The global phthalic anhydride market is expected to reach USD 9.61 billion by 2020, according to a new report by Grand View Research, Inc. Growing demand for unsaturated polyester resins (UPR) on account of rising importance of reinforced plastics is expected to fuel its demand over the forecast period.
Rising popularity of lightweight automotive parts in vehicles to improve fuel economy is expected to promote industry growth for UPR. This is expected to drive phthalic anhydride demand over the forecast period.
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Other key findings from the study suggest:
Regulatory inclination towards restricting consumption and production of phthalate plasticizers is expected to be a restraining factor for market growth in the near future. Introduction and implementation of REACH regulations by the European Commission for storing, handling, using and disposing chemicals and resins is expected to limit market growth in the near future.
Increasing infrastructure expenditure has resulted in high penetration of the product in plasticizer applications over the past few years. However, stringent regulatory framework for phthalates owing to its toxic nature is expected to result in low growth over the forecast period.
Phthalate plasticizers including PVC were the largest application segment accounting for over 2,500.0 kilo tons in 2013. Rising construction spending in emerging economies including China and India owing to favorable government support to improve domestic infrastructure is expected to increase the importance of PVC. As a result, growing demand for PVC is expected to augment phthalic anhydride market over the next six years.
Alkyd resins are expected to witness significant gain in terms of revenue and the segment is expected to grow at a CAGR of 5.1% from 2014 to 2020. Gaining importance of coatings & paints for improving corrosion and thermal resistance in automotive and construction industries are expected to promote need for alkyd resins.
Asia Pacific dominated the global phthalic anhydride market and is expected to witness the fastest growth expanding at a CAGR of 3.3% from 2014 to 2020. Growth of construction, automotive and electronics industries in China and India along with raw material availability is anticipated to promote the production of UPR and plasticizers. As a result, phthalic anhydride demand is expected to increase tremendously for the production of aforementioned products.
Global phthalic anhydride industry is fragmented in nature, on account of presence of numerous manufacturing companies. Key participants include UPC Technology Corp., Aekyung Petrochemicals, BASF SE, ExxonMobil Chemical and Polynt SpA.