India phthalic anhydride
market is anticipated to increase at an impressive rate in the forecast period.
Phthalic anhydride is an organic substance that is an anhydride of phthalic
acid, and its chemical formula is C6H4(CO)2O. It was the principal commercial
form of phthalic acid, the first anhydride of a dicarboxylic acid to be
commercially available. Phthalic anhydride is a white crystalline chemical used
to make plasticizers, pigments, dyes, and resins.
The phthalate plasticizer
industry, which is used to make flexible plastic goods such as wire and cable
applications, hoses, pipes, coated textiles, roofing membranes, and swimming
pool liners, is a significant user of phthalic anhydride that is driving the
market demand. The rising usage of PA-based alkyd resins is employed in
architectural, mechanical, furniture, and fixture applications in the paints
and coating sector. Increasing demand for materials containing phthalic
anhydride used in coatings applications for household appliances, cars, medical
devices, and furniture are market driving factors. All these factors are going
to propel the growth of the Indian phthalic anhydride Market in the projected
period.
Increasing Demand from the
Construction and Paints & Coating Sectors is Driving the Market Growth
Phthalic anhydrides finds application
across various end user industries as it is used for the production of a large
number of chemicals. Phthalic anhydride is frequently used in producing
unsaturated polyester resins, which are used in growing sectors like
construction and automotive for the production of their components. PVC is one
of the significant compounds used in construction sites owing to its flexible
and fireproof characteristics. phthalic anhydrides provide flexibility and
softness to the PVC as it is hard and brittle, without adding PA. According
to FICCI, India consumes almost 73% of its PVC material in pipes & fittings
industries. The Real Estate Industry in India is anticipated to range up to USD
1 Tn by 2030 and is expected to hold 13% of Indian GDP by 2025. Thus, the
Indian real state sector is expected to reach 1 trillion USD in 2030 where
PVC's most extensively used application lies in this sector. Therefore, an
increase in the construction sector market led to rising demand for the
phthalic anhydride market in the country.
Phthalic Anhydride is a
well-recognized industrial chemical used in the production of certain dyes and
for minimal roles in the production of alkyd resins used in paints, lacquers,
and urethane polyester polyols. As per the report, the Indian paint industry is
predicted to be 8 billion USD in 2021. There are about 3,000 paint producers in
India, and all the major players of the world are actively working in the
regional market. These trends led to an increase in the demand for phthalic
anhydride market in the projected period with the upsurge in the demand for
paint and dyes. Apart from government schemes, innovative projects like smart
city projects are also helping in propelling the demand of the phthalic
anhydride market.
Imposing Taxes on imports is a
Key Restraint for the Market
In 2020, the top exporters of
phthalic anhydride were South Korea, with an amount of 129 million USD
globally. As per the government policies, the government has imposed 100%
duties, which led to the increased price of raw materials. Thus, the business
is going to experience problems resulting in cost hikes of the product related
to phthalic anhydride. These factors are going to create restraint in the
Indian phthalic anhydride market. Additionally, the development of a bio-based
alternative to phthalic anhydride and adverse effects due to their toxicity are
other obstructions in the market growth.
Product Development is
Driving the Market Growth
Several market strategies
like acquisition and collaborations are implemented by the market players that
further enhance product portfolios and increase the revenue of the players
operating in the market.
IG Petrochemicals Ltd, one of
India's largest makers of phthalic anhydride (PAN), acquired Mysore Petro
Chemicals Ltd which is part of the same promoter group, maleic anhydride (MA)
business, for USD 9.15 million(INR 74.48 crores) in 2017. This acquisition helped
helped IG Petrochemicals increase their PAN capabilities and were able to serve
larger market.
In May 2021, Thirumalai
Chemicals Limited declared its proposal to execute a project for manufacturing
180,000 tons per year of Phthalic Anhydride (PA) and 30,000 tons per year of
Fine & Specialty Chemicals at its operating site at Dahej, Gujarat, and
Western India. These will help companies save imposed duties paid to the
government if PA is imported from South Korea, which is an aspect which will
also help them grow their profitability.
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Market Segmentation
India phthalic anhydride
market is segmented based
on application, end-user, and distribution
channel. Based
on application, the market is divided into plasticizers, unsaturated polyester
resins (UPRs), alkyd resins, CPC pigments, and others. Based on end-user, the market is divided into construction,
automotive, electrical and electronics, healthcare, paints & coatings, and others. Based
on distribution channel, the market is divided into direct/institutional sales,
retail sales, and others.
Market Players
IG Petrochemicals Limited, Thirumalai
Chemicals Limited, SI Group-India Limited, Asian Paints Limited, OCI Company
Limited, BASF SE, LG Petrochemicals India Pvt. Ltd. are the key players operating in the India
phthalic anhydride market.
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Attribute
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Details
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Base Year
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2022
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Historic Data
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2018 –
2022
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Estimated Year
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2023
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Forecast Period
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2024
– 2028
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Quantitative Units
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Revenue in USD Million, Volume in metric ton, and CAGR for 2018-2022
and 2023-2028
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Report coverage
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Revenue
forecast, Volume forecast, company share, competitive landscape, growth
factors, and trends
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Segments covered
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Application
End User
Distribution Channel
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Regional scope
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East;
West; North; South.
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Key companies profiled
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IG Petrochemicals Limited, Thirumalai Chemicals Limited, SI Group-India
Limited, Asian Paints Limited, OCI Company Limited, BASF SE, LG Petrochemical.
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Customization scope
|
10%
free report customization with purchase. Addition or alteration to country,
regional & segment scope.
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|
Pricing and purchase options
|
Avail customized purchase options to meet your exact research
needs.
|
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Delivery Format
|
PDF and Excel
through Email (We can also provide the editable version of the report in
PPT/Word format on special request)
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Report Scope:
In this
report, India phthalic anhydride market has been segmented into following
categories, in addition to the industry trends which have also been detailed
below:
·
India Phthalic Anhydride Market, by end-user:
- Construction
- Automotive
- Electrical and Electronics
- Healthcare
- Paints & Coatings
- Others
- India Phthalic Anhydride Market, by distribution channel:
- Direct/Institutional Sales
- Retail Sales
- Others
- India Phthalic
Anhydride Market, by region
o North
o West
o East
o South
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in India phthalic anhydride market.
Available Customizations:
With the given market data, TechSci
Research offers customizations according to a company’s specific needs. The
following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to
five).
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