Phthalic Anhydride Market Analysis Report and Emerging Progress Challenges 2020 to 2025
Phthalic anhydride is a significant organic compound in the chemical industry, whose molecular formula is C6H4 (CO) 2O. It is present in white crystalline solid form and has a pungent choking smell. It is a commercial form of phthalic acid. The compound is soluble in carbon disulfide alcohol, benzene, hot water, and is slightly soluble in water.
This report analyzes and forecasts the phthalic anhydride market at the global and regional level. The market has been forecast based on volume (kilo tons) and revenue (USD Bn) from 2019 to 2025, considering 2018 as the base year. The global phthalic anhydride market size is expected to reach USD 13.26 billion by 2025. The global report also includes company profiles, financial revenues, mergers & acquisitions and investments.
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Extensive derivatives of phthalic anhydride derivatives such as unsaturated polyester resins, dyes & pigments, alkyd resins, detergents, insecticide, herbicide and rubber scorch inhibitor are expected to drive the global phthalic anhydride market in the coming years.
Major factors such as increasing demand from various end industries including construction, original equipment manufacturers and automobile are driving the market further. Moreover, phthalic anhydride is majorly used for the production of plasticizers, unsaturated polyester resins (UPRs), and alkyd resins. These derivatives are further used for the production of wire & cable applications, roofing membrane, coated fabrics, swimming pool liners and many others.
Phthalate plasticizers dominated the global phthalic anhydride market volume share by occupying 56.1% in the year 2017. This segment is expected to maintain its dominance over the forecast period due to increasing demand from China and India where the consumption of plastic is huge and is growing at a significant rate in the coming years. The other derivatives of phthalic anhydride include detergents, dyes and pigments, fire retardants, herbicides and insecticides, polyester resin cross-linking agents and saccharin.
Phthalic anhydride is a solid crystal in white color with irritating odor. It explodes when heated with sodium nitrate and copper oxide and reacts with oxidants. It is derived by a process known as catalytic oxidation of naphthalene or ortho–xylene. Moreover, phthalic anhydride is a precursor which reacts with other substances that are useful in organic synthesis.
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The global phthalic anhydride market is fragmented as of 2017. There are many big players including BASF, I G Petrochemicals Ltd. and ExxonMobil Chemical Holland B.V. with the global and domestic presence. Additionally, there are well established players in domestic markets including China and India such as Shijiazhuang Bailong Chemical Co. Ltd. and Thirumalai Chemicals Ltd respectively. These players are giving a tough competition to global companies by investing more and opening new facilities and increase the production capacity. For instance, in September 2017, Thirumalai Chemicals announced to open a new production facility for phthalic anhydride with a capacity of around 60,000 tons per year.
The top players in the global phthalic anhydride market are AEKYUNG PETROCHEMICAL Co., Ltd, BASF, I G Petrochemicals Ltd., UPC Technology Corp., Thirumalai Chemicals Ltd., ExxonMobil Chemical Holland B.V., Polynt SpA, Ostend Basic Chemicals NV, Stepan, and Koppers Inc.
Key segments of the global phthalic anhydride market
Derivatives Overview, 2015-2025 (USD million) (Kilo tons)
- Phthalate Plasticizers
- Unsaturated Polyester Resins (UPRs)
- Alkyd Resins
Regional Overview, 2015-2025 (USD million) (Kilo tons)
- North America
- United Kingdom
- Asia Pacific
- Rest of the World
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