The Phthalic Anhydride Market is being driven by Growth of construction industry
The Phthalic Anhydride Market is expected to grow at a CAGR of 3.59% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 908.5 million. In the global resins market, particularly in developed economies like Canada, the US, and Germany, there is a growing demand for eco-friendly and sustainable resin solutions, including phthalic anhydride. The Leadership in Energy and Environmental Design (LEED) initiative in the US is driving the adoption of low-impact construction methods and green materials, reducing the use of synthetic chemicals and promoting the development of alternative resins. Furthermore, the implementation of these eco-friendly practices extends beyond developed regions, gaining traction in developing countries as well. The shift towards green and sustainable resins not only reduces the environmental impact of industries such as automotive and chemicals but also contributes to maintaining the ecological balance of the atmosphere.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Application (Plasticizers, UPR, Alkyd resins, Others) Type (O-xylene catalytic oxidation, Naphthalene catalytic oxidation) Geography (APAC, North America, Europe, South America, Middle East and Africa).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Phthalic Anhydride Market Research Report
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Phthalic Anhydride is a crucial component in the production of various resins and plasticizers, including Glyptic resins and Polyester resins. It functions as a monomer in the synthesis of unsaturated polyester resins, which are widely used in the manufacturing of Polyvinyl Chloride (PVC) products, such as pipes, cables, and films. Phthalic Anhydride is also employed in the production of plasticizers, particularly for PVC, to enhance their flexibility. In the agricultural industry, Phthalic Anhydride is used as an intermediate in the production of certain herbicides and fungicides. Anhydrides, including Phthalic Anhydride, are also used in the production of diacids, polyhydric alcohols, and other chemicals. Despite its extensive applications, Phthalic Anhydride has raised concerns regarding its toxicity. Exposure to Phthalic Anhydride can lead to respiratory issues and skin irritation. Therefore, safety measures must be implemented during its production and handling. Phthalic Anhydride is also used in the production of wood stains and other coatings, including paints and coatings for electric vehicles. These applications contribute significantly to the overall demand for Phthalic Anhydride in various industries.
The Phthalic Anhydride market is a segment of the specialty chemicals industry, focusing on high-value-added chemicals used in the production of various products. This market's size is determined by the consolidated revenue generated by manufacturers specializing in phthalic anhydride production. Factors fueling market expansion include the increasing demand for specialized adhesives and sealants, which are key applications for phthalic anhydride.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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