The Asia Pacific Phthalic Anhydride Market would witness market growth of 4.3% CAGR during the forecast period (2023-2030). In the year 2021, the Asia Pacific market's volume surged to 1,169.5 Kilo Tonnes, showcasing a growth of 3.4% (2019-2022).
Phthalocyanine dyes, derived from phthalic anhydride, are vibrant and stable colorants used to produce inks, plastics, textiles, and coatings. These dyes offer excellent lightfastness and chemical stability, making them suitable for various applications where colour integrity is crucial. This is used as a precursor in synthesizing various phthalimide derivatives. These derivatives find applications in producing agrochemicals, including fungicides and herbicides. The agricultural sector benefits from using these compounds to enhance crop protection and yield.
It is used to produce polyester polyols, essential components in the formulation of polyurethane foams, coatings, and adhesives. The anhydride functionality of this makes it suitable as a curing agent in epoxy resins. This application is crucial in industries requiring high-performance coatings, adhesives, and composites. As the demand for sustainable and bio-based materials grows, there is ongoing research into using this as a building block for bio-based polymers. This aligns with the industry's efforts to reduce its environmental footprint.
The Asia Pacific region has been experiencing fast industrialization, primarily in nations like China and India. This is a crucial intermediate chemical used in the production of plasticizers, which, in turn, are essential in manufacturing a wide range of industrial and consumer goods. The textile and apparel industry in the region is a major consumer of these products. Synthetic fibres and fabrics, which are crucial in this industry, often involve these. According to Invest India, India's domestic apparel & textile industry contributes approx.—2.3% of the country's GDP and 7% of industry output in value terms. The share of textile, apparel, and handicrafts in India's total exports was 11.4% in 2020-21. Therefore, the factors mentioned above will propel the market growth in this region.
The China market dominated the Asia Pacific Phthalic Anhydride Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $678.1 million by 2030. The Japan market is registering a CAGR of 3.6% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 5% during (2023 - 2030).
Free Valuable Insights: The Global Phthalic Anhydride Market is Predict to reach $5.3 Billion by 2030, at a CAGR of 4%
Based on Process, the market is segmented into O-Xylene Catalytic Oxidation, and Naphthalene Catalytic Oxidation. Based on Application, the market is segmented into Plasticizers, Alkyd Resins, Unsaturated Polyester Resins, and Others. Based on End-Use, the market is segmented into Building & Construction, Paints & Coatings, Automotive, Electrical & Electronics, Agriculture, Marine, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
By Process
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By End-Use (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Billion, 2019-2030)
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