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
— Market Overview:
The global phthalic anhydride market, as per a report by Market Research Future (MRFR) is touted to register a healthy CAGR during the forecast period (2017-2023).
Phthalic anhydride is an organic compound, which is white and appears in molten form or lustrous crystalline flakes and possesses a pungent odor. The compound is extensively used in the production of plasticizers, which results in the making of PVC. It is produced by oxidation of naphthalene in concentrated sulfuric acid in the presence of mercury sulfate. The compound is soluble in benzene, alcohol, hot water, carbon disulfide, and is slightly soluble in ether and water.
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The mounting demand for PVC from the automotive and construction industries is likely to trigger the demand for plasticizers and ensure a stable source of revenue for the phthalic anhydride market. The surging application of UPR in surface coatings and reinforced laminates will propel the market growth in the automotive, construction, and electrical & electronics industry. Phthalic anhydride is extensively used to produce flame retardants which find huge application in foams of furniture, electronics products, and car seats. This is predicted to encourage the market growth in the home furnishing, automotive, and electrical & electronics industry. Surging demand for dyes and pigments from the plastics and paints & coating industry will create new growth opportunities for the market. Moreover, the surging demand for polyester polyols used in the manufacturing of polyurethanes is likely to offer growth opportunities in the foreseeable future.
Despite such advantages, phthalic anhydride possesses some characteristics which will impede the market growth in the coming years. The short-term exposure to phthalic anhydride can result in irritation to the eyes, skin, and respiratory tract. Meanwhile, long-term exposure can lead to rhinitis, conjunctivitis, irritation of the skin and mucous membranes of the respiratory tract, bronchitis, and even cancer in extreme cases. This is likely to slow down the market growth in the long run.
The Phthalic Anhydride Market has been segmented on the basis of application and end use industry.
By application, the market is segmented into unsaturated polyester resins, plasticizers, flame retardant, alkyd resins, dyes & pigments, and others. Of these, the plasticizers segment acquired the lion’s share in 2017 and is likely to expand with the booming PVC market. Plasticizers find application in curing of coatings, fixing the moldability of PVC, and surface protection. This is further anticipated to encourage the market demand in the segment.
The end use industry comprises automotive, construction, electrical & electronics, and others. Of these, the construction industry has better scope for the phthalic anhydride market owing to a varied application of UPR, PVC, and alkyd resin to manufacture several products.
NAN YA PLASTICS CORPORATION
I G Petrochemicals Limited
AEKYUNG PETROCHEMICAL Co., Ltd
Mitsubishi Gas Chemicals Co. Inc.
Geographically, the phthalic anhydride market spans across North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Considering the global scenario, the Asia Pacific is likely to command the fastest and largest share in the global market, mainly due to the recent boom in the automotive, construction, and electrical & electronics industry. Strong supply and rising inventory management of PA among the producers have generated downward pressure on the raw material prices.
Europe is likely to experience strong demand from the microelectronics and automotive industries. The region is likely to expand at a steady pace, in terms of revenue as well as volume. The region may expect slow growth in the coming years due to the slow recovery of manufacturing industries from the effects of economic turndown. Meanwhile, North America will register a steady demand for phthalic anhydride from the construction and renovation industry.
However, strict environmental mandates in North America and Europe are likely to restrict the market growth owing to the toxicity of phthalic anhydride.
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