The global plastic antioxidants market size is projected to reach USD 2.8 billion by 2024, at a CAGR of 5.0 percent from USD 2.2 billion in 2019, according to a Markets and Markets report. The growth of the market is driven by the replacement of conventional materials by plastics in various industries and the increasing disposable income and rapid urbanization in emerging countries.
Phenolic Antioxidants Segment
Phenolic antioxidant was the largest segment in the plastic antioxidants industry, in terms of both value and volume, in 2019. Phenolic antioxidants are radical scavengers and protect plastics against thermal and oxidative degradation. These antioxidants can interrupt the overall oxidation process, hence, widely used in polyethylene and polypropylene polymer resins.
Polypropylene Segment
In terms of value, polypropylene polymer resin segment accounted for the largest plastic antioxidants market share in 2019. Polypropylene contains tertiary carbon atoms and is susceptible to oxidation. Hence, plastic antioxidants are used in the processing of polypropylene to restrict oxidation. The growing production and consumption of polypropylene in China and the growth in the automotive and packaging industries in this country is expected to drive the demand for plastic antioxidants.
APAC Estimated to be the Largest Market
The APAC region led the plastic antioxidants market in 2019, in terms of value. The increasing population in the region and the increased expenditure in the construction sector in emerging markets of China, India, and Indonesia are some of the major factors projected to drive the demand for plastics in the region.
Furthermore, improved lifestyle, increase in employment rate, rise in disposable income of the people, and increase in foreign investments in various sectors of the economy are some of the factors that make APAC an attractive market for plastic antioxidants manufacturers.
The key market players as per the report are
BASF (Germany),
SONGWON (South Korea),
Adeka Corporation (Japan),
SI Group (US),
Clariant (Switzerland),
Solvay (Belgium),
Sumitomo Chemical (Japan),
Dover Chemical Corporation (US),
Everspring Chemical Co., Ltd. (Taiwan), and 3V Sigma S.P.A. (US).
Source: Markets and Markets