Phthalic Anhydride Market to experience an impressive growth of 5.2% during 2020-2025
February 07, 2020
Phthalic anhydride market is likely to witness an impressive CAGR of 5.2% during the forecast period. The increasing demand for glass fiber-reinforced plastics in various industries is expected to stimulate the global phthalic anhydride market during the forecast period.
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Phthalic Anhydride Market Segment Insights:
By Derivates Type:
Based on the derivates type, the market is segmented as plasticizers, unsaturated polyester resins, and alkyd resins. Plasticizers are the significant application parts for phthalic anhydride, tracked by unsaturated polyester resins and alkyd resins. The growing demand for molding of PVC articles is stimulating its demand majorly in the Asia-Pacific and ROW regions. The increasing application of UPR in reinforced laminates and surface coatings is driving its demand and that for alkyd resins, is primarily propelled by the progress in demand for solvent-borne coatings. However, solvent-borne coatings are exceedingly being substituted by water-borne and powder coatings in their scope of application.
By Region:
In terms of regions, Asia-Pacific, South America, and the Middle East signify an increasing demand for PA, while in North America and Europe, the development for its demand is estimated to be relatively low. The prime reason is the toxic profile of phthalic anhydride which may reach into the environment by inhalation or leaching. While, noxiousness of phthalic anhydride is the chief reason for limitations on its use, it should be made obvious that not all phthalic anhydride-based products are detrimental or toxic at normal level.
Key Players:
Some of the major players in the phthalic anhydride market are Aekyung Petrochemical Co. Ltd., Asian Paints Ltd., BASF S.E., C-Chem Co. Ltd., Exxon Mobil Corporation, I.G. Petrochemicals Ltd., Koppers Inc., Mitsubishi Gas Chemicals Co. Ltd., Nan Ya Plastics Corp., and Polynt Spa.
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