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Trimellitic Anhydride Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028

  • Report ID: GMI4359

Trimellitic anhydride market value is set to observe significant inclination during the period 2022-2028 on account of the growing industrial application scope. Rising developments across the building & construction, and packaging sectors have stirred the higher preference for lightweight products. The fast-growing geriatric population base and escalating healthcare spending have resulted in the thriving need for blood platelet storage and neonatal care and PVC medical products.

Trimellitic anhydride (TMA) is primarily a reactive chemical compound that has chief usage in the synthesis of trimellitate esters. It is widely utilized as an intermediate for synthesizing surface coatings, dyes, chemicals, adhesives, pharmaceuticals, polymers, printing inks, and agrochemicals. Rising application in vinyl flooring along with the manufacturing of heat-proof varnishes, paints, and wire enamels will favor the market expansion.

Based on type, trimellitic anhydride market share from the MGC (Mitsubishi Gas Chemical) method will considerably boost with the growing manufacturing rate, mainly in Japan. This process deals with generating the product from m-xylene, which reacts with carbon monoxide in presence of a boron trifluoride catalyst along with hydrogen fluoride solvent to produce 2,4-dimethyl benzaldehyde. This resulting benzaldehyde is then isolated, purified, as well as catalytically oxidized with air within an aqueous medium to form trimellitic acid.

In terms of applications, trimellitic anhydrides uses in plasticizers is poised to expand with increasing involvement as an important curing agent in the manufacturing of epoxy resins. The growing usage of a large amount of the product in synthesis of plasticizers that are incorporated in PVC (polyvinyl chloride) to cater to growing utility in various end-user industries will add a positive edge to the market expansion in the coming years.

Regionally, North America is expected to capture a significant share in the trimellitic anhydride market through 2028 owing to increasing penetration in electrical appliances, including coil and wire coatings. The rising production of the compound in a batch process, notably in the U.S. is another important driver for the industry growth.

The market share in the Asia Pacific will rise with the significant strides in the building and construction sector in the region. According to the IBEF (Indian Brand Equity Foundation), India is estimated to spend close to US$ 1.4 trillion on infrastructure between 2019 and 2023. Increasing demand for various PVC products, growing government support, and escalating electricity requirement will play a crucial role in the regional market progression.

Global trimellitic anhydride market players include Mitsubishi Gas Chemical, Ineos Joliet, Anhui Taida New Materials, Polynt, Flint Hills Resources, Wuxi Baichuan Chemical, Jiangsu Zhengdan Chemical, Syngenta (ChemChina, Cnac Saturn (Nl) B.V.), Land O'lakes, Platform Specialty Products, Monsanto (Bayer), Valent (Sumitomo Chemical), BASF, Sanco Industries, DOW Chemical (Dow Inc.), and Clariant.

These firms are working on focused marketing initiatives, such as partnerships, acquisitions, and capacity expansions along with product launches and diversification to proliferate their global presence while reinforcing their competitive stronghold.

For instance, in July 2020, Polynt-Reichhold announced its plans for establishing a 50,000 t/y maleic anhydride plant in Morris, Illinois, USA in order to support its internal supply for the U.S. production of composites as well as other maleic derivatives.

Effect of the COVID-19 crisis on trimellitic anhydride market outlook

The global economy bore the excessive brunt of the COVID-19 crisis considering that it brought severe repercussions on a large number of businesses worldwide, including the automotive and consumer electronics industries. The delays in construction and infrastructural activities plummeted the response for adhesives, and paints & coatings, adding a negative flair to the overall market progression. However, with the gradual commencement of operations across most industry verticals, the market forecast is set to pick up pace in the forecasted timeline.

What Information does this report contain?

Historical data coverage: 2017 to 2021; Growth Projections: 2022 to 2028.
Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.

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