Phthalic Anhydride Market Analysis, Growth, Size, Share, Trends and Forecast to 2030 | ChemAnalyst

NEW YORK - Jan. 23, 2023 - PRLog -- According to ChemAnalyst report, "Global Phthalic Anhydride Market Analysis: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2030". Global Phthalic Anhydride market witnessed a strong demand in the past five years and is projected to achieve a CAGR of 5.8% during the forecast period owing to the products derived from anhydride such as Plasticizers, polyester resins, alkyd resins etc. that are having wide range applications in the end use industries to produce plastics, automotive accessories, paint & coatings, electrical & electronics devices, Packaging films, synthetic leather and others.

Phthalic Anhydride is an organic compound industrially manufactured by oxidation of Ortho-Xylene Naphthalene by Vanadium Pentoxide as a catalyst.  It is a white crystalline solid and the anhydride of Phthalic acid with pungent odor.  The versatile properties such as lightweight, durability, flexibility, heat, corrosion, and scratch resistant acts as a driver for Phthalic Anhydride market. It is a significant industrial chemical and used extensively for the production of plasticizers which further utilizes in PVC.

Polyester resins and Alkyd resins are also the derivatives of Phthalic Anhydride which are utilized in the manufacturing of paints, coatings, polyester polyols and insect repellents etc. Additionally, Phthalic Anhydride is also used as an intermediate in organic chemistry, precursor to dyes such as phthalocyanine, phthalein, fluorescein, and xanthene that are used for medical diagnosis, coating for medicines, and others. Availability of Phthalic Anhydride at low-cost and its wide usage in various industries are the major reasons for the high growth of Phthalic Anhydride in the market, are also expected to boost the global market for Phthalic Anhydride in the forecast period

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In the first half of 2020, the worldwide outbreak of Covid 19 pandemic drastically impacted numerous industries and supply chains due to nationwide lockdowns. Construction and Automotive were the most impacted sectors during the COVID crisis that resulted into the decline in the demand for Phthalic anhydride as its derivative "PVC" is extensively utilized in Building and Construction purpose for wiring, flooring etc.

Major players for Phthalic Anhydride globally include BASF SE, Shandong Hongxin Chemical co. Ltd., Stepan Company, Nan-Ya Plastics, Exxon Mobil Corporation, Aekyung Petrochemical, Polynt SPA, IG Petrochemicals, Asian Paints, Lanxess, Proviron Basic Chemicals, UPC Technology Corporation and Koppers Industries.