Phthalic Anhydride Market Size To Reach $5.82 Billion By 2030

Phthalic Anhydride Market Growth & Trends

The global phthalic anhydride market size is expected to reach USD 5.82 billion by 2030, registering a CAGR of 3.8% from 2024 to 2030, according to a new report by Grand View Research, Inc. Growing demand for unsaturated polyester resins (UPR) on account of rising importance of reinforced plastics is expected to fuel its demand over the forecast period. Rising popularity of lightweight automotive parts in vehicles to improve fuel economy is expected to promote industry growth for UPR. This is expected to drive phthalic anhydride demand over the forecast period.

Regulatory inclination towards restricting consumption and production of phthalate plasticizers is expected to be a restraining factor for market growth in the near future. Introduction and implementation of REACH regulations by the European Commission for storing, handling, using and disposing chemicals and resins is expected to limit market growth in the near future. 

Increasing infrastructure expenditure has resulted in high penetration of the product in plasticizer applications over the past few years. However, stringent regulatory framework for phthalates owing to its toxic nature is expected to result in low growth over the forecast period. 

Phthalate plasticizers led the market and accounted for the largest revenue share of 54.0% in 2023. Rising construction spending in emerging economies including China and India owing to favorable government support to improve domestic infrastructure is expected to increase the importance of PVC. As a result, growing demand for PVC is expected to augment phthalic anhydride market over the next six years. 

The Asia Pacific phthalic anhydride market dominated the global market and accounted for the largest revenue share of 61.4% in 2023. Growth of construction, automotive and electronics industries in China and India along with raw material availability is anticipated to promote the production of UPR and plasticizers. As a result, phthalic anhydride demand is expected to increase tremendously for the production of aforementioned products. 

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Phthalic Anhydride Market Report Highlights

• The naphthalene catalytic oxidation dominated the market in 2023 with a largest revenue share of 83.5%. This growth is attributed to several factors, such as the purity of naphthalene, which is crucial, as it ensures better outcomes and quality of phthalic anhydride by minimizing impurities and maximizing final output.

• Phthalate plasticizers led the market and accounted for the largest revenue share of 54.0% in 2023. This growth is driven by its characteristics, such as making plastic flexible, bendable, and durable, which ensures its better performance for a more extended period.

• The automotive segment dominated the market and accounted for the largest revenue share of 59.4% in 2023, owing to its widespread utilization in the manufacturing of polyester fiberglass-reinforced composites, which are vital in the manufacture of automotive components.

• The Asia Pacific phthalic anhydride market dominated the global market and accounted for the largest revenue share of 61.4% in 2023. Asia ranks and leads in the consumption and production of phthalic anhydride for plasticizers.

Phthalic Anhydride Market Segmentation

Grand View Research has segmented the phthalic anhydride market on the basis of on technology, application, end-use, and region:

Phthalic Anhydride Technology Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• O-Xylene Catalytic Oxidation

• Naphthalene Catalytic Oxidation

Phthalic Anhydride Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Phthalate Plasticizers

• Unsaturated Polyester Resins (UPRs)

• Alkyd Resins

• Other Applications

Phthalic Anhydride End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Automotive

• Electrical & Electronics

• Paints & Coatings

• Others

Phthalic Anhydride Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Belgium

  • Russia

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

  • South East Asia

• Latin America

  • Brazil

  • Argentina

• Middle East and Africa (MEA)

  • South Africa

  • Saudi Arabia

List of Key Players in the Phthalic Anhydride Market

• NAN YA PLASTICS CORPORATION

• Exxon Mobil Corporation.

• MITSUBISHI GAS CHEMICALS COMPANY, INC.

• I.G. PETROCHEMICALS LTD.

• UPC Technology Corporation.

• Thirumalai Chemicals.

• Koppers Inc.

• C-CHEM CO. LTD

• POLYNT SPA

• Stepan Company