The market for phthalic anhydride is anticipated to register a CAGR of more than 2%, during the forecast period, owing to an increase in the utilization of plasticizers, which is used in the production of polyvinyl chloride (PVC), in the Asia-Pacific region. The increasing demand for glass fiber-reinforced plastics in various industries is also likely to stimulate the phthalic anhydride market, during the forecast period.
– Increasing construction activities in Asia-Pacific are augmenting the growth of the market.
– Harmful effects of phthalates, due to its toxicity, and development of bio-based alternative of phthalic anhydride are likely to hinder the market growth.
– Increasing use of glass fiber-reinforced polymers and capacity expansion for phthalic anhydride derivatives are projected to act as an opportunity for the market, in the future.
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Key Market Trends
Alkyd Resin to Emerge as One of the Fastest Growing Applications
– By application, alkyd resins attribute to approximately 20% of the global phthalic anhydride market, by application. Phthalic anhydride has been considered as a major reference resin, used for the manufacturing of alkyd resin-based paints and coatings.
– Alkyd resins are produced by heating polyhydric alcohols with diacids or their anhydrides. The alkyd coatings are the most highly consumed coatings across the world. They can be available as short-oil, medium-oil, long-oil, and ultra-long alkyd resins. Long-oil alkyd resins have good wood penetration properties. Thus, they are suitable for wood stains.
– Moreover, these resins are widely used to produce high-performance materials, like solvent-based architectural coatings.
– Paints and coatings, with excellent anti-corrosive properties, can be prepared by long-oil alkyd resins that are modified with maleic anhydride and phthalic anhydride.
– Factors, such as growing consumption of alkyd resins in developing economies, due to the rising paints and coatings industry, are, in turn, increasing the demand for the phthalic anhydride market.
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