Dublin, Sept. 05, 2024 (GLOBE NEWSWIRE) -- The "India Phthalic Anhydride Market, By Region, Competition, Forecast and Opportunities, 2020-2030F" report has been added to ResearchAndMarkets.com's offering.
India Phthalic Anhydride Market achieved a total market volume of 201.22 Million Tonnes in 2024 and is expected to reach 245.08 Million Tonnes by 2030 with a CAGR of 3.54%
One of its key applications is in the creation of phthalate esters, which serve as plasticizers in flexible plastics like polyvinyl chloride (PVC). The demand for these plasticizers is driven by sectors such as construction, automotive, and consumer goods. Additionally, phthalic anhydride is used in the production of dyes, pigments, and unsaturated polyester resins, which are essential for reinforced plastics and coatings. The growth of the construction and automotive industries further fuels the demand for these resins.
Increasing scrutiny and regulation of phthalates, due to health and environmental concerns, are prompting manufacturers to seek alternative plasticizers and adopt more sustainable practices. There is an increasing emphasis on creating production processes that are more sustainable and environmentally responsible. The Indian market, driven by industrial development and infrastructure projects, is expected to continue its growth, adapting to changes in the industrial and regulatory landscape.
Growing Consumer Goods Market
The growth of the consumer goods market is driving increased demand for flexible plastics used in packaging, electronics, and home products. Phthalic anhydride is essential for producing phthalate esters, which act as plasticizers to improve the flexibility and durability of these plastics. With the rise in production of electronic devices and gadgets, there is a heightened need for high-performance materials, including plasticizers for cables, connectors, and other components, which boosts demand in this sector.
Regulatory Scrutiny and Environmental Concerns
Governments worldwide are implementing increasingly stringent regulations on phthalates due to their potential health risks. This includes imposing restrictions on phthalate esters used in consumer goods, such as toys and packaging. Adhering to these regulations can raise operational costs and require significant modifications to production processes. Additionally, this product is subject to the mandatory BIS-ISI Mark certification scheme (Scheme-I of Schedule II), which requires manufacturers and importers to secure a valid license by a specified deadline. Non-compliance will result in a ban on importing, manufacturing, or selling these goods in the Indian market.
Expanding Automotive Sector
The growth of the automotive sector is boosting the demand for high-performance materials, such as phthalic anhydride-based resins and plasticizers. These materials are essential for various automotive components, including interior trims, dashboards, and under-the-hood parts, due to their durability and flexibility. As automotive technology advances, the need for more sophisticated materials increases. Phthalic anhydride-derived products are increasingly used in advanced composites and coatings, which are crucial for new vehicle designs and performance improvements.
Regional Insights
Based on Region, West India emerged as the dominant region in the Indian market for Phthalic Anhydride in 2024. The Western region is a hub for chemical and petrochemical industries, with Gujarat standing out for its extensive industrial infrastructure, including numerous chemical plants and industrial estates. Prominent companies like Thirumalai Chemicals Ltd and IG Petrochemicals have established their production facilities here, resulting in a substantial portion of the nation's phthalic anhydride production being concentrated in this area.
The region benefits from well-developed port infrastructure, such as the ports of Mumbai and Gujarat, which supports the import of raw materials and export of finished products, enhancing its role in industrial activity. Additionally, Gujarat and Maharashtra offer attractive industrial policies and incentives that draw both domestic and international investment.
The region also enjoys convenient access to essential raw materials for phthalic anhydride production, including o-xylene and naphthalene, from both local and global suppliers. The strong demand from key sectors such as automotive, construction, and paints & coatings further drives the growth and expansion of production facilities in the Western region.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 85 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value in 2024 | 201.22 Million Tonnes |
| Forecasted Market Value by 2030 | 245.08 Million Tonnes |
| Compound Annual Growth Rate | 3.5% |
| Regions Covered | India |
Report Scope:
Key Market Players
- IG Petrochemicals Limited
- Thirumalai Chemicals Ltd.
- SI Group - India Private Limited
- BASF India Limited
- LGC Petrochemical India Pvt. Ltd.
- OCI Company Limited
- KLJ Group
- Vizag Chemical International
- Aekyung Petrochemical Co., Ltd.
- Sanjay Chemicals India Pvt Ltd.
India Phthalic Anhydride Market, By Type:
- Ortho-Phthalic Anhydride
- Isophthalic Anhydride
- Terephthalic Anhydride
India Phthalic Anhydride Market, By Sales Channel:
- Direct
- Indirect
India Phthalic Anhydride Market, By End User:
- Automotive
- Construction
- Textiles
- Electrical and Electronics
- Pharmaceuticals
- Paints & Coatings
- Others
India Phthalic Anhydride Market, By Region:
- West India
- North India
- South India
- East India
For more information about this report visit https://www.researchandmarkets.com/r/c9rl9t
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