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Trimellitic Anhydride Market Size
Trimellitic Anhydride Market is slated to record significant growth throughout 2024-2032, driven by the production of specialty polymers, coatings, and resins. The material serves as a crucial component in the manufacturing of high-performance materials, making it indispensable in industries such as construction, and electronics. The increasing use of these materials, known for their heat-resistant and durable properties, stimulates the market expansion.
Additionally, the growing popularity of electric vehicles (EVs) and the subsequent demand for lightweight and high-performance materials in the automotive sector further bolsters the market growth. For instance, Tesla sold over 935,000 units of EVs in the first half of 2023, with a remarkable year-on-year growth of 65%.
Trimellitic Anhydride Market Trends
As environmental concerns become more prominent, there is an increasing demand for green and bio-based alternatives, favoring the usage of trimellitic anhydride derivatives. In June 2023, Guangzhou Automobile Group Co. (GAC) in China unveiled an engine powered by ammonia, expanding the array of eco-friendly solutions alongside EVs and hydrogen fuel cells. Manufacturers are actively exploring ways to enhance the sustainability profile of their products, aligning with the transition towards greener solutions. Ongoing R&D efforts focus on improving the efficiency and performance characteristics of trimellitic anhydride, thus shaping the industry outlook.
Trimellitic Anhydride Market Analysis
On basis of type, MGC (Mitsubishi Gas Chemical) method segment is projected to observe considerable growth over the forecast period, driven by robust R&D capabilities. In May 2022, BD collaborated with Mitsubishi Gas Chemical Company to implement innovative technology in the development of pre-fillable syringes. As MGC continues to innovate and optimize manufacturing processes, it is likely to enhance the efficiency and quality of the product, meeting the evolving demands of various industries.
As per applications, plasticizers segment is poised to generate notable demand through 2032 as they help in enhancing the flexibility and durability of polymers. Trimellitic anhydride is a key raw material in the production of plasticizers, which are extensively used in various industries such as automotive, construction, and consumer goods. The demand for plasticizers is escalating as they contribute to the improved performance of materials, making them more pliable.
North America trimellitic anhydride market is expected to grow substantially over the forecast period, attributed to the growing sales of electrical appliances such as wire and coil coatings and the rising initiatives supporting the growth of renewable energy projects in the region. In October 2022, EE North America, a subordinate of the Danish renewable energy company European Energy, unveiled its intentions to produce 10 gigawatts (GW) of renewable energy in U.S. by the year 2026.
Trimellitic Anhydride Market Share
Some of the prominent players in trimellitic anhydride industry are:
- Anhui Taida New Materials
- Flint Hills Resources
- Mitsubishi Gas Chemical
- Syngenta, Platform Specialty Products
- Land O'Lakes
- Jiangsu Zhengdan Chemical
- Sanco Industries
- BASF
- Valent
- Wuxi Baichuan Chemical
- DOW Chemical Company
- Ineos Joliet
- Polynt S.p.A
- Monsanto
- Clariant AG
These companies are focusing on targeted strategic efforts including partnerships, capacity expansion, acquisitions, and product launches & diversification to expand their global footprint.
Trimellitic Anhydride Industry News
- In May 2023, Dow Chemical Company and New Energy Blue collaborated to create renewable plastic materials derived from corn residue, to be used across rapidly growing end-user industries.
- 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.