Growing demand from the electronic and paints & coating sectors are the factor that drives 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.
The Important Elements of India Phthalic Anhydride Market
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’s phthalic anhydride market is segmented based on application, end-user, and distribution channels.
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 the production of different types of final products. Additionally, phthalic anhydride is widely 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.
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