According to the latest market study released by Technavio, the global phthalic anhydride market is expected to grow at a CAGR of close to 6% during the forecast period.
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Technavio has published a new report on the global phthalic anhydride market from 2017-2021. (Graphic: Business Wire)
This research report titled 'Global Phthalic Anhydride Market 2017-2021' provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
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The market research analysis categorizes the global phthalic anhydride market into the following type of applications:
- Plasticizers
- UPR
- Alkyd resins
- Others
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The top three revenue-generating segments are discussed below:
Global PA market for plasticizers
The growing demand for dioctyl phthalate, the main product of phthalate plasticizer that is used in the production of PVC, is fueling the growth of this market segment. The phthalic plasticizers segment holds the largest share of the PA market in terms of application. In 2016, the global PA market for plasticizers accounted for around 53% of the total market share.
The demand for PA is dependent on the growth of PVC, which is sensitive to general economic conditions as it is consumed mainly by the construction and automobile industries. In addition, concerns related to the impact of phthalates on health and environment could hinder the growth of the PA market in the forecast period.
Global PA market for UPR
The UPR segment in the global phthalic anhydride market occupied about 20% of the total market share during 2016. UPR is used in fiber-reinforced plastics (FRP), marbles, granites, artificial stones, and putties. The primary end-user industries of UPR are marine, construction, transportation, and recreation, and they are sensitive to changes in economic conditions. The growth of the UPR segment is driven by the demand for PA from the major end-user segments.
According to Ajay Adhikari, a lead analyst at Technavio for specialty chemicals research, "UPRs have been used in a wide range of applications making them a thermosetting system of utmost importance. These resins are compounded with different fillers and reinforcements and are treated by free radical initiators to yield thermoset particles having a broad range of chemical and mechanical properties depending upon the selection of diacids, cross-linking agents, diols, initiators, and other additives. This versatile nature of the final thermoset product, along with comparatively lower cost, has revived the interest in these resins that are used as a chief matrix material in a wide range of applications."
Global PA market for alkyd resins
In 2016, the alkyd resins segment in the global phthalic anhydride market accounted for around 16% of the total market share. PA-based alkyd resins are used in solvent-based coatings for machinery, furniture, architectural, and fixture applications. The use of the level of volatile organic compounds (VOCs) in surface coatings will impact the growth of the alkyd resins segment. The preference of consumers to water-based and powder coating technologies and a shift in preference toward decorative paints that are based on vinyl acetate and acrylics will decline the growth of this market segment.
The prominent vendors highlighted by Technavio's market research analysts in this report are:
- AEKYUNG PETROCHEMICAL
- BASF
- Exxon Mobil
- I G Petrochemicals
- MITSUBISHI GAS CHEMICAL
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