Phenolic Antioxidant Market – Overview —
The expansion of the market has gained dominance primarily due to the increased demand being observed from its end use industries. Its end use industries like fuel and lubricants, cosmetics and pharmaceutical have rapidly increased the scope of applications for the market.
Phenolic compounds are a type of primary antioxidants, known as free radical scavengers (FRS) that play an integral role in the propagation step of lipid oxidation by delaying it or stopping it. The global phenolic antioxidant market can witness a rise by CAGR of 5.10% to reach USD 1830.05 million during the forecast period of 2018-2023. Market research Future (MRFR) made a claim in their latest report that factors are going to be quite a few in number that would transform the global phenolic antioxidant market in the coming days.
Several end-user industries like plastic & rubber, food, cosmetic, lubricants, and others are expected to take the global phenolic antioxidant market forward. Its inclusion in the food industry would be as a preventive measure to stop the food from getting oxidized. In the plastic & rubber industry, it would find traction as additive.
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Several countries in the global phenolic antioxidants market are making impact by developing new strategies to inspire the market growth. Their moves are mostly aimed at their own market position solidification. But in the process, they are also taking the global market ahead. MRFR registered these companies in their market report. These companies are BASF SE (Germany), DSM (Netherlands), Sumitomo Chemical Company (Japan), Chitec Technology Co., Ltd. (Taiwan), Oxiris Chemicals S. A. (Spain), Emerald Performance Materials LLC (U.S.), Addivant (U.S.), Mayzo Inc. (Georgia), Kumho Petrochemical Co., Ltd. (South Korea), Double Bond Chemical Ind., Co., Ltd. (Taiwan), and others.
In August 2019, researchers at the Yasuj University of Medical Sciences, Iran, developed a technology of using nanoparticles to extract phenolic compounds from natural sources. This synthesis technique using nanoadsorbent is also cost-effective.
MRFR in their recently analyzed report on the global phenolic antioxidant market made a segmentation for a much closer analysis of the market. This segmentation includes source and application. The insights gained from this segmentation has strong foundational roots in the volume-based and value-based factors.
Based on the Source, the phenolic antioxidant market can bes segmented into natural and synthetic. The synthetic segment has the highest market share and it has the power to garner the highest CAGR of 4.60% during the forecast period. The synthetic phenolic antioxidants segment includes tert-Butylhydroquinone (TBHQ), Butylated hydroxyanisole (BHA), Butylated hydroxytoluene (BHT), Ethoxyquin, and others. The natural Phenolic Antioxidant has anthocyanins, flavonoids, tanins, stilbenes, and phenolic acids.
Based on the Application, the phenolic antioxidant market encompasses food, cosmetic, pharmaceutical, plastics & rubber, and fuel & lubricant. The food industry has strong market presence and the sector is expected to garner strong growth in the coming years.
Detailed Regional Analysis
The Worldwide Phenolic Antioxidant Market is segmented into regions such as Latin America, Asia Pacific, Europe, North America and the Middle East & Africa. The Asia Pacific region registered the main market share in the year 2016, and is expected to develop at a maximum CAGR of 5.20% approx during the forecast period. The power of the Asia Pacific region is primarily because of the mounting demand for food from escalating population along with rising use of rubber and plastic in this region. The European region follows Asia Pacific, which is the second major market share and it is anticipated by 2023 to reach USD 420.47 million. Germany is the main market share of the European region and is estimated to remain principal to the region’s growth throughout the forecast period due to better penetration of end user industries in the country. The North American market is a noteworthy region in the global market for phenolic antioxidant. It has a considerable market share of 20%, as of the year 2016. The US dictates the North American market‘s share on the basis of volume and value due to growing demand of packaged, preserved and processed food in the country.
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