PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1477133
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1477133
Plastic Antioxidants Market size was valued at USD 1,998.32 Million in 2023, expanding at a CAGR of 5.91% from 2024 to 2032.
Plastic antioxidants play a crucial role in preventing thermal oxidation in plastics. There exist two distinct categories of plastic antioxidants. These antioxidants effectively counteract the harmful effects of free radical molecules, which accelerate the oxidation process and can cause damage to the plastic material. By inhibiting the oxidation process through reactive species reactions and decomposition, plastic antioxidants effectively enhance the durability of plastics. This enhanced durability enables the plastics to withstand corrosion and degradation caused by exposure to heat, light, and chemicals. Moreover, antioxidants safeguard polymers from oxidation by regulating molecular weight changes, thereby preventing any loss in physical, mechanical, and optical properties. It is important to note that factors such as heat, light, and mechanical stress can contribute to the degradation of the polymer.
Plastic Antioxidants Market- Market Dynamics
increasing adoption of resins and antioxidantes in emerging economies is expected to propel the market growth
The demand for a wide range of plastic products in various sectors such as automotive, construction, packaging, electronics, and consumer goods is increasing due to the rapid industrialization and urbanization in emerging economies. As plastics are being used more extensively in these applications, there is a growing need for antioxidants to protect the materials from degradation and extend their lifespan. Consequently, this is fueling the growth of the market. According to the U.S. Environmental Protection Agency, plastics have become a significant part of municipal solid waste (MSW), with the containers and packaging category accounting for the highest plastic tonnage in 2018, exceeding 14.5 million tons. Moreover, the rising awareness regarding environmental conservation and technological advancements present growth opportunities for the market. Nevertheless, adherence to regulatory standards may pose limitations on market growth.
Plastic Antioxidants Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 5.91% over the forecast period (2024-2032)
Based on Resin segmentation, Polypropylene was predicted to show maximum market share in the year 2023
Based on Antioxidants segmentation, Phenolic was the leading type in 2023
Based on Application segmentation, automotive was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Plastic Antioxidants Market is segmented on the basis of Resin, Antioxidants, Application, and Region.
The market is categorized into five sections according to the type of Resin used: Polypropylene, Polyethylene, Polyvinyl Chloride, Polystyrene, Acrylonitrile Butadiene Styrene, and Others. Among these, Polypropylene holds the largest share in the market. With the increasing global demand for polypropylene, driven by its versatility, cost-effectiveness, and recyclability, the market for antioxidants in polypropylene is projected to witness consistent growth and advancements to meet the changing needs of the industry and regulatory standards.
The market is segmented into three divisions according to Antioxidants: Phenolic, Phosphite, and Phosphonite, as well as Antioxidant Blends and Others. Phenolic antioxidants are the leading category in the market. They are essential for improving the stability and functionality of plastic materials, making them suitable for various applications in different industries.
The market is segmented into three categories according to Application: Packaging, Construction, Automotive, and Other. The automotive industry holds the largest share in the market. Within the plastic antioxidants market, the automotive sector stands out as a key driver of demand, given the widespread utilization of plastics in different automotive applications.
Plastic Antioxidants Market- Geographical Insights
Geographically, this market extends across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further categorized based on the countries involved in business activities. The market growth is primarily driven by North America, which is attributed to the expansion of the automotive and construction sectors. The increasing production of vehicles and the growing utilization of plastics in automotive components are fueling the demand for plastic antioxidants in the automotive sector. According to the international trade administration, the United States possesses one of the largest automotive markets globally. In 2020, U.S. light vehicle sales reached 14.5 million units, making it the world's second-largest market for vehicle sales and production. Autos Drive America reports that international automakers manufactured 5 million vehicles in the United States during the same year. Plastic antioxidants also find extensive applications in construction materials, including pipes, cables, fittings, roofing, flooring, and insulation. Europe, on the other hand, ranks as the second-largest region for market growth during the forecast period, driven by the increasing demand for packaged food and beverages.
In the competitive landscape of the Plastic Antioxidants Market, companies are focused on creating new antioxidants that provide better performance, stability, and compatibility with various polymers. By introducing innovative antioxidant chemistry, like multifunctional additives or synergistic blends, companies gain a competitive advantage. Moreover, competition in this market is fueled by companies' efforts to enter new geographical areas and grow their customer base. The Plastic Antioxidants Market is marked by fierce competition, prompting companies to innovate constantly, enhance product offerings, and broaden their market reach to outshine their rivals.
On September 19, 2023, BASF made an announcement regarding the introduction of the industry's initial biomass balance offerings for plastic extracts. These new offerings, namely Irganox 1010 BMBcert and Irganox 1076 FD BMBcert, have received certification from TUV Nord for mass balance in accordance with the ISCC PLUS standards.
Moving forward to April 6, 2023, Clariant is set to showcase its diverse range of additive solutions at the upcoming Chinaplas 2023 exhibition in Shenzhen, China. During the event, Clariant will demonstrate how these innovative additive solutions are contributing additional value and opening up new possibilities for the future of the plastic industry.
GLOBAL PLASTIC ANTIOXIDANTS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
ADEKA CORPORATION
3V Sigma SpA
Ampacet Corporation
Astra Polymers
BASF SE
Clariant
Dover Chemical Corporation
Emerald Performance Materials
Everspring Chemical Co. Ltd
Milliken & Company
OMNOVA Solutions Inc.
Oxris
SI Group Inc.
Solvay
SONGWON
Sumitomo Chemical Co. Ltd
Trigon Antioxidants Pvt. Ltd
Others