Phthalic Anhydride Market Size (2024 - 2029)

The phthalic anhydride market is anticipated to experience growth over the forecast period, driven by increasing construction activities in the Asia-Pacific region. Despite challenges posed by the toxicity of phthalates and the emergence of bio-based alternatives, the market's expansion is supported by opportunities in the use of glass fiber-reinforced polymers and the capacity expansion of phthalic anhydride derivatives. The market's recovery from the disruptions caused by the COVID-19 pandemic has set a positive trajectory for its future development.

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Market Size of Phthalic Anhydride Industry

Phthalic Anhydride Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR (2024 - 2029) 2.46 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Low

Major Players

Phthalic Anhydride Market, Volume (%), by Application, Global, 2021

*Disclaimer: Major Players sorted in no particular order

Phthalic Anhydride Market Analysis

The Phthalic Anhydride Market size is estimated at 4.39 Million tons in 2024, and is expected to reach 4.95 Million tons by 2029, growing at a CAGR of 2.46% during the forecast period (2024-2029).

Due to the COVID-19 outbreak, nationwide lockdown around the globe, disruption in manufacturing activities and supply chains, and production halts negatively impacted the market in 2020. However, the conditions started recovering in 2021, restoring the market's growth trajectory during the forecast period.

  • In the medium term, the increasing construction activities in Asia-Pacific are likely to stimulate the phthalic anhydride market in the forecast period.
  • On the other hand, the harmful effects of phthalates due to their toxicity and the development of bio-based alternatives to phthalic anhydride are likely to hinder the market growth.
  • Increasing use of glass fiber-reinforced polymers and capacity expansion for phthalic anhydride derivatives are projected to act as an opportunity for the market in the future.

Phthalic Anhydride Industry Segmentation

The phthalic anhydride market is segmented by application, end-user industry, and geography. By application, the market is segmented into plasticizers, alkyd resins, unsaturated polyester resins, and other applications. By end-user industry, the market is segmented into automotive, electrical and electronics, paints and coatings, plastics, and other end-user industries. The report also covers the market size and forecasts for the phthalic anhydride market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on volume (kilo tons).

Application
Plasticizers
Alkyd Resins
Unsaturated Polyester Resins
Other Applications (fire retardant, insecticides)
End-user Industry
Automotive
Electrical and Electronics
Paints and Coatings
Plastics
Other End-user Industries (chemical, agriculture)
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Phthalic Anhydride Market Size Summary

The phthalic anhydride market is poised for moderate growth over the forecast period, driven by increasing construction activities in the Asia-Pacific region. This growth trajectory is a recovery from the disruptions caused by the COVID-19 pandemic, which had a significant negative impact on manufacturing and supply chains. The market is expected to benefit from the rising demand for glass fiber-reinforced polymers and the expansion of capacity for phthalic anhydride derivatives. However, the market faces challenges due to the toxic effects of phthalates and the emergence of bio-based alternatives, which could potentially hinder growth. Alkyd resins, a significant application of phthalic anhydride, continue to be in demand, particularly in the paints and coatings industry, which is experiencing growth in developing economies.

In the Asia-Pacific region, China and India are the largest consumers of phthalic anhydride, with increasing demand anticipated due to lower production costs and expanding manufacturing capacities. South Korea stands out as a major exporter, while India and China are significant importers. The region's robust automotive manufacturing sector further fuels the demand for phthalic anhydride. The market is characterized by fragmentation, with numerous global and local players such as I G Petrochemicals Limited, LANXESS, Aekyung Chemical Co. Ltd, ExxonMobil Corporation, and BASF SE actively participating. Recent expansions and investments by key players indicate a strategic focus on increasing production capacities to meet the growing demand.

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Phthalic Anhydride Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Construction Activities in Asia-Pacific

      2. 1.1.2 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 Harmful Effects of Phthalates Due to Its Toxicity

      2. 1.2.2 Development of Bio-based Alternatives for Phthalic Anhydride

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

    5. 1.5 Technological Snapshot

    6. 1.6 Import and Export Trends

    7. 1.7 Price Trends

  2. 2. MARKET SEGMENTATION

    1. 2.1 Application

      1. 2.1.1 Plasticizers

      2. 2.1.2 Alkyd Resins

      3. 2.1.3 Unsaturated Polyester Resins

      4. 2.1.4 Other Applications (fire retardant, insecticides)

    2. 2.2 End-user Industry

      1. 2.2.1 Automotive

      2. 2.2.2 Electrical and Electronics

      3. 2.2.3 Paints and Coatings

      4. 2.2.4 Plastics

      5. 2.2.5 Other End-user Industries (chemical, agriculture)

    3. 2.3 Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 Italy

        4. 2.3.3.4 France

        5. 2.3.3.5 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Rest of South America

      5. 2.3.5 Middle-East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 South Africa

        3. 2.3.5.3 Rest of Middle-East and Africa

Phthalic Anhydride Market Size FAQs

The Phthalic Anhydride Market size is expected to reach 4.39 million tons in 2024 and grow at a CAGR of 2.46% to reach 4.95 million tons by 2029.

In 2024, the Phthalic Anhydride Market size is expected to reach 4.39 million tons.

Phthalic Anhydride Market Report Snapshots

Phthalic Anhydride Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)