Global Plastic Antioxidants Market - 2023-20230

Market Overview

The global plastic antioxidants market reached US$ XX million in 2022 and is expected to record significant growth by reaching up to US$ XX million by 2030, growing at a CAGR of 5.50% during the forecast period (2023-2030).

Polymers degrade and break down over time, influencing physical and mechanical qualities such as flow rate, heat stability and molecular weight. To reduce the heat oxidation of polymers, antioxidants have been created. In polymers, antioxidants prevent the generation of free radicals and hydroperoxide intermediates. Plastics have the same mechanical & electrical qualities and abrasion & chemical resistance as metals, glass, paper and ceramics. Continuous lightweight innovation in some industries and the desire for additional lightweight materials resulted in using plastic, glass, paper and ceramic in packaging, construction and the automotive industry. Adding these antioxidants to the plastic increases its resistance to sunshine and heat.

Antioxidants are compounds used in the manufacture of plastic. They are applied to plastic to prevent degradation caused by thermomechanical and thermooxidative conditions. Antioxidants aid in extending the life of plastic by increasing color deterioration, providing tensile strength and elongation and reducing impact strength, cracking and other surface deterioration. Primary and secondary antioxidants are the principal types of plastic antioxidants and primary plastic is frequently mixed with secondary to generate thermally stable plastic products. Furthermore, combining primary and secondary antioxidants improves processing stability during plastic manufacture.

Market Dynamics

The increased demand for plastic antioxidants for polymer resins such as PE, PP, PVC, PS and others in industries such as automotive, consumer goods, building & construction and medical & healthcare is driving the market. Plastics replacing traditional materials, rising medical demand and increased urbanization in developing nations will drive the plastic antioxidants market.

The growing demand for high-performance plastics across various end-use industries

Phenolic antioxidants are commonly used as an ingredient in the manufacture of plastics and rubber. Plastic is being used at an accelerating rate in various industries due to its outstanding characteristics. Plastic additives are used to improve efficacy and workability in tough settings such as high-temperature and high-pressure situations because they slow down or limit the degradation of plastic products.

Phenolic antioxidants are employed as antioxidant additives in polymer manufacturing because they prevent the oxidation of polymeric goods in hostile conditions. Furthermore, the growing use of plastic in the automobile industry to lower total weight will drive up demand for plastic additives. It will enhance phenolic antioxidant demand over the projection period.

Rising preference for plastics over other materials

Antioxidants are employed in various polymers, including PE, PP and PVC. These plastics are utilized in various industries, including packaging, building & construction and automotive. Plastics outperform traditional materials such as metals, glass, paper and ceramics in terms of mechanical and electrical characteristics, abrasion resistance and chemical resistance. Plastics have replaced metals, glass, paper and ceramics in the packaging, building & construction and automotive industries due to ongoing innovation and the need for more lightweight materials. It is projected to fuel the plastic antioxidants industry.

Plastics have contributed to significant advancements in safety, fuel efficiency and performance in the automotive industry, particularly in automobile design. For example, airbags composed of high-strength polymer fabric can lower the chance of fatal injury in a direct, frontal car crash. Child safety seats, roof linings, steering wheels, dashboards, fenders, fuel systems, headlamp covers and other exterior sections that are immediately exposed to heat and light are among the other developments.

Hazardous health effects of synthetic plastic antioxidants

Plastics are treated with antioxidants to maintain their structure and make them more thermally stable. Synthetic antioxidants, such as 2,6 di-tert-butyl-p-cresol (BHT), extensively employed in polymers such as PP and HDPE, are harmful to human health. According to one study, BHT produces mutations, cancers and endocrine consequences in test animals. It also triggers allergic reactions in people. LDPE, HDPE and PP bottles have also been demonstrated to leak measurable levels of BHT, Chimassorb 81, Irganox PS 800, Irganox 1076 and Irganox 1010 into the food contents.

The antioxidants' health impacts include endocrine disturbance, which can lead to cancer, developmental issues in children, congenital deformities and immune system suppression. Plastics containing antioxidants make various household goods, automotive parts, food packaging and building materials. These hazardous components leach from the plastic and into the human body. The demand for phenolic antioxidants is falling due to their negative health impacts.

COVID-19 Impact Analysis

The global epidemic has affected practically every industry on the planet. Government agencies have declared particular financial assistance for developing preventive and curative pharmaceuticals, acquiring critical care medical devices and expediting diagnostic test approval. The COVID-19 epidemic in 2020 wreaked havoc on numerous businesses around the world. The decline in demand for plastics from end-use industries such as automotive, building and construction, consumer products and packaging has resulted in a fall in demand for additives required to process plastics, particularly plastic antioxidants.

Industries opened up after 2020 but with limited staff and are projected to be fully operational by 2020. Given the considerations, the plastic antioxidants market will likely see negative growth in 2020 before rebounding with positive growth during the forecast year.

Segment Analysis

By polymer resin, the plastic antioxidants market is segmented into polypropylene, polyethylene, polyvinyl chloride, polystyrene and others.

The increasing use of polypropylene in packaging

Plastic antioxidants are additives introduced throughout manufacturing to prevent thermal and oxidative degradation and extend product shelf life. Plastic antioxidants are expected to be used the most in polypropylene polymer resin throughout the forecast period, owing to the rising use of polypropylene in the packaging industry, which is expected to drive the plastic antioxidant market.

Polypropylene is a thermoplastic polymer containing tertiary carbon atoms. Because it contains tertiary carbon atoms, it is prone to oxidation and thermal deterioration at high temperatures. Polypropylene is treated at temperatures ranging from 428°F to 536°F, where it degrades to generate low molecular weight compounds. To stabilize Polypropylene, antioxidants are added. Antioxidants are included during palletizing and manufacturing process.

Butylated hydroxyl-toluene (BHT), a primary antioxidant and phosphite and phosphonite, secondary antioxidants, are PP's most often utilized antioxidants. Polypropylene resins are also employed in heavy-duty sacks, hygiene films, compounding and other applications, which increases the need for polypropylene and results in the demand for plastic antioxidants.

Geographical Analysis

The rising usage of resins in various end-use industries in Asia-Pacific

Asia-Pacific is estimated to hold the largest plastic antioxidants market during the projected period. Plastic antioxidants are in high demand in countries such as China and India, owing to the rising use of various resins in various end-user sectors such as electrical & electronics, automotive and oil & gas.

Polyethylene and polypropylene resins are in high demand in the construction and building industries because of their thermal and oxidation resistance qualities. The region's growing urbanization and industrialization are driving up the demand for plastic antioxidants even more. The phenolic antioxidant type slows the oxidation of organic matter by transferring hydrogen atoms from their OH group to the chain carrying the ROO radical. Due to this, it is frequently utilized as a plastic additive in polyolefin and other plastic types.

Furthermore, due to features such as high tensile strength, stiffness and flexibility, acrylonitrile butadiene styrene resin is expected to rise significantly throughout the projected period, owing to its use in various end-user industries. Asia-Pacific construction industry is expected to grow at a healthy CAGR throughout the forecast period, which may result in high demand for polyethylene and polypropylene resins, raising demand for the region's plastic antioxidant market.

BASF SE, SONGWON and Solvay are some of the biggest corporations operating in Asia-Pacific. Furthermore, government backing and a fast-rising industrial base will likely increase the demand for plastic antioxidants during the projection period.

Competitive Landscape

The global plastic antioxidants market is fragmented, with the top five market players expected to control most of the market share. The phenolic antioxidants market has seen substantial growth in the last few years. Key players' chosen tactics for sustaining and expanding the worldwide phenolic antioxidants market include new product development, acquisitions and capacity expansion.

Songwon Industrial Co. Ltd. began producing phenolic antioxidants in Panoli (Gujarat), India, in 2018.

BASF opened the second phase of its new antioxidant manufacturing factory in Shanghai, China, in December 2019 to service the country's rapidly developing antioxidants market.

Major global plastic antioxidants market companies include: BASF SE, SI Group, Solvay S.A., Clariant AG, Sumitomo Chemical Co. Ltd, Astra Polymers, Everspring Chemical Co. Ltd, Dover Chemical Corporation, SONGWON and Ampacet Corporation.

BASF SE

• Overview: BASF, located in Germany, is one of the world's largest chemical manufacturers. Its offering comprises chemicals, materials, industrial solutions, surface technology, nutrition & care and agricultural solutions. It provides various system solutions, services and products for the chemical, automotive, construction, agriculture, oil, plastics, electrical, electronics, furniture and paper industries. The 11 divisions are divided into six parts based on their business models. They oversee 50 global and regional business units and 75 strategic business units.

• Product Portfolio: BASF manufactures antioxidants for plastics. Its Irganox® series contains the most antioxidants for usage in organic substrates such as plastics, synthetic fibers and elastomers. In a wide range of applications, Irganox® ensures long-term thermal and process stability. Irganox® branded antioxidants are provided globally, giving the polymer value chain the necessary stabilization, manufacturing flexibility and supply security. BASF experts are present worldwide to determine the best Irganox® antioxidant for any application. BASF also offers customer-specific blends (CSBs) made from extruded or compacted combinations of Irganox® antioxidants and additional additives.

• Key Development: BASF increased the manufacturing capacity of its antioxidant Irganox® 1010 at its Jurong Island, Singapore, plant in 2022 by incorporating an extra production line into the present production facilities. BASF's capacity expansion gives its clients more flexibility and assures supply reliability. The expanded capacity in Singapore will primarily service the rapidly rising Asia Pacific and Middle East markets.

Why Purchase the Report?

• Visualize the composition of the plastic antioxidants market segmentation by antioxidant, polymer resin and region, highlighting the critical commercial assets and players.
• Identify commercial opportunities in the plastic antioxidants market by analyzing trends and co-development deals.
• Excel data sheet with thousands of plastic antioxidants market-level 4/5 segmentation points.
• Pdf report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
• Product mapping in excel for the key product of all major market players

The global plastic antioxidants market report would provide access to an approx. 53 market data table, 42 figures and 202 pages.

Target Audience 2022

• Plastic Antioxidants Service Providers/ Buyers
• Industry Investors/Investment Bankers
• Education & Research Institutes
• Emerging Companies
• Plastic Antioxidants Manufacturers