The global market for phthalic anhydride is expected to reach USD 10,387.5 million by 2020, according to a new study by Grand View Research, Inc. Increasing demand for phthalate plasticizers due to rise in consumption of polyvinyl chloride coupled with growing demand for unsaturated polyester resins is expected to drive the market growth for phthalic anhydride. In addition, growing demand for polyvinyl chloride in the Asia Pacific automobile industry, particularly China and India, is also expected to impact phthalic anhydride demand positively. Applications in coating and paints industry are expected to serve as key market opportunity in the near future.
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Phthalate plasticizers were the largest application segment, accounting for 2,584.7 kilo tons of total demand in 2013 that is expected to reach 3,280.9 kilo tons in 2020, growing at a CAGR of 3.5% from 2014 to 2020. Increasing demand of phthalate plasticizers in automobiles and construction industry is expected to augment demand growth for phthalic anhydride over the forecast period. Unsaturated polyester resins were the second largest application segment with market share of 18.17% and global demand for 832.9 kilo tons in 2013. The market is expected to witness lucrative growth due to its rising demand in surface coating and manufacturing reinforced laminates.
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Further key findings from the study suggest:
• Global phthalic anhydride demand was 4,584.0 kilo tons in 2013 and is expected to reach 5,900.1 kilo tons by 2020, growing at a CAGR of 3.7% from 2014 to 2020.
• Asia Pacific was the leading regional market for phthalic anhydride accounting for over 51% of global market revenue, valued at USD 3.58...