The global Phthalic Anhydride Market is expected to reach USD 10,387.5 million by 2020, according to a new study by Grand View Research, Inc. Increasing demand for phthalate plasticizers due to rise in consumption of polyvinyl chloride coupled with growing demand for unsaturated polyester resins is expected to drive the market growth for phthalic anhydride. In addition, growing demand for polyvinyl chloride in the Asia Pacific automobile industry, particularly China and India, is also expected to impact phthalic anhydride demand positively. Applications in coating and paints industry are expected to serve as key market opportunity in the near future.
Phthalate plasticizers were the largest application segment, accounting for 2,584.7 kilo tons of total demand in 2013 that is expected to reach 3,280.9 kilo tons in 2020, growing at a CAGR of 3.5% from 2014 to 2020. Increasing demand of phthalate plasticizers in automobiles and construction industry is expected to augment demand growth for phthalic anhydride over the forecast period. Unsaturated polyester resins were the second largest application segment with market share of 18.17% and global demand for 832.9 kilo tons in 2013. The market is expected to witness lucrative growth due to its rising demand in surface coating and manufacturing reinforced laminates.
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Further key findings from the study suggest:
- Global phthalic anhydride demand was 4,584.0 kilo tons in 2013 and is expected to reach 5,900.1 kilo tons by 2020, growing at a CAGR of 3.7% from 2014 to 2020.
- Asia Pacific was the leading regional market for phthalic anhydride accounting for over 51% of global market revenue, valued at USD 3.58 billion in 2013. The market is expected to show extensive growth owing to rapid development in transportation and construction sectors, at an estimated CAGR of 6.2% from 2014 to 2020.
- Europe and Latin America are expected to witness demand growth in phthalic anhydride, at an estimated CAGR of 2.5% and 4.1% from 2014 to 2020, respectively.
- In 2013, alkyd resins accounted for the third largest application segment with demand of 691.8 kilo tons and revenue of USD 1.1 billion in 2013. The market is expected to be the most attractive due to rising demand for protective coatings in the paint industry.
- The global phthalic anhydride market is highly fragmented with top five companies accounting for less than 30% of the market in 2013. Key participants include UPC Technology Corp., Aekyung Petrochemicals, BASF SE, ExxonMobil Chemical and Polynt SpA.
For the purpose of this study, Grand View Research has segmented the global phthalic anhydride market on the basis of application and region:
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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