PHTHALIC ANHYDRIDE MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

 China and India are the largest consumers of phthalic anhydride in the Asia-Pacific region, and the demand is expected to grow further, in the coming years, due to several factors.

With decreasing prices of naphthalene and low operating costs involved in the production, the manufacturing capacity of phthalic anhydride is also increasing in these countries.

According to the ITC trade map, South Korea is the largest exporter of phthalic anhydride, exporting 178 thousand tons. In contrast, India is the largest importer with an import quantity of 132.7 thousand tons, followed by China with 47 thousand tons.

According to The Plastics Export Promotion Council (PLEXCONCIL), India’s plastics export increased by 55% to USD 3,417 million (cumulative value) in April-June 2021 compared to USD 2,211 million in April-June 2020.

Additionally, China is the largest consumer of plastics in the global scenario. According to the National Bureau of Statistics of China, about 7.95 million metric tons of plastic products were produced in December 2021, compared with 7.32 million metric tons in November 2021, thus augmenting the phthalic anhydride market.

The market for phthalic anhydride is anticipated to register a CAGR of greater than 2% during the forecast period (2022-2027), owing to an increase in the utilization of plasticizers, which are used in the production of polyvinyl chloride (PVC), in the Asia-Pacific region.

Due to the COVID-19 outbreak, nationwide lockdown around the globe, disruption in manufacturing activities and supply chains, and production halts negatively impacted the market in 2020. However, the conditions started recovering in 2021, restoring the market's growth trajectory during the forecast period.

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