[Online Quarterly Update]India Phthalic Anhydride market grew at a CAGR of 6.50% during 2015-2019 and is anticipated to achieve an impressive CAGR in the forecast period. Phthalic Anhydride (PAN) is a white crystalline compound, mostly obtained by catalytic oxidation of Ortho–Xylene or Naphthalene. It can also be obtained from Phthalic Acid. PAN is an important ingredient of phthalate-based plasticizers such as Dioctyl Phthalate (DOP), dioctyl terephthalate (DOTP) , DINP (DiIsoNonyl Phthalate) etc. which are predominantly used to provide plasticity or elasticity to Polyvinyl Chloride film, roofing, flooring and wall coverings. Plasticizers are also used in tubing and hoses, construction materials, electrical cables and wires and molded plastic products.
Plasticizers hold the largest segmental share (almost 50%) among all other applications of Phthalic Anhydride followed by Polyester Resins which are used in making fiberglass reinforced polyester resins which find applications in construction and automobile industries. Phthalic Anhydride is also used in Alkyd resins used in paints and lacquers, insect repellents, and urethane polyester polyols serving several end users such as architecture, furniture, machinery etc. PAN derived CPC pigments are widely used for making inks and photovoltaic cells
However, outbreak of novel coronavirus rendered a significant fall in the Phthalic Anhydride market as several plastic manufacturers in the country curtailed their plant operating rates by 40-60% due to unprecedented demand slowdown and indefinite labour shortage. Hit by the demand downturn due to nationwide lockdown, Thirumalai Chemicals, India’s second largest PAN producer, found no other option but to turn off its 144 KTPA unit for some days. PAN CIF prices fell almost by $100 per tonne as imports remained restricted to avoid the contagion. Since the government is planning to unlock the country gradually, the Phthalic Anhydride demand is anticipated to recover sooner with restoring of downstream demand. Moreover, to protect local producers from undue PAN dumping from the international players, the Indian government has decided to put a safeguard duty of 7.5% on South Korean Phthalic Anhydride for a period of 200 days. These factors are indicating towards appreciable strengthening of domestic Phthalic Anhydride market and healthy market growth prospects in the forecast period.
Years Considered for this Report:
Historical Years: 2015 – 2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022 – 2030
Objective of the Study:
• The primary objective of the study was to evaluate and forecast Phthalic Anhydride capacity, production, demand, inventory, and demand – supply gap in India.
• To categorize Phthalic Anhydride demand based on application, end use, application, region and sales channel.
• To study trade dynamics and company share in India Phthalic Anhydride market.
• To identify major customers of Phthalic Anhydride in India.
• To evaluate and forecast Phthalic Anhydride pricing by grade in India Phthalic Anhydride market.
• To identify and profile major companies operating in India Phthalic Anhydride market.
• To identify major news, deals and expansion plans in India Phthalic Anhydride market.
India Phthalic Anhydride market is a duopoly. IG Petrochemicals Limited and Thirumalai Chemicals Limited are the dominant players catering to 70 per cent of the domestic demand. SI Group-India Limited and Asian Paints are two other Indian producers. BASF SE, Shandong Hongxin, ExxonMobil Chemical, Aekyung Petrochemical Co., LG Petrochemical, Hanwha Chemical Corporation, OCI Company Limited are some international players operating in the India PAN market. However, Asian Paints had permanently shut down its PAN manufacturing unit in July 2017 which was later on bought out by Thirumalai Chemicals. Tentative capacity expansion plans of the domestic players will further drive the Phthalic Anhydride market growth in the forecast period. For e.g. IG Petrochemicals (IGPL), the country’s largest PA producer is aiming to double its turnover by 2021 through actualizing its brownfield expansion project worth INR 300 crore. The company sees itself among the top three PA manufacturers in the world after it becomes successful in adding another 53 KTPA capacity to its current PAN capacity of 170 KTPA by 2021.
Almost 80% of the country’s Phthalic Anhydride demand is met through domestic production. However, Indian PAN manufacturers are still facing material losses due to cheaper imports. In FY20, Phthalic Anhydride prices remained pressured and were assessed at USD XXX per MT on bulk contract basis. Phthalic Anhydride CIF India prices averaged around $680-710 per tonne in Q4 FY20, way below their pre-pandemic levels.
To extract data for India Phthalic Anhydride market, primary research surveys were conducted with Phthalic Anhydride manufacturers, suppliers, distributors, wholesalers and end users. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various end user segments and projected a positive outlook for India Phthalic Anhydride market over the coming years.
ChemAnalyst calculated Phthalic Anhydride demand in India by analyzing the historical data and demand forecast was carried out considering the end use industries growth. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Phthalic Anhydride manufacturers and other stakeholders
• Organizations, forums and alliances related to Phthalic Anhydride distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders, such as Phthalic Anhydride manufacturers, distributors and policy makers. The report also provides useful insights about which market segments should be targeted over the coming years to strategize investments and capitalize on growth opportunities.
Report Scope:
In this report, the India Phthalic Anhydride market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Construction, Automotive, Electrical and Electronics, Healthcare, Paints & Coatings, Others
Market, by Sales Channel
Direct/Institutional Sales, Retail Sales, Other Channel Sales
Market, by Region
North, West, East and South
Competitive Landscape
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Market Data & Insights
1. Manufacturing Process & Technology Licensing Evaluation
2. India Phthalic Anhydride Demand-Supply Gap Outlook, By Volume
2.1. Capacity, By Company
2.2. Capacity, By Location
2.3. Capacity, By Technology
2.4. Capacity, By Process
2.5. Production, By Company
2.6. Operating Efficiency, By Company
2.7. Country-Wise Import
2.8. Country-Wise Export
2.9. Demand-Supply Gap
3. India Phthalic Anhydride Demand Outlook
3.1. By Application
3.2. By End Use
3.3. By Distribution Channel
3.4. By Region / State
3.5. By Company
4. Customer Analysis
4.1. Procurement Volume
4.2. Procurement Prices
4.3. Existing Supplier
4.4. Contact Details
5. Cost Structure
5.1. Raw Material Cost
5.2. Selling & Distribution Cost
5.3. Fixed Cost
5.4. Other Cost
6. Market Trends & Developments (Focus on emerging application and manufacturing technologies
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