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Trimellitic Anhydride Market is poised to record significant growth from 2023-2032, driven by the growing product demand for industrial applications.
Rapidly developing infrastructure and expanding packaging sectors have increased consumer preference for lightweight products, propelling the trimellitic anhydride market growth. Additionally, there is an increasing demand for PVC medical items and blood platelet storage due to the rapidly expanding elderly population and rising healthcare expenses worldwide. According to the World Health Organization estimates, one out of every six people in the world will be 60 years of age or older by 2030.
Trimellitic anhydride (TMA) is a reactive chemical compound used primarily in the synthesis of trimellitate esters. Its widespread use as intermediate for dyes, chemicals, polymers, adhesives, printing inks, synthesizing surface coatings, agrochemicals, and pharmaceuticals, is supporting the market expansion. Furthermore, rising product applications in vinyl flooring, coupled with the increasing production of paints, wire enamels, and heat-proof varnishes will augment market revenue.
On basis of type, the trimellitic anhydride market is foreseen to hold a sizeable revenue share from the MGC (Mitsubishi Gas Chemical) method during 2023-2032. This industry growth is attributable to the growing manufacturing rate, mainly in Japan. The process involves generating the final product from m-xylene reaction.
As per applications, trimellitic anhydride’s adoption as plasticizers is poised to expand with its increasing involvement as an important curing agent in the manufacturing of epoxy resins. Plasticizers are largely incorporated in polyvinyl chloride, which is a cost-effective, versatile material that complements its usage in a range of industries, including building and construction, healthcare, electronics, automotive, and other fields. The increasing PVC demand will eventually positively influence the industry revenue in the coming years.
Regionally, North America is set to hold a significant share in the trimellitic anhydride market by 2032 end, owing to the growing sales of electrical appliances such as wire and coil coatings and the increasing initiatives supporting the development of renewable energy projects in the region. For instance, in October 2022, EE North America, a subsidiary of the Danish renewable energy firm European Energy, announced its plans to generate 10 gigawatts (GW) of renewable energy in the U.S. by 2026.
On the other hand, the Asia Pacific trimellitic anhydride market share is foreseen to exhibit notable growth in the ensuing years. The expansion can be credited to the significant developments in the building and construction sector across the region. For instance, the Indian government has assigned USD 130.57 billion to the infrastructure sector development in the Union Budget 2022–2023. Furthermore, the rising demand for various PVC products, growing government support, and escalating electricity requirements will fuel the regional market's progression.
Some of the prominent players partaking in trimellitic anhydride market include Mitsubishi Gas Chemical, Platform Specialty Products, Jiangsu Zhengdan Chemical, Valent (Sumitomo Chemical), DOW Chemical Company (Dow Inc.), Ineos Joliet, Wuxi Baichuan Chemical, Polynt S.p.A (Polynt Group S.A.R.L), Flint Hills Resources (Koch Industries), Anhui Taida New Materials, Syngenta (ChemChina, Cnac Saturn (Nl) B.V.), Land O'Lakes, Monsanto (Bayer), BASF, Sanco Industries, and Clariant AG.
These companies are focusing on targeted strategic efforts including partnerships, acquisitions, and capacity expansion as well as product launches and diversification to expand their global footprint. For instance, in July 2022, Polynt, a producer and supplier of specialties, intermediates, and composites, announced its plans to invest in the development of a new special plasticizers plant in Atlacomulco, Mexico.