Plasticizers Demand from Asia-Pacific Driving the Market
The demand of phthalic anhydride is surging due to the production of plasticizers, which is widely used in the production of PVC. The growing demand for PVC from the automotive and construction industries in Asia-Pacific, owing to increasing investments, is likely to drive the phthalic anhydride market during the forecast period.
Plasticizers to be the Dominant Application
Plasticizers application accounted for more than 50% of the phthalic anhydride market share. The driving force for plasticizers is the increasing demand for PVC from the construction industry. China, India, and Western Europe are likely to lead the market for the production of plasticizers. Unsaturated Polyester Resins (UPR) accounted for the second largest market share in 2017 and are likely to have the fastest rate, due to increasing use of UPR for the production of fiber reinforced plastics.
Construction Industry Supporting the Market in Asia-Pacific
Asia-Pacific is leading in the consumption of phthalic anhydride and is likely to continue its position due to increasing construction and automotive manufacturing activities in the region. The developing countries in this region will drive the demand for the market as the demand for buildings catering to education, healthcare, and social infrastructure is increasing.
In Sep 2017, I G Petrochemicals announced the expansion of its phthalic anhydride plant with a capacity of 53,000 MTPA in Maharashtra, India, and the plant is expected to be commissioned in 2018–2019.
Major players are BASF SE, Exxon Mobil Corporation, Mitsubishi Gas Chemicals Co., Ltd, Nan Ya Plastics Corp., and Polynt SpA, amongst others.
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