The Asia-Pacific region is the largest market for phthalic anhydride and for its applications such as in plasticizers, alkyd resins, and unsaturated polyester resins.
The global phthalic anhydride market is estimated to grow at a slow and stable rate due to its growing demand in end-user applications and restraints from the regulatory authorities. In regions such as Europe and North America, there is a growing need of formulation that reduces the leaching of phthalic anhydride into the atmosphere or causes less harm to its users. Therefore, all major companies that have their operation base in these regions are looking for alternatives.
The Asia-Pacific region is the largest market for phthalic anhydride and for its applications such as in plasticizers, alkyd resins, and unsaturated polyester resins. This region has emerged to be the driving factor for the market, contributing more than 60% of the global demand in 2012. Europe, which is estimated to have the second largest demand for phthalic anhydride, is projected to grow at the lowest CAGR during the forecasted period. Apart from tight regulations, some of the regional manufacturers are closing down or switching their raw materials’ base citing declining profit margins as one of the reason.
Most of the phthalic anhydride manufacturers are evaluating the market in order to increase their business worldwide. Apart from capacity expansion for the phthalic anhydride derivatives, most of the key companies operating in this market, such as Shandong Hongxin (China), Nan-Ya Plastics (Taiwan), ExxonMobil Chemical (U.S.), and Koppers Industries (U.S.) are operating their business without many efforts towards its development. However, an Indian manufacturer IG Petrochemical announced to increase its capacity by citing country’s low per capita consumption of plastics. Similarly, BASF (Germany) signed a contract with China Petroleum & Chemical Corporation to build a plant for plasticizer alcohol used in the production of phthalate as well as phthalate-free plasticizer.
Related Reports:
Phthalic Anhydride and Derivatives (Plasticizers, Unsaturated Polyester Resins, and Alkyd Resins) Market by Application & Geography - Trends & Forecast to 2018
https://www.marketsandmarkets.com/Market-Reports/phthalic-anhydride-derivatives-market-179828823.html
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