Latest News- Phthalic Anhydride Market: Plasticizers is expected to lead the Application segment during 2024-2028

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 developed markets such as Canada, the US, and Germany, there is a growing demand for eco-friendly resins due to increasing environmental consciousness. The Leadership in Energy and Environmental Design (LEED) certification in the US is driving the adoption of low-impact construction methods and products, including green and sustainable resins. These resins not only reduce the carbon footprint of industries in developed regions but also in developing ones. Furthermore, the use of green resins helps mitigate the release of toxic gases from industries like automobile and chemical, thereby preserving the ecological balance. 

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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
    • China
    • India
  • North America
    • Canada
    • US
  • Europe
    • Germany
  • 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: 

• Growth of construction industry
• Multifunctional characteristics of uprs
• Rising demand of phthalic anhtdride in automotive sector

However, the market also witnesses some limitations, which are as follows:

• Health hazards due to exposure to phthalic anhydride
• Rising demand for bio-based chemicals
• Volatile raw material prices of phthalic anhydride

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Market Scope in Phthalic Anhydride Market Research Report

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Research Analysis Overview

The Phthalic Anhydride market plays a significant role in various industries, including the production of Polyvinyl Chloride (PVC) and synthetic resins. It is used in the manufacture of Alkyd resins and unsaturated polyester resins for paints and coatings, as well as in the production of electric vehicles and polyester polyols. In the agricultural industry, it is used in the production of plasticizer manufacture. Additionally, it is utilized in the creation of wood stains, maleic anhydride, and glyptic resins. Phthalic Anhydride also contributes to the production of Polyvinyl Chloride products, which are derived from Vinyl Chloride monomer. Xylene is another byproduct of Phthalic Anhydride production.

Market Research Overview

The global specialty chemicals industry encompasses businesses specializing in high-value-add chemicals used in the production of various products, such as fine chemicals, additives, advanced polymers, adhesives, sealants, specialty paints, pigments, and coatings. According to Technavio, market size is determined by the consolidated revenue of these businesses. Key growth drivers for this sector include the increasing demand for specialty adhesives and sealants. This trend is particularly evident in industries like PVC, Alkyd resins, Unsaturated polyester resins, Paints and coatings, and Electric vehicles, where these specialized chemicals play crucial roles in manufacturing processes.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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