July 29, 2021 09:00 ET | Source: United Market Research United Market Research
Portland, Oregon, July 29, 2021 (Global News Service)-According to a report released by the United Market Research Company, the global phthalic anhydride market is expected to be worth US$3.7 billion in 2020, and it is expected to be Reached 5.6 billion US dollars, and the compound annual growth rate from 2021 to 2030 is 4.2%.
The increased use of phthalic anhydride in the manufacture of alkyd resins and plasticizers, the increased consumption of alkyd resins in the paint and coatings industry, and the surge in construction activities in the Asia-Pacific region have driven the growth of the global phthalic anhydride market. However, the toxicity of phthalates and the development of bio-based alternatives to phthalic anhydride hinder the market. On the contrary, the increase in demand for polyester polyols and the increase in the use of glass fiber reinforced polymers are expected to create profitable opportunities for market participants in the future.
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The report segmented the global phthalic anhydride market based on processes, applications, end-use industries, and regions.
From the application point of view, the plasticizer market segment will occupy the largest share in 2020, accounting for more than half of the market. However, the alkyd resin sector is expected to have the highest compound annual growth rate from 2021 to 2030, at 5.5%.
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On the basis of the end-use industry, the paint and coatings sector is expected to have the highest compound annual growth rate during the forecast period of 5.2%. However, the building and construction sector will dominate the market in 2020, contributing more than one-third of the market.
Analyzed the global phthalic anhydride market in North America, Europe, Asia Pacific and LAMEA. The Asia-Pacific market will occupy the largest share in 2020, accounting for more than half of the market. In addition, the region is expected to have the highest compound annual growth rate during the forecast period at 4.5%.
The global phthalic anhydride market includes in-depth analysis of major market players such as Nanya Plastics Corporation, BASF SE, Asia Paint Co., Ltd., Exxon Mobil Corporation, IG Petrochemical Co., Ltd., C-Chem Co. Ltd., Mitsubishi Natural Gas Chemicals Co. Ltd., Koppers Inc., Stepan Company, Polynt Spa, UPC Technology Corporation, and Thirumalai Chemicals Ltd.
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