Market Synopsis: —
The global plastic antioxidants market is estimated to expand at a remarkable CAGR during the forecast period (2017-2023) owing to the increasing consumption in the end-use industries, asserts Market Research Future (MRFR). Plastic antioxidants are used in several processes like injection, extrusion, molding, and polymerization of polymers. Plastic antioxidants are chemicals added to polymers and plastics to protect them from thermally induced oxidation and offer excellent anti-aging, tensile strength, and impact resistance.
Latest Industry News:
With the growing awareness of prolific environmental damaged due to single-use plastic, plastic to fuel projects are beginning in order to gain traction in the energy sector. People’s insufficient recycling habits are leading the researchers to turn to alternative disposal methods for our mounting plastic output.
Top Key Players:
Evonik Industries AG (Germany), Dover Corporation (U.S.), SI Group Inc (U.S.), Trigon Antioxidants Pvt. Ltd. (India), Solvay (Belgium), Krishna Antioxidants Pvt. Ltd (India), LANXESS (Germany), BASF SE(Germany), Shandong Linyi Sunny Wealth Chemicals Co., Ltd (China), SAKAI CHEMICAL INDUSTRY CO., LTD (Japan), and others.
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Geographically, the global plastic antioxidants market span across regions namely North America, Asia Pacific, Latin America, Europe, and the Middle East & Africa.
Among all the regions, the Asia Pacific region is likely to dominate the market owing to the expansion in several end-use industries such as petrochemical, oil & gas industries, automotive, and electrical & electronics industries. Moreover, countries such as India, Japan, and China are showing high consumption of plastic antioxidants which is further driving the market in this region. The acrylonitrile butadiene styrene resin is witnessing momentum in this region due to high traction generated by the end-users, thereby propelling the market growth.
The North American region is estimated to register a significant growth rate owing to the high consumption rate of polyethylene and polypropylene resins in automotive and construction sectors. Moreover, the electronics and aerospace industries are likely to create high demand in countries such as Canada, the United States, and Mexico, thereby driving the market.
The European region is also presumed to expand during the assessment period owing to the high consumption of phosphate & phosphonite antioxidants in the aviation, automotive, and the construction sectors. Countries such as the United Kingdom, France, and Germany are presumed to play a significant role in the market.
Drivers and Restraints Impacting the Market:
The percolation of plastic across strata in various industries have been fascinating. The utility of plastic has become a crucial part of the production procedure of sectors such as aerospace, automotive, electronics, packaging, construction, and more. Antioxidants also reduce the overall cost by stabilizing the shelf life of plastic products. Antioxidants are light in weight, offer stiffness, high tensile strength, and flexibility. Such attributes of plastic antioxidants are likely to drive the market during the forecast period. Moreover, with the growing disposable income along with rapid urbanization in developing countries, the market is presumed to expand in the coming years.
On the flip side, health administrative offices have adopted strict mandates regarding the toxicity of additives. Also, in different countries, the use of migratory synthetic antioxidant is restricted where the direct contact is unavoidable such as during medical use and packaging of food. Such factors are considered to act as speed breakers to the market growth during the review period.
The Global Plastic Antioxidants Market has been segmented on the basis of antioxidant type and polymer resin.
By mode of polymer resin, the global plastic antioxidants market has been segmented into polystyrene, polyethylene, acrylonitrile butadiene styrene, polypropylene, and polyvinyl chloride. Among these, the polypropylene resin segment is estimated to hold a significant share in the global market owing to its utility in packaging of food, hygiene films, heavy-duty sacks, compounding, and others. On the other hand, acrylonitrile butadiene styrene is extensively used in musical instruments likea recorders, piano, and others.
By mode of antioxidant type, the global market has been segmented into phosphite & phosphonite, phenolic, and antioxidant blends. Among these, the phosphite & phosphonite segment dominates the global market and holds the major share owing to its ability to protect products from decay and infuse them with better stability.
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