Global Phthalic Anhydride Market Projected to Reach $7.17 Billion by 2030

The Global Phthalic Anhydride Market, valued at $4.58 billion in 2023, is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 6.6%, reaching approximately $7.17 billion by 2030. This growth is primarily driven by the increasing demand in the plastics and automotive industries, where phthalic anhydride is a key component in the production of plasticizers and various automotive parts.

Competitive Landscape

The phthalic anhydride market is characterized by intense competition with minimal product differentiation. Major players include BASF SE, Shandong Hongxin Chemical Co., Nan-Ya Plastics Corporation, ExxonMobil Chemical, Aekyung Petrochemical Co., Ltd., IG Petrochemicals Ltd., Polynt S.p.A., and Koppers Inc.

These companies are focusing on expanding their production capacities and exploring bio-based alternatives to meet the evolving market demands.

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Regional Demand

Asia Pacific is expected to witness the highest growth rate in the phthalic anhydride market during the forecast period.

This surge is attributed to rapid industrialization, urbanization, and the burgeoning automotive and construction sectors in countries like China, India, and Southeast Asian nations.

In Japan, the phthalic anhydride market is experiencing consolidation, with major players focusing on mergers and acquisitions to strengthen their market position. This strategy aims to enhance production capabilities and expand product portfolios.

Country-Specific Insights

Vietnam Opportunities in Phthalic Anhydride Market

Vietnam's growing manufacturing sector, especially in plastics and automotive industries, presents significant opportunities for phthalic anhydride producers. The government's favorable policies and increasing foreign investments are expected to boost market growth.