According to a new report, published by KBV research, The Global Phthalic Anhydride Market size is expected to reach $5.3 billion by 2030, rising at a market growth of 4.0% CAGR during the forecast period. In the year 2022, the market attained a volume of 2,907.7 Kilo Tonnes, experiencing a growth of 3.2% (2019-2022).
The Naphthalene Catalytic Oxidation segment would exhibit a CAGR of 6.3% during (2023 - 2030). Naphthalene is a common pollutant found in industrial wastewater and soil. Catalytic oxidation can be a remediation technique to convert naphthalene into less harmful byproducts, reducing its environmental impact. The catalytic oxidation of naphthalene can release energy. This energy can be harnessed and utilized, making the process more efficient and potentially reducing the overall energy consumption of an industrial operation. The catalytic oxidation of naphthalene can lead to a more complete and selective conversion, minimizing the generation of waste byproducts. This is especially important for industries looking to reduce their environmental footprint.
The Plasticizers segment is generating highest revenue in the Global Phthalic Anhydride Market by Application in 2022; thereby, achieving a market value of $2.6 billion by 2030. Its extensive properties, such as flexibility, bendability, and durability, ensure high performance for a longer tenure. The wire & cable, film & sheet, paint & coating, transportation, and medical sectors are all experiencing a growing need for phthalic anhydride to produce PVC compounds for use in the production of hoses, medical devices, packaging films, floor & wall covering, cables & wire insulations, automotive units, and synthetic leather. Thus, the widespread application of phthalate plasticizers across industries and their inexpensive, user-friendly nature will be the primary drivers of the phthalic anhydride market throughout the forecast period.
The Automotive segment is experiencing a CAGR of 4.4% during (2023 - 2030). Phthalic anhydride is used to produce unsaturated polyester resins, which are used to manufacture fiberglass-reinforced plastics (FRP) used in automotive components. Fiberglass composites find applications in body panels, bumpers, and other structural elements due to their lightweight and high-strength properties. Automotive wiring and cable systems may use insulation materials derived from compounds that involve phthalic anhydride, contributing to vehicle electrical functionality and safety.
Full Report: https://www.kbvresearch.com/phthalic-anhydride-market/
The Asia Pacific region dominated the Global Phthalic Anhydride Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $2.6 billion by 2030. The Europe region is anticipated to grow a CAGR of 3.2% during (2023 - 2030). Additionally, The North America region would witness a CAGR of 3.4% during (2023 - 2030).
By Process
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By End-Use (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Geography (Volume, Kilo Tonnes, USD Billion, 2019-2030)
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