Anthracene Market - Forecast(2023 - 2028)

Anthracene Market Overview

Anthracene Market size is forecast to reach US$375 million by 2026, after growing at a CAGR of 4.1% during 2021-2026. Anthracene is a three-fused benzene ring solid polycyclic aromatic hydrocarbon (PAH) with the formula C14H10 and is often found in coal tar. Anthracene is extensively utilized in the manufacture of red dye alizarin, insecticides, anti-cancer agents, wood preservatives, organic light-emitting diodes, and more. The rapid growth in the number of cancer patients has increased the demand for anti-cancer agents; thereby, fueling the anthracene market growth. Another factor assisting the growth of the global anthracene market is the increasing production of coal tar. Furthermore, the flourishing textile industry is also expected to drive the anthracene market substantially during the forecast period.

Anthracene Market COVID-19 Impact

The covid-19 outbreak had a significant effect on the agriculture, electronics, textile, and furniture industry. Due to this the demand for anthracene significantly reduced, which affected the overall market growth in 2020. For instance, in 2020, Vietnam’s textile and garment industry experienced its first negative growth in its 25-year history with total exports dropped nearly 10 percent year on year to US$35 billion, according to the Vietnam Textile and Apparel Association (VITAS). Aside from restrictions, the textile industry faced plenty of issues, including production bottlenecks, fluctuating raw material prices, transportation issues, a scarcity of skilled workers, the sale of textile products, and reduced export/import orders. The COVID-19 pandemic caused significant disruptions in the textile industry, including production, exports, and logistics management. The first disruption occurred in production during the first quarter (Q1) of 2020 when China went into lockdown, causing shortages of materials. The second disruption in exports started in Q2 2020 when COVID-19 spread to the export destinations. As a result, these back-to-back disruptions badly affected the textile industry globally, resulting in a downdrift in anthracene market revenue.

Report Coverage

The report: “Anthracene Market – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the anthracene market.

Key Takeaways

• Asia-Pacific dominates the Anthracene market, owing to the expanding pharmaceutical, textile, and electronics industry in the region. Increasing per capita income coupled with the increasing population is the major factor that is driving the pharmaceutical, textile, and electronics industry in the region. 
• Anthracene is expected to grow into a major market owing to its utility in identifying situations such as radiation leaks. Following the radiation leak in Japan, there has been an increase in demand for proper radiation leak checking equipment at nuclear reactor sites all over the world. This is expected to boost the market for anthracene, which is used in scintillators as a luminescent material. 
• The EU's decision to prohibit the use of polycyclic aromatic hydrocarbons (PAH) in their region has stifled market growth in the region.

Figure: Asia-Pacific Anthracene Market Revenue, 2020-2026 (US$ Million)

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Anthracene Market Segment Analysis – By Application

The dyes & coatings segment held the largest share in the anthracene market in 2020 and is forecasted to grow at a CAGR of 3.8% during 2021-2026, owing to the increasing demand for anthracene to manufacture conformal coating, and red dye alizarin. Anthracene is colorless in nature but exhibits a blue fluorescence under ultraviolet light. Thus, it is used in the production of red dye alizarin and coatings. Anthracene is commonly used as a UV tracer in conformal coatings applied to printed circuit boards. The anthracene tracer permits UV inspection of the conformal coating. It's one of the most important feedstocks for anthraquinone production. Vat dyes are a class of water-insoluble dyes that can be easily reduced to a water-soluble, usually colorless leuco form that readily impregnates fibers and textiles. Anthraquinone is a common and important raw material in the production of vat dyes. Their main characteristics are brightness and fastness. And such extensive application of anthracene in the dyes & coatings industry is estimated to fuel the anthracene market growth during the forecast period.

Anthracene Market Segment Analysis – By Geography

Asia-Pacific region held the largest share in the anthracene market in 2020 up to 34% and is estimated to grow at a CAGR of 4.6% during 2021-2026, owing to the flourishing textile and printed circuit board industry in the region, which is accelerating the demand for anthracene in the region. India's textile and apparel market was valued at US$108.5 billion in 2015 and is projected to rise to US$226 billion by 2023, with a compound annual growth rate of 8.7% between 2009 and 2023. The Government of India is strongly encouraging the manufacturing and usage of Printed circuit boards in the country. It has launched many initiatives such as ‘Make in India’, ‘Digital India’, and more. By easing the tax regime and lowering bureaucratic barriers, the government hopes to encourage manufacturers to set up more local plants in the country. This is expected to bring in a significant positive impact on the overall printed circuit board demand. Thus, the increasing demand for textiles and printed circuit boards in the region is set to drive the anthracene industry in Asia-Pacific during the forecast period.

Anthracene Market Drivers

Increasing Prevalence of Cancer Patients

The anthracene-9,10-dione (anthraquinone) derivatives are a particularly valuable class in the development of anticancer drugs. Since the discovery of these chemotypes, medicinal chemists have been drawn to anthracycline antibiotics because of their outstanding antitumor potency. Doxorubicin, mitoxantrone, and more recently epirubicin, idarubicin, and valrubicin are anthraquinone-based drugs that have been successfully used in the treatment of hematological and solid tumors. World Health Organization (WHO) says cancer is one of the leading causes of death worldwide. This caused 9.6 million deaths worldwide, and almost 68,778 deaths in Argentina, according to 2018 figures. Also, Cancer deaths are expected to continue to rise worldwide, reaching 13.1 million by 2030. It is estimated that in Germany the number of cancer cases both in males and females will rise from 608,742 in 2018 to 747,647 by 2040, a total increase of 22.1 percent. Due to this increase in the number of cancer patients the demand for anti-cancer agents will significantly increase, owing to which the Anthracene market will exhibit rapid growth over the forecast period. 

Soaring Demand from the Agriculture Industry

Anthracene is extensively used in the agriculture sector as herbicides, insecticides, and fungicides. The world population is gradually increasing. With the population steadily growing, enough crops must be produced each year to provide food to people. And pesticides such as herbicides, insecticides, and fungicides play an important role in providing crops with the nutrients they need to grow and enhance crop yield. Thus, to improve the crop yield within the same area of arable lands and provide crops proper nutrients, pesticides are being extensively utilized during crop production. According to European Commission, the agricultural crop output in Italy increased from 51,046 million EUR (US$57.6 billion) in 2017 to 51,465.8 million EUR (US$57.8 billion) in 2019. According to the United States Department of Agriculture (USDA), in 2020, the United States produced 227.6 million hundredweight (cwt) of rough rice, up 23 percent from 2019. With the increasing crop production, there is an increasing demand for pesticides, which is driving the anthracene market in the agriculture sector.

Anthracene Market Challenges

Various Hazards Associated with Anthracene

If inhaled through contaminated air, anthracene has harmful effects on the body. The Occupational Safety and Health Administration's (OSHA) Hazardous Substance List includes anthracene. When someone inhales it, their lungs are first and foremost damaged. If a person works at a hazardous waste site where polycyclic aromatic hydrocarbons (PAH) are disposed of, there is a high risk of inhaling anthracene and polycyclic aromatic hydrocarbons (PAH). Similarly, it can enter one's body through foods and beverages. When a person's skin comes into contact with creosote, roofing tar, heavy oils, or coal tar, as well as contaminated soil containing PAHs, there is a risk of exposure. Once inside the human body, the polycyclic aromatic hydrocarbon (PAH) can spread and target fat tissues. The kidneys, liver, and fat tissues in the human body may be affected. When people are exposed to it, it can harm their health by irritating their eyes, skin, and respiratory tract. When exposed to the environment, it can also cause fire and explosion. Thus, these hazards associated with anthracene are anticipated to hamper the anthracene market. 

Anthracene Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Anthracene market. Anthracene market top companies include:

1. Fisher Scientific
2. Tokyo Chemical Industry Co., Ltd.
3. Anward
4. CHEMOS GmbH & Co. KG
5. Vitas-M Laboratory Ltd.
6. Santa Cruz Biotechnology, Inc.
7. Haihang Industry Co., Ltd.
8. Amadis Chemical
9. RÜTGERS Group.

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