The Global Phthalic Anhydride Market size is expected to reach $5.3 billion by 2030, rising at a market growth of 4.0% CAGR during the forecast period. In the year 2022, the market attained a volume of 2,907.7 Kilo Tonnes, experiencing a growth of 3.2% (2019-2022).
It is widely used in producing polyvinyl chloride (PVC). Therefore, thee building & construction segment captured $1,331.2 million revenue in the market in 2022. Polyvinyl chloride's extensive properties-including low cost, high strength, and dimensional stability-are increasing the demand for PVC in the building and construction industries for applications such as flooring, wiring, and piping. The global building and construction sector is experiencing substantial and profitable growth. A high demand for PVC will result from government-initiated housing initiatives, such as "Housing for All" for impoverished individuals residing in urban and rural regions and the "Smart City Project" to equip smart homes with contemporary amenities. Consequently, expanding the building and construction industry is expected to drive demand for polyvinyl chloride, thereby contributing to the projected growth of the market over the specified time frame.
Improvements in catalyst technology can enhance the selectivity and efficiency of its production. Catalysts play a crucial role in the oxidation of o-xylene to produce phthalic anhydride, and advancements in catalyst design can lead to higher yields and reduced byproduct formation. Technological advancements that enhance the energy efficiency of its production processes can reduce overall production costs and environmental impact. This may involve optimized reaction conditions, heat recovery systems, or advanced process control technologies. Adopting green chemistry principles, such as minimizing hazardous substances, reducing waste generation, and designing more sustainable processes, can make its production more environmentally friendly. Additionally, it is a major component in the production of plasticizers, particularly dioctyl phthalate (DOP) and diethylhexyl phthalate (DEHP). These plasticizers impart flexibility and durability to polyvinyl chloride (PVC), which is widely utilized in the production of consumer goods. Consumer goods such as toys, footwear, upholstery, and clothing often contain flexible PVC materials, and the demand for these products contributes to the need for phthalic anhydride in the manufacturing process. This produces household items such as shower curtains, flooring materials, and furniture upholstery. As consumer goods manufacturing expands, the demand for these items increases, further driving its demand. Due to the above-mentioned aspects, the market is expected to grow significantly.
However, o-xylene is a primary raw material used in the production of phthalic anhydride. Volatility in the prices of o-xylene directly influences the production costs of these. Sudden increases in raw material prices can lead to higher production costs for manufacturers. When raw material prices experience rapid and unpredictable changes, manufacturers may find it challenging to adjust product prices accordingly. This can pressure profit margins, especially if the expanded costs cannot be passed on to customers through higher product prices. Volatility in raw material prices introduces uncertainty into the production planning and budgeting processes for these manufacturers. This delay can make it difficult for companies to plan for future investments and expansions. Volatility in raw material prices can influence investment decisions. Due to unpredictable raw material costs, companies may hesitate to invest in capacity expansions or new projects when the economic feasibility is uncertain. As a result, the above aspects will cause the market growth to decline.
By Process Analysis
On the basis of process, the market is segmented into o-xylene catalytic oxidation and naphthalene catalytic oxidation. In 2022, the o-xylene catalytic oxidation segment dominated the market with the maximum revenue share. The primary purpose of o-xylene catalytic oxidation is the production of phthalic anhydride. It is a key intermediate in synthesizing plasticizers, resins, dyes, and other chemical products. The anhydride produced from this process is critical in producing unsaturated polyester resins. These resins are widely used in manufacturing coatings, adhesives, and reinforced plastics. This is a precursor to various phthalocyanine dyes and pigments.
By Application Analysis
Based on application, the market is fragmented into plasticizers, alkyd resins, unsaturated polyester resins, and others. The alkyd resins segment garnered a significant revenue share in the market in 2022. This reacts with polyols, typically glycerol or pentaerythritol, to form a polyester backbone. The reaction involves the opening of the anhydride ring and the esterification of the resulting carboxylic acid groups with hydroxyl groups from the polyol. Crosslinking unsaturated sites within the alkyd resin enhances its durability, hardness, and chemical resistance. The cured resin forms a tough film on the substrate, providing protective and decorative properties to coatings. This allows for control over the ratio of monomers in the alkyd resin, influencing its solubility and viscosity.
By End-Use Analysis
By end-use, the market is classified into paints & coatings, automotive, electrical & electronics, building & construction, agriculture, marine, and others. The agriculture segment covered a considerable revenue share in the market in 2022. Polyester resins derived from these, particularly those reinforced with fiberglass, can be used to construct tanks for storing agricultural chemicals. These materials' corrosion resistance and durability make them suitable for such applications. Plasticizers from these produce flexible PVC films, like dioctyl phthalate (DOP) or diethylhexyl phthalate (DEHP). These films can be employed in agricultural applications such as greenhouse films, mulch films, and tunnel covers.
By Regional Analysis
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region witnessed the largest revenue share in the market. As a raw material for the production of end products, this is utilized in numerous end-user industries, including electrical & electronics, building & construction, automotive, paints & coatings, marine, and agriculture. This demand drives the Asia-Pacific market. Furthermore, the expanding construction sector throughout the area is anticipated to generate substantial demand for PVC products, which in turn is anticipated to increase the need for these from manufacturers of PVC products.
List of Key Companies Profiled
- Thirumalai Chemicals Ltd.
- Mitsubishi Gas Chemical Company, Inc.
- Asian Paints Limited
- POLYNT SPA
- BASF SE
- Exxon Mobil Corporation
- KOPPERS HOLDINGS INC.
- UPC Technology Corporation (MiTAC-SYNNEX GROUP)
- Nan Ya Plastics Corp. (NPC)
- Stepan Company
Global Phthalic Anhydride Market Report Segmentation
By Process
- O-Xylene Catalytic Oxidation
- Naphthalene Catalytic Oxidation
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
- Plasticizers
- Alkyd Resins
- Unsaturated Polyester Resins
- Others
By End-Use (Volume, Kilo Tonnes, USD Billion, 2019-2030)
- Building & Construction
- Paints & Coatings
- Automotive
- Electrical & Electronics
- Agriculture
- Marine
- Others
By Geography (Volume, Kilo Tonnes, USD Billion, 2019-2030)
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
- 1.1 Market Definition
- 1.2 Objectives
- 1.3 Market Scope
- 1.4 Segmentation
- 1.4.1 Global Phthalic Anhydride Market, by Process
- 1.4.2 Global Phthalic Anhydride Market, by Application
- 1.4.3 Global Phthalic Anhydride Market, by End-Use
- 1.4.4 Global Phthalic Anhydride Market, by Geography
- 1.5 Methodology for the research
Chapter 2. Market at a Glance
Chapter 3. Market Overview
- 3.1 Introduction
- 3.1.1 Overview
- 3.1.1.1 Market Composition and Scenario
- 3.2 Key Factors Impacting the Market
- 3.2.1 Market Drivers
- 3.2.2 Market Opportunities
- 3.2.3 Market Restraints
- 3.2.4 Market Challenges
- 3.3 Porter's Five Forces Analysis
Chapter 4. Global Phthalic Anhydride Market by Process
- 4.1 Global O-Xylene Catalytic Oxidation Market by Region
- 4.2 Global Naphthalene Catalytic Oxidation Market by Region
Chapter 5. Global Phthalic Anhydride Market by Application
- 5.1 Global Plasticizers Market by Region
- 5.2 Global Alkyd Resins Market by Region
- 5.3 Global Unsaturated Polyester Resins Market by Region
- 5.4 Global Others Market by Region
Chapter 6. Global Phthalic Anhydride Market by End-Use
- 6.1 Global Building & Construction Market by Region
- 6.2 Global Paints & Coatings Market by Region
- 6.3 Global Automotive Market by Region
- 6.4 Global Electrical & Electronics Market by Region
- 6.5 Global Agriculture Market by Region
- 6.6 Global Marine Market by Region
- 6.7 Global Others Market by Region
Chapter 7. Global Phthalic Anhydride Market by Region
- 7.1 North America Phthalic Anhydride Market
- 7.1.1 North America Phthalic Anhydride Market by Process
- 7.1.1.1 North America O-Xylene Catalytic Oxidation Market by Region
- 7.1.1.2 North America Naphthalene Catalytic Oxidation Market by Region
- 7.1.2 North America Phthalic Anhydride Market by Application
- 7.1.2.1 North America Plasticizers Market by Country
- 7.1.2.2 North America Alkyd Resins Market by Country
- 7.1.2.3 North America Unsaturated Polyester Resins Market by Country
- 7.1.2.4 North America Others Market by Country
- 7.1.3 North America Phthalic Anhydride Market by End-Use
- 7.1.3.1 North America Building & Construction Market by Country
- 7.1.3.2 North America Paints & Coatings Market by Country
- 7.1.3.3 North America Automotive Market by Country
- 7.1.3.4 North America Electrical & Electronics Market by Country
- 7.1.3.5 North America Agriculture Market by Country
- 7.1.3.6 North America Marine Market by Country
- 7.1.3.7 North America Others Market by Country
- 7.1.4 North America Phthalic Anhydride Market by Country
- 7.1.4.1 US Phthalic Anhydride Market
- 7.1.4.1.1 US Phthalic Anhydride Market by Process
- 7.1.4.1.2 US Phthalic Anhydride Market by Application
- 7.1.4.1.3 US Phthalic Anhydride Market by End-Use
- 7.1.4.2 Canada Phthalic Anhydride Market
- 7.1.4.2.1 Canada Phthalic Anhydride Market by Process
- 7.1.4.2.2 Canada Phthalic Anhydride Market by Application
- 7.1.4.2.3 Canada Phthalic Anhydride Market by End-Use
- 7.1.4.3 Mexico Phthalic Anhydride Market
- 7.1.4.3.1 Mexico Phthalic Anhydride Market by Process
- 7.1.4.3.2 Mexico Phthalic Anhydride Market by Application
- 7.1.4.3.3 Mexico Phthalic Anhydride Market by End-Use
- 7.1.4.4 Rest of North America Phthalic Anhydride Market
- 7.1.4.4.1 Rest of North America Phthalic Anhydride Market by Process
- 7.1.4.4.2 Rest of North America Phthalic Anhydride Market by Application
- 7.1.4.4.3 Rest of North America Phthalic Anhydride Market by End-Use
- 7.2 Europe Phthalic Anhydride Market
- 7.2.1 Europe Phthalic Anhydride Market by Process
- 7.2.1.1 Europe O-Xylene Catalytic Oxidation Market by Country
- 7.2.1.2 Europe Naphthalene Catalytic Oxidation Market by Country
- 7.2.2 Europe Phthalic Anhydride Market by Application
- 7.2.2.1 Europe Plasticizers Market by Country
- 7.2.2.2 Europe Alkyd Resins Market by Country
- 7.2.2.3 Europe Unsaturated Polyester Resins Market by Country
- 7.2.2.4 Europe Others Market by Country
- 7.2.3 Europe Phthalic Anhydride Market by End-Use
- 7.2.3.1 Europe Building & Construction Market by Country
- 7.2.3.2 Europe Paints & Coatings Market by Country
- 7.2.3.3 Europe Automotive Market by Country
- 7.2.3.4 Europe Electrical & Electronics Market by Country
- 7.2.3.5 Europe Agriculture Market by Country
- 7.2.3.6 Europe Marine Market by Country
- 7.2.3.7 Europe Others Market by Country
- 7.2.4 Europe Phthalic Anhydride Market by Country
- 7.2.4.1 Germany Phthalic Anhydride Market
- 7.2.4.1.1 Germany Phthalic Anhydride Market by Process
- 7.2.4.1.2 Germany Phthalic Anhydride Market by Application
- 7.2.4.1.3 Germany Phthalic Anhydride Market by End-Use
- 7.2.4.2 UK Phthalic Anhydride Market
- 7.2.4.2.1 UK Phthalic Anhydride Market by Process
- 7.2.4.2.2 UK Phthalic Anhydride Market by Application
- 7.2.4.2.3 UK Phthalic Anhydride Market by End-Use
- 7.2.4.3 France Phthalic Anhydride Market
- 7.2.4.3.1 France Phthalic Anhydride Market by Process
- 7.2.4.3.2 France Phthalic Anhydride Market by Application
- 7.2.4.3.3 France Phthalic Anhydride Market by End-Use
- 7.2.4.4 Russia Phthalic Anhydride Market
- 7.2.4.4.1 Russia Phthalic Anhydride Market by Process
- 7.2.4.4.2 Russia Phthalic Anhydride Market by Application
- 7.2.4.4.3 Russia Phthalic Anhydride Market by End-Use
- 7.2.4.5 Spain Phthalic Anhydride Market
- 7.2.4.5.1 Spain Phthalic Anhydride Market by Process
- 7.2.4.5.2 Spain Phthalic Anhydride Market by Application
- 7.2.4.5.3 Spain Phthalic Anhydride Market by End-Use
- 7.2.4.6 Italy Phthalic Anhydride Market
- 7.2.4.6.1 Italy Phthalic Anhydride Market by Process
- 7.2.4.6.2 Italy Phthalic Anhydride Market by Application
- 7.2.4.6.3 Italy Phthalic Anhydride Market by End-Use
- 7.2.4.7 Rest of Europe Phthalic Anhydride Market
- 7.2.4.7.1 Rest of Europe Phthalic Anhydride Market by Process
- 7.2.4.7.2 Rest of Europe Phthalic Anhydride Market by Application
- 7.2.4.7.3 Rest of Europe Phthalic Anhydride Market by End-Use
- 7.3 Asia Pacific Phthalic Anhydride Market
- 7.3.1 Asia Pacific Phthalic Anhydride Market by Process
- 7.3.1.1 Asia Pacific O-Xylene Catalytic Oxidation Market by Country
- 7.3.1.2 Asia Pacific Naphthalene Catalytic Oxidation Market by Country
- 7.3.2 Asia Pacific Phthalic Anhydride Market by Application
- 7.3.2.1 Asia Pacific Plasticizers Market by Country
- 7.3.2.2 Asia Pacific Alkyd Resins Market by Country
- 7.3.2.3 Asia Pacific Unsaturated Polyester Resins Market by Country
- 7.3.2.4 Asia Pacific Others Market by Country
- 7.3.3 Asia Pacific Phthalic Anhydride Market by End-Use
- 7.3.3.1 Asia Pacific Building & Construction Market by Country
- 7.3.3.2 Asia Pacific Paints & Coatings Market by Country
- 7.3.3.3 Asia Pacific Automotive Market by Country
- 7.3.3.4 Asia Pacific Electrical & Electronics Market by Country
- 7.3.3.5 Asia Pacific Agriculture Market by Country
- 7.3.3.6 Asia Pacific Marine Market by Country
- 7.3.3.7 Asia Pacific Others Market by Country
- 7.3.4 Asia Pacific Phthalic Anhydride Market by Country
- 7.3.4.1 China Phthalic Anhydride Market
- 7.3.4.1.1 China Phthalic Anhydride Market by Process
- 7.3.4.1.2 China Phthalic Anhydride Market by Application
- 7.3.4.1.3 China Phthalic Anhydride Market by End-Use
- 7.3.4.2 Japan Phthalic Anhydride Market
- 7.3.4.2.1 Japan Phthalic Anhydride Market by Process
- 7.3.4.2.2 Japan Phthalic Anhydride Market by Application
- 7.3.4.2.3 Japan Phthalic Anhydride Market by End-Use
- 7.3.4.3 India Phthalic Anhydride Market
- 7.3.4.3.1 India Phthalic Anhydride Market by Process
- 7.3.4.3.2 India Phthalic Anhydride Market by Application
- 7.3.4.3.3 India Phthalic Anhydride Market by End-Use
- 7.3.4.4 South Korea Phthalic Anhydride Market
- 7.3.4.4.1 South Korea Phthalic Anhydride Market by Process
- 7.3.4.4.2 South Korea Phthalic Anhydride Market by Application
- 7.3.4.4.3 South Korea Phthalic Anhydride Market by End-Use
- 7.3.4.5 Singapore Phthalic Anhydride Market
- 7.3.4.5.1 Singapore Phthalic Anhydride Market by Process
- 7.3.4.5.2 Singapore Phthalic Anhydride Market by Application
- 7.3.4.5.3 Singapore Phthalic Anhydride Market by End-Use
- 7.3.4.6 Malaysia Phthalic Anhydride Market
- 7.3.4.6.1 Malaysia Phthalic Anhydride Market by Process
- 7.3.4.6.2 Malaysia Phthalic Anhydride Market by Application
- 7.3.4.6.3 Malaysia Phthalic Anhydride Market by End-Use
- 7.3.4.7 Rest of Asia Pacific Phthalic Anhydride Market
- 7.3.4.7.1 Rest of Asia Pacific Phthalic Anhydride Market by Process
- 7.3.4.7.2 Rest of Asia Pacific Phthalic Anhydride Market by Application
- 7.3.4.7.3 Rest of Asia Pacific Phthalic Anhydride Market by End-Use
- 7.4 LAMEA Phthalic Anhydride Market
- 7.4.1 LAMEA Phthalic Anhydride Market by Process
- 7.4.1.1 LAMEA O-Xylene Catalytic Oxidation Market by Country
- 7.4.1.2 LAMEA Naphthalene Catalytic Oxidation Market by Country
- 7.4.2 LAMEA Phthalic Anhydride Market by Application
- 7.4.2.1 LAMEA Plasticizers Market by Country
- 7.4.2.2 LAMEA Alkyd Resins Market by Country
- 7.4.2.3 LAMEA Unsaturated Polyester Resins Market by Country
- 7.4.2.4 LAMEA Others Market by Country
- 7.4.3 LAMEA Phthalic Anhydride Market by End-Use
- 7.4.3.1 LAMEA Building & Construction Market by Country
- 7.4.3.2 LAMEA Paints & Coatings Market by Country
- 7.4.3.3 LAMEA Automotive Market by Country
- 7.4.3.4 LAMEA Electrical & Electronics Market by Country
- 7.4.3.5 LAMEA Agriculture Market by Country
- 7.4.3.6 LAMEA Marine Market by Country
- 7.4.3.7 LAMEA Others Market by Country
- 7.4.4 LAMEA Phthalic Anhydride Market by Country
- 7.4.4.1 Brazil Phthalic Anhydride Market
- 7.4.4.1.1 Brazil Phthalic Anhydride Market by Process
- 7.4.4.1.2 Brazil Phthalic Anhydride Market by Application
- 7.4.4.1.3 Brazil Phthalic Anhydride Market by End-Use
- 7.4.4.2 Argentina Phthalic Anhydride Market
- 7.4.4.2.1 Argentina Phthalic Anhydride Market by Process
- 7.4.4.2.2 Argentina Phthalic Anhydride Market by Application
- 7.4.4.2.3 Argentina Phthalic Anhydride Market by End-Use
- 7.4.4.3 UAE Phthalic Anhydride Market
- 7.4.4.3.1 UAE Phthalic Anhydride Market by Process
- 7.4.4.3.2 UAE Phthalic Anhydride Market by Application
- 7.4.4.3.3 UAE Phthalic Anhydride Market by End-Use
- 7.4.4.4 Saudi Arabia Phthalic Anhydride Market
- 7.4.4.4.1 Saudi Arabia Phthalic Anhydride Market by Process
- 7.4.4.4.2 Saudi Arabia Phthalic Anhydride Market by Application
- 7.4.4.4.3 Saudi Arabia Phthalic Anhydride Market by End-Use
- 7.4.4.5 South Africa Phthalic Anhydride Market
- 7.4.4.5.1 South Africa Phthalic Anhydride Market by Process
- 7.4.4.5.2 South Africa Phthalic Anhydride Market by Application
- 7.4.4.5.3 South Africa Phthalic Anhydride Market by End-Use
- 7.4.4.6 Nigeria Phthalic Anhydride Market
- 7.4.4.6.1 Nigeria Phthalic Anhydride Market by Process
- 7.4.4.6.2 Nigeria Phthalic Anhydride Market by Application
- 7.4.4.6.3 Nigeria Phthalic Anhydride Market by End-Use
- 7.4.4.7 Rest of LAMEA Phthalic Anhydride Market
- 7.4.4.7.1 Rest of LAMEA Phthalic Anhydride Market by Process
- 7.4.4.7.2 Rest of LAMEA Phthalic Anhydride Market by Application
- 7.4.4.7.3 Rest of LAMEA Phthalic Anhydride Market by End-Use
Chapter 8. Company Profiles
- 8.1 Thirumalai Chemicals Ltd.
- 8.1.1 Company Overview
- 8.1.2 Financial Analysis
- 8.1.3 Regional Analysis
- 8.1.4 Research & Development Expenses
- 8.1.5 SWOT Analysis
- 8.2 Mitsubishi Gas Chemical Company, Inc.
- 8.2.1 Company Overview
- 8.2.2 Financial Analysis
- 8.2.3 Segmental Analysis
- 8.2.4 SWOT Analysis
- 8.3 Asian Paints Limited
- 8.3.1 Company Overview
- 8.3.2 Financial Analysis
- 8.3.3 Research & Development Expenses
- 8.3.4 SWOT Analysis
- 8.4 POLYNT SPA
- 8.4.1 Company Overview
- 8.4.2 SWOT Analysis
- 8.5 BASF SE
- 8.5.1 Company Overview
- 8.5.2 Financial Analysis
- 8.5.3 Segmental and Regional Analysis
- 8.5.4 Research & Development Expense
- 8.5.5 Recent strategies and developments:
- 8.5.5.1 Acquisition and Mergers:
- 8.5.5.2 Geographical Expansions:
- 8.5.6 SWOT Analysis
- 8.6 Exxon Mobil Corporation
- 8.6.1 Company Overview
- 8.6.2 Financial Analysis
- 8.6.3 Segmental and Regional Analysis
- 8.6.4 Research & Development Expenses
- 8.6.5 SWOT Analysis
- 8.7 KOPPERS HOLDINGS INC.
- 8.7.1 Company Overview
- 8.7.2 Financial Analysis
- 8.7.3 Segmental and Regional Analysis
- 8.7.4 SWOT Analysis
- 8.8 UPC Technology Corporation (MiTAC-SYNNEX GROUP)
- 8.8.1 Company Overview
- 8.8.2 Financial Analysis
- 8.8.3 Segmental and Regional Analysis
- 8.8.4 SWOT Analysis
- 8.9 Nan Ya Plastics Corp. (NPC)
- 8.9.1 Company Overview
- 8.9.2 Financial Analysis
- 8.9.3 Segmental and Regional Analysis
- 8.9.4 SWOT Analysis
- 8.10. Stepan Company
- 8.10.1 Company Overview
- 8.10.2 Financial Analysis
- 8.10.3 Segmental and Regional Analysis
- 8.10.4 Research & Development Expenses
- 8.10.5 SWOT Analysis
Chapter 9. Winning Imperatives of Phthalic Anhydride Market