Market Overview:

The Phthalic Anhydride Market size is estimated to reach $7.33 billion by 2030, growing at a CAGR of 4.6% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Phthalic Anhydride Market Size, Share & Trends Analysis Report- By Process Type (Lith O-Xylene Catalytic Oxidation and Naphthalene Catalytic Oxidation), By Application (Plasticizers, Unsaturated Polyester Resins (UPR), Alkyd Resins, Dyes and Pigments, Others), By End Use Industry (Construction, Automotive, Packaging, Electronics, Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”

Expansion of construction and infrastructure activities and the expansion of construction and infrastructure activities are fueling the growth of the Phthalic Anhydride industry during the forecast period.

North America Dominated the Market in 2023:

North America is the largest market for phthalic anhydride, holding a significant market share of 38% in 2023. This dominance is attributed to various factors, including a robust construction sector fueled by ongoing infrastructure development and residential projects. The demand for phthalic anhydride is particularly strong due to its extensive use in producing PVC, a crucial material in construction applications. Additionally, the automotive industry in North America significantly contributes to the market, as phthalic anhydride is used in plasticizers and coatings. The region's diverse industrial landscape further solidifies its position as a leading market for this chemical compound. 

Phthalic Anhydride Market: Key Takeaways

Expansion of Construction and Infrastructure Activities Drives Market Growth:

The construction and infrastructure sector drives the Phthalic Anhydride market, as it is a vital raw material for PVC production. PVC, widely used in construction for pipes, cables, profiles, and fittings, sees increasing demand due to rapid urbanization, population growth, and infrastructure development projects globally. The construction of residential and commercial buildings, as well as infrastructure projects like roads, bridges, and railways, further boosts PVC consumption, benefiting the Phthalic Anhydride market. Manufacturers and suppliers in the industry can capitalize on the robust demand for PVC, driven by expanding construction and infrastructure activities, presenting lucrative growth opportunities.

For More Queries About "Phthalic Anhydride Market " @https://www.industryarc.com/reports/request-quote?id=503041

Market Growth Driven by Expansion of Construction and Infrastructure Activities:

The Phthalic Anhydride market is shifting towards sustainable and eco-friendly products due to increasing environmental awareness and regulatory pressures. Manufacturers and consumers prioritize products with reduced environmental impact, fostering demand for bio-based, renewable, and non-toxic alternatives. Stringent regulations limiting phthalates further accelerate the adoption of green alternatives. Companies invest in research and development to innovate sustainable production processes and develop eco-friendly products that comply with regulations while meeting performance standards. Embracing sustainability addresses environmental concerns, enhances brand reputation, and drives the Phthalic Anhydride market towards a greener future. 

Scope of the Report: 

    Report Metric

                            Details

Base Year Considered

2023

Forecast Period

2024–2030

CAGR

4.6%

Market Size in 2030

$7.33 billion

Segments Covered

By Process Type, By Application, By End Use Industry, and By Region


Geographies Covered

North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and Rest of the World (Middle East, and Africa).



Key Market Players

  1. Honeywell International Inc.

  2. Siemens AG

  3. ABB Ltd.

  4.  Emerson Electric Co.

  5. KUKA AG

  6. Schneider Electric

  7. Mitsubishi Electric Corporation

  8. Endress+Hauser AG

  9. Yokogawa Electric Corporation

  10.  General Electric


Recent Developments:
  • LANXESS achieved significant development in the Phthalic Anhydride market in April 2023. They introduced a range of their phthalic anhydride products under the brand name Scopeblue. These products are certified to have a lower carbon footprint compared to their conventional counterparts. This achievement aligns with the growing demand for sustainable solutions in the chemical industry. 
  • In March 2024, IG Petrochemicals Limited is poised to commission a brownfield expansion project at their Taloja facility in India, projected to augment Phthalic Anhydride production capacity by 53,000 tonnes per year.

Phthalic Anhydride Market: Competitive Landscape

Key companies profiled in the Phthalic Anhydride Market are Honeywell International Inc., Siemens AG, ABB Ltd., Emerson Electric Co., KUKA AG, Schneider Electric, Mitsubishi Electric Corporation, Endress+Hauser AG, Yokogawa Electric Corporation, General Electric, and others.

About IndustryARC™:

IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets.  

IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format that assists an intelligent and informed decision-making process.

Contact Us:

Mr. Venkat Reddy

IndustryARC

Email: [email protected]

USA: (+1) 518-282-4727