The growing demand for Alkyd Resins, the rising demand for Polyester Polyols, and high demand for PVC in the Asia Pacific have resulted in boosting the India Phthalic Anhydride Market.
India Phthalic Anhydride Market Size – USD 8.40 Billion in 2018, Growth - CAGR of 5.0%, Trends – The rising demand for flexible PVC
The Global India Phthalic Anhydride Market is forecast to reach USD 13.18 Billion by 2027, according to a new report by Reports and Data. India Phthalic anhydride [PA] is a white solid organic compound having the molecular formula of C6H4(CO)2O. It appears as colorless to white lustrous solid with a mild distinctive odor, in the form of needles. It has a Flash point of 305°F and Melting point 64°F. It finds various applications ranging from plasticizer, and artificial resins, among others, which acts as one of the mentionable factors propelling the growth of the market. Factors like high demand for PVC in the Asia Pacific, the rising demand for Polyester Polyols, and the growing demand for Alkyd Resins are supporting the overall growth of the market. Various initiatives taken by the market players are also positively impacting the market growth. As an instance, in September 2019, Polynt-Reichhold Group, one of the mentionable market players, had announced that it had decided to expand its strategic integration initiative to America, which it had employed in Asia and Europe.
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Top Companies: BASF SE, AEKYUNG PETROCHEMICAL Co., Ltd, Exxon Mobil Corporation, Koppers Inc., I G Petrochemicals Ltd., MITSUBISHI GAS CHEMICAL COMPANY INC., LANXESS, NAN YA PLASTICS CORPORATION, Stepan Company, and Polynt.
Further key findings from the report suggest:
- The India Phthalic Anhydride Market held a market share of USD 8.40 Billion in the year 2018 that is forecasted to grow at a rate of 5.0% during the forecast period.
- In context to Form, the Molten segment is projected to witness a faster growth rate of 5.5% during the forecast period, which generated USD 5.80 Billion in 2018. The revenue generated by this segment is attributed to the continuous expansion of the plastic industry in the Asia Pacific region, associated elevated demand for plasticizer, which is used in liquid form and major application of PA as plasticizer results in its extensive use in the molten form.
- In context to Derivatives, Phthalate plasticizers segment held the largest market share of more than 50.0% in 2018, with a CAGR of 5.1% during the forecast period. The market share held by this segment is attributed to its expansive use in the plastic industry. Among the various plasticizers used in PVC, phthalate plasticizers are most commonly used. More than 90% of the plasticizers used in thermoplastic polymers are used in PVC.
- In regards to End-user, the Automotive segment is projected to witness the fastest growth rate of 5.7% during the forecast period, which is expected to hold 16.0% of the market by 2027. The market share held by the Automotive segment is attributed to the continuous expansion of the industry, increasing demand for light weight vehicles and applicability of plasticizers in seat upholstery, seat belt, and airbags, are contributing to the growth rate witnessed by this segment.
- In regards to the region, North America held 10.0% of the market in 2018, with a CAGR of 5.2%during the forecast period. The market share held by the region is attributed to the high demand for PVC products in commercial and residential applications, which is boosting the market growth in this region.
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The report is written with the aid of industry analysts, market segmentation, and data collection in order to assist readers in making profitable business decisions. The report includes a comprehensive database of technical and product advances. It also provides information on growth rates and market value, as well as a thorough examination of niche market segments. The report provides strategic advice to newcomers and existing businesses about how to make profitable and well-informed business decisions.
The global India Phthalic Anhydride Market is segmented into:
Form Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2027)
Derivatives Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2027)
- Unsaturated Polyester Resin (UPR)
- Phthalate plasticizers
- Alkyd Resins
End-user Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2027)
- Electrical and Electronics
- Paints coatings
Application Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2027)
- Wire Cable
- Flooring Wall Coverings
- Consumer Goods
- Film Sheet
- Coated Fabric
- Adhesives And Glues
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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