Phthalic Anhydride Market to Surpass $10 Million by 2020
The global market for phthalic anhydride is expected to reach $10,387.5 million by 2020, according to a recent 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 the coating and paints industries are expected to serve as a key market opportunity in the near future.
Phthalate plasticizers were the largest application segment, accounting for 2,584.7 kilotons of total demand in 2013; demand is expected to reach 3,280.9 kilo tons in 2020, growing at a compound annual growth rate of 3.5% from 2014 to 2020. Increasing demand of phthalate plasticizers in the automotive and construction industries is expected to augment demand growth for phthalic anhydride over the forecast period. Unsaturated polyester resins were the second-largest application segment, with a 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 coatings and reinforced laminates.
For more information, visit www.grandviewresearch.com.