Phtalic Anhydride Market is estimated to reach $8,415.89 million by 2018, growing at a CAGR of 5.24% from 2013 to 2018. Europe and North America remained second and third largest markets for phthalic anhydride.

Dallas, TX -- (ReleaseWire) -- 06/03/2014 --The report "Phthalic Anhydride and Derivatives (Plasticizers, Unsaturated Polyester Resins, and Alkyd Resins) Market by Application & Geography – Trends & Forecast to 2018" defines and segments phthalic anhydride market with analysis and forecasting of market volume and value. The report also estimates the demand and value of the derivatives separately. The market of phthalic anhydride is projected to grow from an estimated $6,130.55 million in 2013 to $8,415.89 million by 2018, with a CAGR of 5.24% from 2013 to 2018.

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The most important function of phthalic anhydride is to address the problem of moldability of PVC, curing of coatings, and surface protection. It finds its application in various industries that include dyes & pigments, chemical intermediates, flame retardants, herbicides, and insecticides apart from its use in traditional industries such as plastics, construction, automobile, and paints & coatings. However, due to environmental regulations in European and North American regions, the focus of the end-use applicators is to reduce the leaching of phthalic anhydride into the atmosphere or shift to an alternate feedstock. Although the highest growth is expected in alkyd resins application of phthalic anhydride, plasticizers will be by far its largest application.

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The Asia-Pacific region is the largest market for phthalic anhydride and for its applications such as in plasticizers, alkyd resins, and unsaturated polyester resins. This region has emerged to be the driving factor for the market, contributing more than 60% of the global demand in 2012. Europe, which is estimated to have the second largest demand for phthalic anhydride, is projected to grow at the lowest CAGR during the forecasted period. Apart from tight regulations, some of the regional manufacturers are closing down or switching their raw materials’ base citing declining profit margins as one of the reason.

Most of the phthalic anhydride manufacturers are evaluating the market in order to increase their business worldwide. Apart from capacity expansion for the phthalic anhydride derivatives, most of the key companies operating in this market, such as Shandong Hongxin (China), Nan-Ya Plastics (Taiwan), ExxonMobil Chemical (U.S.), and Koppers Industries (U.S.) are operating their business without many efforts towards its development. However, an Indian manufacturer IG Petrochemical announced to increase its capacity by citing country’s low per capita consumption of plastics. Similarly, BASF (Germany) signed a contract with China Petroleum & Chemical Corporation to build a plant for plasticizer alcohol used in the production of phthalate as well as phthalate-free plasticizer.

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