipated to be another significant reason to direct the exchange in the future. Furthermore, the expanding demand for non-phthalates in the PVC compound production is projected to delay the phthalic anhydride market development in the coming period.
Market Growth Outlook:
The APAC region is projected to experience healthy development throughout the evaluation period due to ample raw materials availability. Furthermore, import estimates of northeast Asia-origin phthalic anhydride (PA) to India have risen more than 60% between September and November, as Korean manufacturers struggled to handover sharp upsurges in container freight expenses. The Asia Pacific market’s expansion is motivated by the speedy development and industrialization in the developing economies. On the other hand, the phthalic anhydride product’s flourishing demand from many end-user industries will lead to the European region’s phthalic anhydride market to control the second major market stake in the forthcoming period.
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The North American market for phthalic anhydride is expected to show significant development in the future due to the construction sector’s notable contribution. The growing demand for UPR and phthalate plasticizers for the production of PVC and FRP is likely to be another salient cause that is likely to develop the regional industry. The importance in day-to-day production activities of phthalic anhydride is essential for a range of products. Several countries are engaged in cut-throat trading of this chemical. Recently, US-run rates for phthalic anhydride (PA) were projected to linger at roughly 90%, leaving little room for other manufacture. The imports from Mexico are also well positioned to meet increased demand in 2021. The US use of plasticizers and unsaturated polyester resins (UPR) is expected to rise in 2021, leading to US buyers’ recently observing aggressive offers from Mexican manufacturers. The producers are also creating provisions to ship molten PA via rail, whereas most imported material is in flake form for simpler logistics.
Based on the application, the plasticizers segment is projected to acquire the largest market share during the review period. Based on the derivative, the phthalate esters segment is expected to dominate the market during the evaluation tenure due to its growing usage as plasticizers in PVC production. Based on the end-use industry, the building & construction segment is anticipated to dominate the market while thriving at a CAGR of 4.6% during the evaluation tenure. However, in specific regional markets, adverse conditions are decelerating market development. LG Chem Ltd. is considering shutting down its production line in the country’s southeastern tip due to industry, oversupply, and company sources. Phthalic anhydride is consumed in the production of polyesters. It is speculated that LG Chem’s plan stemmed from the excess of the organic compound produced by Chinese rivals, consuming its profits, and toxic gas seepage in its Indian plant.
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The noteworthy contenders profiled in Phthalic Anhydride Market Report are:
- BASF SE (Germany)
- AEKYUNG PETROCHEMICAL Co., Ltd (South Korea)
- Koppers Inc. (US)
- C-Chem Co. Ltd (Japan)
- NAN YA PLASTICS CORPORATION (Taiwan)
- IG Petrochemicals Ltd (India)
- Exxon Mobil Corporation (US)
- SHANDONG HONGXIN CHEMICAL CO. LTD (China)
- Mitsubishi Gas Chemical Company, Inc. (Japan)
- Thirumalai Chemicals Ltd (India)
The contenders in the global market are taking drastic steps to keep up with the market demand while ensuring enhancement in product quality. The import and export of phthalic anhydride are intensely regulated in several countries such as India, where dumping of other countries’ commodities and the country’s export are strictly regulated and monitored to ensure proper development in the national market. Several production industries based in the region are also modifying the development of the phthalic anhydride companies.
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The chemical manufacturing company IG Petrochemicals announced that they had started commercial manufacture in its brownfield production facility in Maharashtra. According to the regulatory filing, the company has begun production in the brownfield manufacturing facility (PA–4 Plant) situated at Taloja Industrial Area, Maharashtra. The facility has a capacity of 53,000 MT of Phthalic Anhydride. The company has also permitted the Greenfield Expansion of Phthalic Anhydride & its Derivatives up to 80,000 MTPA in the Indian state of Gujarat. The capacity will be added in roughly three years at the price of Rs 600 crore. The development will be financed through a mixture of internal accumulations and borrowings. The company expects the demand for Phthalic Anhydride in the national market to increase due to the government’s focus on infrastructure expenditure and demand growth in downstream goods like plasticizers, paints, and polyvinyl chloride.
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