The North America Phthalic Anhydride Market would witness market growth of 3.4% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 463.6 Kilo Tonnes, showcasing a growth of 2.9% (2019-2022).
The chemical formula for phthalic anhydride is C6H4(CO)2O, an organic crystalline compound that is white. It is produced when o-xylene is catalytically oxidized. It can accelerate corrosion due to the exothermic reaction it undergoes when it comes into contact with water. It is utilized in the production of substances like synthetic resins. Pharmaceutical acid in its commercially available form. It is frequently employed as the chemical medium when synthesizing plastics from vinyl chloride. Because of its bifunctional nature and abundant availability, it is an adaptable intermediate in chemical processes.
The construction and building, automotive, paints and coatings, electrical and electronic, marine, and agricultural sectors account for most of the demand for phthalic anhydride. The production of plasticizers frequently involves this. PVC manufacturers use some percent of the plasticizers to modify their PVC products' properties according to the end user's requirements. Polyvinyl chloride (PVC) has physical belongings such as dimensional stability and high strength, at a low lost—rapid industrialization and urbanization across developing economies.
The construction industry is a significant consumer of it, particularly in producing PVC materials for construction applications. Growth in construction and infrastructure projects can boost its demand. Regulation changes, especially concerning environmental standards and safety requirements, can influence its demand. Compliance with regulations may drive innovation and the development of new products. Consumers often invest in refreshing or upgrading the appearance of their properties, boosting the sales of various coating products. Ongoing innovations in coating technologies may lead to the development of new formulations that utilize this. This includes the incorporation of sustainable and eco-friendly practices in coating production. Thus, the above aspects will expand the market growth across the region in the upcoming years.
The US market dominated the North America Phthalic Anhydride Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $673.4 million by 2030. The Canada market is experiencing a CAGR of 5.7% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 4.8% during (2023 - 2030).
Free Valuable Insights: The 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 U.S., Mexico, Canada, and Rest of North America.
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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