PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1482969
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1482969
The global phenolic antioxidants market is set for substantial growth, projected to rise from US$4.67 billion in 2024 to US$5.95 billion by 2031, with a steady compound annual growth rate (CAGR) of 4%. This growth is driven by increased consumption in key regions such as East Asia and North America, with the U.S., India, and China leading the market. Phenolic antioxidants, primarily derived from natural sources like fruits, vegetables, and spices, are essential in numerous industries due to their potent antioxidant properties and health benefits.
Phenolic Antioxidants: Health Benefits and Applications
Phenolic compounds are classified as primary antioxidants and originate from one of the main classes of secondary metabolites in plants. They are found in a variety of natural sources, including fruits, vegetables, spices, and some herbal extracts and supplements. These compounds possess antioxidant properties through several mechanisms, including their capacity to eliminate free radicals, inhibit the formation of reactive species during normal metabolic processes, and prevent damage to lipids, proteins, and nucleic acids, thereby preventing cell death.
As a result, phenolic antioxidants offer numerous health benefits, including reducing oxidative stress and inflammation, improving heart health, and potentially reducing the risk of diseases such as Alzheimer's, cancer, diabetes, autoimmune illnesses, neurodegenerative diseases, and cardiovascular diseases.
Lubricants and Their Role in Market Growth
The need for efficient lubricant solutions in various industries significantly drives the phenolic antioxidants market. Lubricants are crucial in numerous end-use industries such as infrastructure, oil and gas, mining, and metallurgy, which rely on heavy machinery for day-to-day operations. These heavy machines often operate under extreme conditions, exposing them to high temperatures and excessive pressure, leading to wear and tear.
To mitigate this wear and tear, machine operators use effective lubricant solutions to reduce downtime and enhance operational efficiency. Different types of lubricant oils, such as hydraulic oil, greases, gear oil, and axle oil, are used in machinery. Phenolic antioxidants are added to these lubricants by manufacturers to impart special properties, such as enhancing thermal stability, increasing corrosion resistance, and prolonging the life of the lubricants.
The expansion of the automotive and aerospace industries further fuels the demand for specialized lubricants, consequently increasing the demand for phenolic antioxidants over the long term.
Impact of Plastic Recycling and the No-Plastic Movement
Environmental concerns and stringent regulations implemented by governments across various European countries, such as Switzerland, Germany, Denmark, Finland, Luxembourg, and Austria, are promoting plastic recyclers to recycle plastic products and contribute to a green and safe environment. This trend aligns with the circular economy movement, which aims to produce zero plastic waste for landfills by 2030.
Countries like South Africa and Germany are leading this initiative by recycling plastic waste and manufacturing new products from recycled plastic. Rising awareness among people about plastic waste and the hazards related to plastic incineration and disposal are shifting consumer preferences from conventional plastic to recycled plastic. Companies like ECOALF, Adidas, and Rothy's have started manufacturing products from recycled ocean plastic waste, catering to the growing demand for sustainable products.
Dominant Application in Plastics and Rubber
The plastic and rubber segment accounted for 64.3% of the phenolic antioxidants market share in 2022. Plastic is an integral part of numerous industries due to its exceptional properties, better efficacy, and workability under harsh conditions. High-temperature and high-pressure plastic additives, including antioxidants, are used to slow down or minimize the degradation of plastic products.
Phenolic antioxidants are used as additives in the production of plastic products and composites. These plastic-based products and composites are gaining popularity for their applications in the automotive, defense, and aerospace industries due to their stiffness, strength, lightweight, high specific damping capacity, enhanced shock mitigation, and energy absorption properties. The increasing adoption of plastic across these industries to reduce weight is expected to drive the demand for phenolic antioxidants over the forecast period.
Growing Demand for Natural Sources
The natural source segment is set to witness robust growth during the forecast period, holding a 93.2% value share in 2022. There is a growing need for natural antioxidants due to increasing demand for nutrient-rich diets and the need to prevent oxidation, especially in the food industry. Natural antioxidants can be extracted from plants (fruits, vegetables, and legumes), algae, and mushrooms, and are classified as phenolic compounds, carotenoids, and vitamins.
Natural phenolic antioxidants, the basic monomer of polyphenols in the phenolic ring, are further classified into phenolic acids and flavonoids. In recent decades, there has been increasing demand for natural antioxidants over synthetic ones, driven by consumer preferences for functional foods and beverages with natural ingredients and additives that maintain their nutritional characteristics and flavor.
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