Trimellitic Anhydride Market Size, Share, Growth, and Industry Analysis by Type (MC Method, and MGC Method) By Application (TOTM Plasticizer, Powder Coating, Insulation Materials, and Polyester Resin), Regional Forecast To 2031

Updated On: 20 November 2023

TRIMELLITIC ANHYDRIDE MARKET REPORT OVERVIEW

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The global trimellitic anhydride market size was USD 384 million in 2022 and is projected to touch USD 532.6 million by 2031, exhibiting a CAGR of 3.7% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the trimellitic anhydride market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels.

A chemical compound called trimellitic anhydride is used in a wide variety of industrial applications. The main application of this chemical is to esterify alcohol. This organic compound with the chemical formula HO2CC6H3(C2O3) is also an allergen and a hapten apart from being an epitope.

Essentially, it is trimellitic acid's cyclic anhydride. In addition to being an epitope, it is Resin, powder coatings, glass fibers, and other aggregates made with trimellitic anhydride. Furthermore, it is used as a curing agent for epoxy resins and as an intermediate for the synthesis of surface coatings, adhesives, polymers, dyes, printing inks, pharmaceuticals, and agrochemicals.

COVID-19 Impact: Halt on Chemicals and Advanced Materials to Hamper Market 

Since COVID-19 impacted a wide range of businesses worldwide, including the automotive and consumer electronics industries, the global economy was adversely affected. The COVID-19 outbreak has had a negative impact on the global economy, bringing various sectors to a halt.  Infrastructural delays reduced demand for adhesives and paints & coatings, adding a negative flair to the overall market progression. Despite this, the market forecast is expected to pick up pace in the forecasted timeline as most industry verticals gradually commence operations. The global market is expected to witness positive change during the post-COVID-19 period due to the ease of lockdown.

Latest Trends

"Increasing Application of MGC Method for the Production to Drive the Market"

The production of trimellitic anhydride using the MGC method is growing, thereby driving market growth. With the growing manufacturing rate, primarily in Japan, trimellitic anhydride market share from the MGC (Mitsubishi Gas Chemical) method will significantly increase. It involves the reaction of m-xylene with carbon monoxide in the presence of a boron trifluoride catalyst and hydrogen fluoride solvent to produce 2,4-dimethyl benzaldehyde. An aqueous medium is then used to catalytically oxidize the benzaldehyde to form trimellitic acid.

TRIMELLITIC ANHYDRIDE MARKET SEGMENTATION

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• By Type

The market is classified into MC Method, and MGC Method based on type. The MC Method segment will lead the trimellitic anhydride market share throughout the forecast period.

• By Application

The market is classified into TOTM plasticizer, powder coating, insulation materials, and polyester resin on the basis of application. The TOTM plasticizer segment will lead the trimellitic anhydride market share throughout the forecast period.

Driving Factors

"Growth of Automotive Industry to Drive the Market Growth"

Due to its widespread use in resins and powder coatings for automobiles, trimellitic anhydride has rapidly expanded the automotive industry. The low volatility makes it suitable for the automotive industry. Apart from this, the overall growth in the automobile industry also affects the market. A number of factors contribute to the growth of the automotive market, including increased disposable income, the availability of financing options, the increasing urban population, and close substitutes for each segment equipped with the latest technological advances, such as active and passive safety systems, comfort features, and high-performance engines. As a result of the growing logistic landscape and the dynamic public transportation network, the market also enjoys growth.

"Increasing Usage of TOTM Plasticizer to Drive the Market "

A plasticizer is synthesized from the anhydride, which is then used for insulation. Flexible plastic products, such as vehicle dashboards and wire and cable coatings, are made from plasticizers compounded with polyvinyl chloride.  In applications requiring greater permanence, trimellitate esters are used as primary plasticizers. Esters prepared by esterifying trimellitic anhydride with alcohol have a similar structure to phthalic acid esters, except they have a third ester functionality on the aromatic ring and are more compatible with PVC. Among the trimellitates, TOTM is the most competitively priced and widely used. It is one of the very few plasticizers that is also approved for use in medical devices. 

Restraining Factors

"Health Issues Associated with the Exposure of Trimellitic Anhydride to Restrain Market Growth"

Exposure to trimellitic anhydride causes various health issues including skin allergies, and asthma.   This chemical also caused wheezing and dyspnea in an individual who was occupationally exposed to it, which is a major restraining factor to the trimellitic anhydride market growth.

TRIMELLITIC ANHYDRIDE MARKET REGIONAL INSIGHTS

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"North America to Dominate the Market Owing to Growth of the Automotive Industry"

With an increase in the penetration of electrical appliances, including coil and wire coatings, North America is expected to capture a significant share of the trimellitic anhydride market over the forecast period. The market in North America is also driven by the automotive industry, which uses this chemical extensively for resins and powder coatings.

Building and construction in the Asia Pacific region will lead to a growth in market share. Several billion dollars are expected to be spent on infrastructure by India between 2019 and 2023, according to the IBEF (Indian Brand Equity Foundation). In order for the regional market to advance, there will be an increase in demand for PVC products, growing government support, and escalating electricity requirements. The growth of market players in developing countries such as China, India, and Japan is also a major factor that contributes to market growth. 

Key Industry Players

"Leading Players Adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolios and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the trimellitic anhydride market.

List of Market Players Profiled

• Ineos (U.K.)
• Polynt (Italy)
• Jiangsu Zhengdan Chemistry (China)
• Wuxi Baichuan Chemical (China)
• Mitsubishi Gas Chemical (Japan)
• Anhui TEDA new material (China)

Key Industry Development

• July,2022: In addition to thermoset composites, Polynt Group manufactures specialty chemicals as well. Unsaturated polyester resins, trimellitic anhydride, and derivatives of main organic acids are the company's specialties. A wide range of these products have been developed and marketed by Polynt for a long time. As part of its growth and demand, Polynt has begun construction of a new esterification plant at its Atlacomulco (Mexico) site for the production of Special Plasticizers.

Permitting and design activities will begin in H2 2022. Polynt's trimellitates plant at its Changzhou site (China), which closed in 2021, will also be used in the erection of the new plant in 2023. Start-up is scheduled for Q1 2024 after mechanical completion by the end of 2023.

REPORT COVERAGE

In the report, factors affecting the market from both demand and supply are evaluated and market dynamics during the forecast period are also forecasted. Also included in the report is a comprehensive PEST analysis of countries, which assesses the governmental, financial, and shared factors influencing their markets. Apart from all of these, the report also provides drivers, restraints, opportunities, and future trends.