The Global Plastic Antioxidants Market is valued at USD 1852.4 Million in 2022 and is expected to reach USD 2712.6 Million by 2029 with a CAGR of 5.6% over the forecast period.
Global Plastic Antioxidants Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2023-2029: Increasing demand of plastic over conventional material, rising R & D activities and investments by players and rapid urbanization in developing countries are some of the major factors anticipated to drive the growth of the Global Plastic Antioxidants Market within the Forecast Period.
A group of chemicals that slow down the process of oxidation in plastic are called plastic antioxidants. Oxidation causes a chemical reaction that damages the polymer molecules in plastic, degrading their strength and appearance. Plastic antioxidants are added to plastics during the manufacturing process to reduce the effect of thermal oxidation induced by processing temperatures. Types of plastic antioxidants are phenolics, phosphites, antioxidants blends and others. They protect plastic surfaces from UV damage, making them crucial for outdoor applications. Manufacturers are investing in plastic antioxidants for product performance, prolonging product life. Plastic antioxidants are used for the stabilization of plastics and increasing shelf life and durability hence likely to gain in importance during the forecast period.
The Covid-19 pandemic has had a significant impact on the global plastic antioxidants market. The market witnessed a decline in demand in 2020 due to disruptions in the global supply chain, decreased industrial production, and decreased demand for plastic products. However, the market is expected to recover in the coming years due to the increasing demand for plastic products in various end-use industries such as packaging, automotive, and construction. Additionally, the growing demand for eco-friendly plastic products and the development of sustainable plastic antioxidants are expected to drive the growth of the market in the long run. The pandemic has also accelerated the trend towards digitalization and automation in the chemicals industry, which is expected to lead to increased efficiency and productivity in the plastic antioxidants market.
The global plastic antioxidants market is segmented on the basis of type, polymer resin, application and region & country level. On the basis of type, the market is segmented into phenolics, phosphites, antioxidants and others. On the basis of polymer resin, the market is segmented into PE, PP, PVC, PS, ABS and others. On the basis of application, the market is segmented into packaging, construction, automotive and others.
The regions covered in global plastic antioxidants market report are North America, Europe, Asia-Pacific, Latin America, and Rest of the World. Based on country level, the market of global plastic antioxidants market is subdivided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, India, Japan, Southeast Asia, Middle East Asia (UAE, Egypt, Saudi Arabia) GCC, Africa, etc.
Some of the key players for the global plastic antioxidants market are -
One of the major factors driving the growth of the global plastic antioxidants market is the increasing demand of plastic over conventional material. Plastics are preferred by manufactures as they have a number of advantages over conventional materials such as plastics are lighter in weight, which makes them easier to transport and less expensive to ship. Also, plastics reliability, cost efficiency, faster production rates, etc made plastics a preferred material for creating industrial parts. Hence, because of these amazing applications, plastic is a popular choice for manufactured goods. And the rising demand of plastic will directly increase the demand of plastic antioxidants for the forecast period.
In addition, rising R & D activities and investments are also supplementing the growth of global plastic antioxidants market. The use of plastic antioxidants by companies to increase product durability and various strategies such as investments and R & D activities taken by market players which directly boost the market of global plastic antioxidants. For instance; on May 17th, 2022; BASF doubled its production capacity for Irganox 1010 plastic antioxidants in Singapore owing to demand in Asia and the Middle East.
Moreover, the rapid urbanization in developing countries is also fueling the market growth. The rapid urbanization in many developing countries resulted in a rise in the number of high-rise buildings and construction projects this, in turn, will influence the growth rate of the plastic antioxidants in various end users’ companies. For instance; as per the United Nations Organization, two out of three inhabitants in 2050 will live in urban areas. Hence the rapid urbanization is a significant factor driving the demand of plastic antioxidants.
However, the toxicity risks associated with the use of plastic antioxidants may hinder the market growth. In spite of that rising demand from the construction and automotive sector may offer more opportunities for the further growth of the market.
Asia Pacific is expected to show a significant growth in the global plastic antioxidants market due to the presence of market players, development of construction industry and the rising demand for plastics in industries in this region. One of the major factors driving the global plastic antioxidants in Asia Pacific is the presence of major key players and R & D activities in this region. For instance; Kawaguchi Chemical industry Co., Ltd. and Ever spring Chemical Co., ADEKA Corporation operate in this region. In addition, the development of the construction industry in emerging countries such as India, China and Japan are also, supplementing the demand for plastic antioxidants.
Europe is the fastest growing region for the global plastic antioxidants due to research and development in plastic antioxidants, rising awareness about polymers and automotive applications in this region. For instance; BASF SE, a Germany-based company, opened a new manufacturing plant for antioxidants at its Caojing site in Shanghai, China with an annual capacity of 42,000 tons on January 23rd, 2019.
BASF Opened First Phase of The New Antioxidants Manufacturing Plant in Shanghai
On January 23rd, 2019; A new, world-scale antioxidants manufacturing plant at its Caojing site in Shanghai, China inaugurated by BASF IN January 2019. The plant will produce antioxidants and associated forms and blends for the plastic additives market with an annual capacity of 42,000 tons. The company aimed to strengthen companies position as the leading global supplier of antioxidants, with this investment.
|2016 - 2021
|2022 - 2029
|Market Size in 2022:
|USD 1852.4 Million
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2029:
|USD 2712.6 Million
|Tables, Charts & Figures:
|Clariant, SI Group, Inc., BASF SE , Solvay , OMNOVA Solutions Inc., ADEKA Corporation, Kawaguchi Chemical industry Co., Ltd., Dover Chemical Corporation, SK Capital and others
|By Type, By Polymer Resin, By Application
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
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