India Phthalic Anhydride Market to be Dominated by Construction Segment Through 2028
Growing demand from electronic and paints & coating
sector are the factor that drive the demand for the India phthalic anhydride
market in the forecast period, 2024-2028.
According to TechSci Research
report, “India Phthalic
Anhydride Market - By Region, Competition Forecast and Opportunities, 2018-2028F",
The Indian Phthalic Anhydride market is anticipated
to increase at an impressive rate in the forecast period, 2024-2028. Phthalic
anhydride is a white crystalline chemical that is used to make plasticizers,
pigments, dyes, and resins. Phthalic anhydride is widely used worldwide for
various applications, extending from the plastics sector to the production of
resins, agricultural fungicides, and amines.
India is one of the
prominent countries due to its growing economy in the manufacturing and
construction sectors. PA is used to make unsaturated polyester resins which are
often combined with glass fibers to make fiberglass-reinforced polymers.
Growing demand from different end-user industries like construction, maritime,
and transportation industries for different chemicals in which phthalic
anhydride is used. All these factors led to increased demand for the Phthalic
Anhydride market for the projected period.
However, the import
taxes on the biggest importer of PA, the development of a bio-based alternative
of phthalic anhydride, and adverse effects due to their toxicity are factors
hindering the Indian phthalic anhydride market growth.
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India phthalic anhydride
market is segmented based on application, end-user, and distribution channel.
Based on distribution
channels, the market is divided into direct/institutional sales, retail sales,
and others. The direct/institutional sales segment is expected to hold the
largest market share in the projected year. As PA is a type of chemical generally
used in producing different industrial raw materials and used by end-user
industries, the direct/institutional sales segment deals with industries,
dominating the segment.
Based on application,
the market is divided into Construction, Automotive, Electrical and
Electronics, Healthcare, Paints & Coatings, and others. The construction
industry is expected to dominate the market on account of increasing demand for
PVC from the industry in which phthalic anhydride is widely used.
Based on end-user, the
market is divided into construction, automotive, electrical and electronics,
healthcare, paints & coatings, and others. As per the estimates, the
construction segment is going to experience the highest market share during the
forecast period. The demand for building & infra-construction is rising due
to the growing population and purchasing power. Thus, to keep the EOQ of PA
application used in the construction sector propelled, the demand for phthalic
anhydride in the construction sector is expected to increase and dominate its
segment.
Major companies operating in India
phthalic anhydride market are:
- IG Petrochemicals Limited
- Thirumalai Chemicals Limited
- SI Group-India Limited
- Asian Paints Limited
- OCI Company Limited
- BASF SE
- LG Petrochemical Pvt. Ltd.
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The West region is expected
to dominate India's Phthalic Anhydride Market in the projected period due to
its beneficial government investment policy, government investment policy,
skilled resources, and favorable manufacturing eco-system. The phthalic
anhydride market is anticipated to increase due to growing demand from
automobiles, electronics, and paints & coating sectors. The report in 2022
stated that the Indian EV market is anticipated to grow at a CAGR of 49% till
2030 and reach up to 10-million-unit yearly sales by 2030. Thus, the growing
demand for electronic vehicles increased the demand for the phthalic anhydride
market.
The most important end
consumers of the phthalic anhydride market are automobiles, buildings, and
maritime transportation for production of different types of final product. Additionally,
phthalic anhydride is widely being used in dyes and pigments used in paint,
textile, and coating, herbicides and insecticides, detergents, saccharin, fire
retardants, and polyester resin cross-linking agents. The increased use of
polyvinyl chloride in the automobile and construction industries is increasing
the need for phthalate plasticizers by pushing the expansion of the phthalic
anhydride market. All the above-mentioned factors are projected to impact
India's phthalic anhydride market growth until 2028." said Mr. Karan Chechi,
Research Director with TechSci research, a research based global management
consulting firm.
Contact
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New York – 10017
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