Increasing demand for Paints Coating and Adhesives across various industries is driving the Tetrahydrophthalic Anhydride - THPA Market: Cognitive Market Research

Tetrahydrophthalic Anhydride - THPA Market Overview

Product Overview and Scope of Tetrahydrophthalic Anhydride - THPA 

Tetrahydrophthalic anhydride (THPA) is an organic compound with the chemical formula C?H?C?O?. It is a cyclic dicarboxylic anhydride that is derived from the reaction of two carboxylic acid molecules with the loss of a molecule of water. THP is a white crystalline solid that is soluble in organic solvents such as acetone, benzene, and toluene.
Tetrahydrophthalic anhydride is an important chemical used primarily as a hardener or curing agent in the production of epoxy resins. Epoxy resins are versatile materials that are widely used in a variety of applications such as adhesives, coatings, and composites due to their excellent mechanical, thermal, and chemical properties. It can also be used in the production of plasticizers, and surfactants, and as a chemical intermediate in the synthesis of other organic compounds. 
Tetrahydrophthalic anhydride can be used to cure a wide range of epoxy resins, including those used in electrical and electronic applications, aerospace and automotive industries, and construction and civil engineering. The demand for durable and corrosion-resistance THPA-based resins and coatings is projected to increase, as these industries are primarily looking for lightweight, high-performance materials which are expected to drive the growth of the Tetrahydrophthalic anhydride market.

Tetrahydrophthalic Anhydride - THPA Market – Global Industry Analysis

Market Drivers

• Increasing demand for paints, coating, and adhesives across various industries 

The increasing demand for paints, coatings, and adhesives in various end-use industries such as automotive, aerospace, and construction is fuelling the tetrahydrophthalic anhydride (TPA) market. It is used as a curing agent for epoxy resins, which are applied as coatings for metals and other materials. The demand for adhesives and sealants has been increased by the transportation sector due to their lighter and lower-carbon properties. Further, tetrahydrophthalic anhydride is widely adopted as a hardener in the production of thermosetting composites, which are used in various applications including coatings. As the adoption of composites is increasing in industries such as automotive, aerospace, and wind energy, simultaneously the demand for tetrahydrophthalic anhydride market is rapidly growing as well. 

THPA is used in the formulation of high-performance epoxy coatings for automotive applications such as car bodies, bumpers, and wheels. These coatings provide protection from environmental factors such as UV rays, weathering, and corrosion, and can also improve the aesthetic appearance of the vehicle. All these factors are propelling the growth of the tetrahydrophthalic anhydride market. 

Global Vehicle Paints Share (%)

Source: Cognitive Market Research

• Rapid growth in the construction industry

In the construction sector, there is a growing interest in energy efficiency, savings, and sustainable energy production is driving the demand for environmentally friendly materials. According to economists, in 2021, new home construction grew by around 12.31 %, while existing home sales increased by nearly 8.45%.  In buildings, the paints and coatings protect surfaces from different external and environmental factors such as sunlight, ultraviolet light, and corrosion, and are applied to a number of surfaces to improve appearance, corrosion resistance, adhesion, and scratch resistance. Epoxy, acrylic, and polyurethane coatings are majorly used for construction coatings. The primary end uses for adhesives and sealants contain the repair, construction, and modification of residential, and non-residential buildings and other projects. 

• Rise in usage of composites

Global Tetrahydrophthalic Anhydride - THPA Revenue by Regions (2018-2023)

Global Tetrahydrophthalic Anhydride - THPA Revenue and Market Share (%) by regions (2018-2023)

Global Tetrahydrophthalic Anhydride - THPA market was valued at USD 860.2 Million, in 2022 and is expected to grow at a CAGR of 3.9% over the forecast period, from 2023 to 2030.

Global Tetrahydrophthalic Anhydride – THPA Market Scope

By Type:

• Purity 97% Type
• Purity 98% Type
• Purity 99% Type
• Others

By Application:

• Construction
• Automotive
• Aerospace and Defence
• Agriculture
• Others

Company List:

• Dixie Chemical 
• Penpet Petrochemical
• NAN YA PLASTICS 
• Yongsan Chemicals 
• Hanyong 
• Woowon Sea & Air 
• Xiamen Ditai Chemicals 
• Anhui Meisenbao Chemical 
• Denka Chemi
• Puyang Huicheng

Global Tetrahydrophthalic Anhydride - THPA Manufacturers Profiles/Analysis

Nan Ya Plastic Corporation

Nan Ya Plastic Corporation Company Basic Information, and Sales Area

Business Segment/ Overview:

Nan Ya Plastic Corporation is a chemical company that manufactures and sells plastic products, polyester fibers, petrochemical products, and electronic materials. The products of the company are categorized into four main segments including plastics processing, plastic materials, Fiber products, and electronic materials.

Investment in Research and Development

Research and development costs incurred and charged to income for the fiscal years ended December 31, 2021, and 2020 were USD56.3 million and USD 35.1 million respectively.

Nan Ya Plastic Corporation R&D Investment (USD Million) (2020-2021)

Source: Cognitive Market Research

Business Strategy 

Nan Ya Plastic Corporation is engaged in the research and development of new applications, new materials, and products that meet environmental protection trends and have unique specifications to increase the Company’s ratio of differentiated and high-value product sales. For instance, the company has increased the production of lithium batteries to adopt a strong position in the new energy vehicle sector. Moreover, the company deployed automation monitoring equipment to ensure consistent quality throughout the production process.