Market Synopsis:
Market Research Future Reports (MRFR) has predicted that the Global Phthalic Anhydride Market is estimated to hold a substantial value of USD 7,213.7 million while growing at a CAGR of 4.2% by the end of 2025. The usage of plasticizer in PVC production is estimated to be the most significant factor driving the Phthalic Anhydride Market 2020. Further, the usage of unsaturated polyester resin as a matrix for fiber-reinforced plastics is a crucial factor influencing the market. Besides, attributes such as increased flexibility of PVC is an important factor leading to market growth. Besides, other attributes such as moisture and abrasion resistance, strength, pocket-friendly, non-flammability, dimensional stability, are projected to propel the market globally. Moreover, the increasing options and choices for building and construction applications such as cables and wiring, plumbing, and flooring are estimated to fuel the global market. In addition, urbanization and industrialization are estimated to be a crucial factor in driving the global market. Moreover, the increased usage of alkyd resin production is a pivotal factor leading to the growth of the market. Further, it is an important element in various varnishes, enamels, and synthetic paints, which further driving the global market.
Key Players:
The established players of the Global Phthalic Anhydride Market are BASF SE (Germany), Hongxin Chemical (China), ExxonMobil Corporation (U.S.), Mitsubishi Gas Chemicals Co. Inc. (Japan), NAN YA PLASTICS CORPORATION (Taiwan), I G Petrochemicals Limited (India), Koppers Inc. (U.S.), AEKYUNG PETROCHEMICAL Co., Ltd (Republic of Korea), Polynt SPA (Italy), and UPC Group (Taiwan).
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Industry News:
June 2020
LG Chem Ltd. has announced that it may shut down its phthalic anhydride line in Yeosu, a city in South Korea.
Market Segmentation:
The Global Market for Phthalic Anhydride can be segmented on the basis of application, Derivative, End-Use Industry, and Region.
On the basis of Application, the Global Market for Phthalic Anhydride can be segmented into the unsaturated polyester resin, plasticizers, alkyd resin, dyes and pigments, flame retardants, and others.
On the basis of Derivative, the Global Market for Phthalic Anhydride can be segmented into phthalimide, phenolphthalein, phthalate esters, phthalein, and others.
On the basis of End-Use Industry, the Global Market for Phthalic Anhydride can be segmented into automotive, building & construction, electrical & electronics, agriculture, healthcare, and others.
On the basis of Region, the Global Market for Phthalic Anhydride can be segmented into Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
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Regional Analysis:
The Global Market for Phthalic Anhydride is segregated into five major markets, which are Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. As per the study, the global market is estimated to be dominated by the APAC region. APAC acquired the largest market share in 2018 and is likely to maintain its position during the assessment period. The rapid urbanization, along with industrialization in developing countries such as South Korea, India, and Malaysia, is estimated to be the most crucial factor leading to the development of the regional market. On the other hand, the European market is estimated to acquire a significant market portion. The most significant factor responsible for regional development is the growing automotive and expanding the microelectronics sector. North America is likely to exhibit a substantial market during the review period. However, the strict market rules and regulations in Europe and North America are likely to affect the market. The MEA region is estimated to show decent growth during the forecast period. The most pivotal factor responsible for market expansion is the growing tourism and construction industry.
COVID-19 Study in Detail:
Impact of COVID-19 on Iso-Propyl Alcohol Market @ https://www.marketresearchfuture.com/report/covid-19-impact-iso-propyl-alcohol-industry
Corona virus Outbreak and Plastic Films Market @ https://www.marketresearchfuture.com/report/covid-19-impact-plastic-films-market
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