Global Synthetic Antioxidants Market - 2023-2030

Overview

Global Synthetic Antioxidants Market reached US$ 4.4 billion in 2022 and is expected to reach US$ 7.2 billion by 2030, growing with a CAGR of 6.3% during the forecast period 2023-2030.

Consumers' increasing interest in health-conscious lifestyles *is driving demand for products with synthetic antioxidants to preserve nutritional value and extend shelf life. Growing awareness about sustainability is pushing manufacturers to explore eco-friendly synthetic antioxidants and sustainable packaging solutions.

The rise in demand for functional foods and dietary supplements is propelling the use of synthetic antioxidants to preserve the potency of bioactive ingredients. The surge in online shopping is driving the need for synthetic antioxidants to maintain product quality during shipping and storage. As developing economies grow, the consumption of processed foods and packaged goods is increasing, boosting the demand for synthetic antioxidants.

Asia-Pacific holds a rapidly growing food and beverage. Synthetic antioxidants are widely used in this sector to extend the shelf life of products by preventing oxidative deterioration. The region's large and diverse consumer market drives the demand for processed and packaged foods, contributing more than 62.3% to the synthetic antioxidants market.

Manufacturers are innovating to create multi-functional antioxidants that offer additional benefits beyond preservation. New formulations expand the application scope of synthetic antioxidants, catering to diverse consumer needs. Consumer preferences for longer shelf life and health benefits are driving the demand for products with synthetic antioxidants, influencing the market growth.

For instance, on October 12, 2022, SONGWON launched new products at K 2022, highlighting its commitment to the industry. SONGWON manufactured a comprehensive range of antioxidants and UV stabilizers in a full range of physical product forms. By continually increasing its production capacity to match the needs of the markets it served and with its proprietary technology and backward integration.

Dynamics

Increasing Demand for Processed Foods

The global synthetic antioxidants market is experiencing significant growth due to the increasing demand for processed foods. Consumer preferences shift towards convenience and longer shelf-life products, the processed food industry has witnessed a surge in popularity. This trend is propelling the demand for synthetic antioxidants, which is maintaining the quality and stability of processed food products.

The global synthetic antioxidants market is benefiting from the increasing demand for processed foods through its innovative approaches and strategic alliances. The market's response to the growing trend of processed foods underscores its pivotal role in ensuring the overall quality and longevity of these products on a global market. The processed food sector continues to flourish, the synthetic antioxidants market is poised to thrive in tandem, presenting abundant opportunities for growth and expansion.

Manufacturers in the synthetic antioxidants market are developing innovative solutions that cater to the unique challenges posed by processed foods, such as oxidative degradation and spoilage. As a result, the market is experiencing an influx of research and development efforts aimed at producing highly effective and versatile synthetic antioxidants.

Expanding Automotive Industry

The automotive industry relies heavily on synthetic antioxidants to protect crucial components such as rubber seals, gaskets and plastic parts from oxidation-induced degradation. As the market for vehicles expands, the need for reliable antioxidant solutions to ensure component longevity will rise, thus boosting the synthetic antioxidants market.

There's a parallel need for vehicles to have longer lifespans and reduced maintenance requirements with a growing automotive market. Synthetic antioxidants play a pivotal role in preserving the integrity of materials and fluids in vehicles, contributing to their extended lifespan and reduced operational costs.

Modern automotive engines demand high-performance fuels and lubricants. Synthetic antioxidants are utilized to enhance the stability of these fluids, ensuring efficient combustion, reduced wear and lower emissions. As the automotive industry continues to advance, the demand for improved fuel and lubricant systems will drive the synthetic antioxidants market.

Rising Health and Wellness Trends

Consumers are focusing on products that align with their healthier lifestyle options. Synthetic antioxidants are used in various foods and beverages to extend the shelf life of these products maintaining their nutritional integrity and meeting the demands of health-conscious people, which drives market growth.

Natural products are getting demand due to their health benefits. Synthetic antioxidants can be used to preserve the quality of natural and organic foods, beverages and cosmetics without compromising their organic status, thereby addressing the market's demand for both quality and natural ingredients.

The market for functional foods and nutraceuticals offering health benefits is expanding the market growth. Synthetic antioxidants contribute to the stability of vitamins, minerals and bioactive compounds in these products, aligning with the growing consumer interest in products that promote well-being. To meet the demand consumer demands manufacturers are producing new products in the market.

For instance, on March 2, 2022, SI Group, a prominent company specializing in performance additives, announced its latest development: an augmented production capacity for ETHANOX 4716 and NAUGARD PS48 hindered phenolic ester antioxidants at its Jinshan, China facility. This expanded capacity is fully operational.

Expansion within the Personal Care Sector

The personal care market is witnessing a surge in demand for natural cosmetics. Synthetic antioxidants can be used to ensure the stability and longevity of these products, aligning with the consumer preference for natural ingredients. Synthetic antioxidants contribute to the stabilization of UV filters in sunscreen formulations. Consumers become aware of the importance of sun protection and the market for these products expands, driving the need for synthetic antioxidants.

The demand for high-quality cosmetic products increases as consumers prioritize personal grooming and appearance. Synthetic antioxidants ensure the preservation of color, texture and fragrance in these products, enhancing their appeal in the market. This global market presence creates consistent demand for synthetic antioxidants, as cosmetics and skin care products need to remain fresh and effective during distribution and use.

Consumers Shift Towards Natural Alternatives

As consumers increasingly prioritize natural and organic options, the market for synthetic antioxidants faces challenges, as these additives are perceived as less aligned with the trend toward clean labels and natural products. The clean label movement advocates for products with transparent and simple ingredient lists. Synthetic antioxidants do not align with this movement, as consumers seek products without synthetic and chemical-sounding additives, restraining market growth.

Consumers are seeking products with naturally derived preservation methods. This shift could lead to a reduction in demand for synthetic antioxidants, as brands opt for alternative natural preservation methods. Some consumers associate synthetic ingredients with potential health risks and environmental concerns. This perception could lead to decreased market acceptance of products containing synthetic antioxidants.

Stringent Regulations

Stringent regulations often require extensive testing, documentation and compliance procedures. This can lead to increased production costs for synthetic antioxidants, impacting their market competitiveness. Regulatory restrictions limit the permissible usage levels of certain synthetic antioxidants due to potential health and environmental concerns. This could constrain their application in various products and industries.

Stringent regulations mandate clear and accurate labeling of synthetic antioxidants. Meeting these labeling requirements can be complex and time-consuming, affecting market entry and sales. Stricter regulations make it challenging for new manufacturers to enter the synthetic antioxidants market due to the high level of regulatory scrutiny and compliance needed.

Segment Analysis

The global synthetic antioxidants market is segmented based on type, properties, application and region.

Hindered Phenols Effective Antioxidant Properties and Diverse Applications

The hindered phenols segment held the largest share and is expected to maintain the momentum in the forecast period covering more than 46.5% of the global synthetic antioxidant market. Hindered phenols are known for their strong antioxidant properties. They are capable of effectively inhibiting oxidation reactions, which helps prevent the degradation of materials. This efficacy is making them a preferred choice in various industries, boosting their demand within the market.

Hindered phenols find applications across a wide range of industries, including plastics, rubber, adhesives and coatings. This versatility is contributing to their extensive adoption, as they provide long-lasting protection against degradation and extend the lifespan of products. This broad application base is expanding its presence in the market.

Continuous research efforts are leading to the development of innovative formulations of hindered phenols with improved performance characteristics. These advancements are enabling manufacturers to offer tailored solutions that address specific customer needs, enhancing their competitiveness in the market.

Geographical Penetration

Economic Growth and Industrialization, Expanding Middle Class and Consumer Demand

Asia Pacific region's dominance in the global synthetic antioxidant market is expected to maintain momentum in the forecast period covering more than 70.2% of the global synthetic antioxidant market. Asia Pacific region is experiencing rapid economic growth and industrialization over the years. This growth is leading to increased manufacturing activities in industries such as automotive, packaging and electronics, all of which heavily rely on synthetic antioxidants to protect their products from degradation, which drives the demand for synthetic antioxidants in the market.

The rise of a prosperous middle class in countries across Asia Pacific is translating to higher consumer demand for various products, including items made from materials that require protection against degradation, such as plastics and rubber. This surge in consumer demand is further fueling the need for synthetic antioxidants, contributing to the region's dominance in the market.

The region has significant investments in research and development, leading to the creation of innovative antioxidant formulations tailored to specific industries and applications. These advancements are propelling the adoption of synthetic antioxidants in the market by offering improved performance and effectiveness.

For instance, on May 17, 2022, BASF SA expanded the production capacity of its Irganox 1010 antioxidant. This expansion occurred at the company's Jurong Island site in Singapore, where an extra production line was seamlessly integrated into the existing facilities.

COVID-19 Impact Analysis

The global supply chain was heavily disrupted due to lockdowns and transportation limitations. This impacted the availability of raw materials and the manufacturing of synthetic antioxidants, leading to market shortages. Non-essential sectors like cosmetics, automotive and luxury goods faced reduced consumer demand during lockdowns. This resulted in decreased demand for synthetic antioxidants in these industries.

Social distancing measures and labor shortages in manufacturing facilities led to reduced production capacities for synthetic antioxidants, affecting market supply. Economic uncertainties stemming from the pandemic caused consumers to become more price-sensitive. Some synthetic antioxidants, perceived as cost-inflating additives, have faced market resistance.

However, the heightened awareness of health and hygiene during the pandemic has driven the demand for packaged and preserved foods and beverages. Synthetic antioxidants, as preservatives, experienced increased demand in the market. Consumers sought products with extended shelf lives due to lockdowns and reduced shopping trips. Synthetic antioxidants played a role in meeting this demand by maintaining the freshness of packaged goods.

The pandemic emphasized the importance of maintaining health and wellness. Synthetic antioxidants, with their ability to preserve the nutritional value of products, are aligned with the health-conscious market trend. With physical store closures, online retail witnessed significant growth. Synthetic antioxidants adapted to this change by being incorporated into products that were purchased through e-commerce platforms.

Russia-Ukraine War Impact Analysis

The Russia-Ukraine conflict disrupts supply chains as it affects transportation routes and logistics networks. This disruption can lead to challenges in sourcing raw materials and distributing synthetic antioxidants, impacting the overall market availability. Escalations in the conflict lead to trade restrictions, embargoes and sanctions on goods between the involved countries. This can hinder the flow of synthetic antioxidants, affecting global market access and distribution.

The conflict can create divisions in the market due to varying reactions and responses from different regions. Some markets become more cautious, affecting the demand for synthetic antioxidants. Companies consider relocating manufacturing facilities to more stable regions. This could impact production capacities and supply chain dynamics in the synthetic antioxidants market.

By Type

• Amines
• Hindered Phenols
• Phosphites
• Thioesters
• Others

By Properties

• Stability
• Solubility
• Compatibility
• Migration Resistance
• Low Volatility
• Others

By Application

• Rubber and Latex
• Plastics
• Food and Feed
• Petroleum Fuels
• Cosmetics and Personal Care
• Pharmaceuticals
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico

• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe

• South America
  • Brazil
  • Argentina
  • Rest of South America

• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific

• Middle East and Africa

Key Developments

• On February 28, 2022, Kao established a tertiary amine production facility in Texas, USA, enhancing the core of its chemical operations. This move underscores Kao's commitment to solidifying a robust supply infrastructure for the thriving U.S. market, which is poised for sustained growth.
• On July 21, 2021, FBSciences, an internationally recognized frontrunner in agricultural biologicals, introduced a groundbreaking range named BenePhite. This series of phosphite-based products stands out due to its incorporation of multiple modes of action, powered by FBS Transit technology.
• On October 16, 2019, Nouryon introduced the initial ethylene amine products within the demonstration plant. This accomplishment serves as a confirmation of the new technology's viability on an industrial scale, signifying a crucial advancement toward complete commercial implementation.

Competitive Landscape

The major global players in the synthetic antioxidants market include: BASF SA, Eastman Chemical Company, Lanxess, SONGWON Industrial Group, SI Group, Adeka, Everspring, Solvay S.A., Rianlon and Clariant.

Why Purchase the Report?

• To visualize the global synthetic antioxidants market segmentation based on type, properties, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of synthetic antioxidants market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global synthetic antioxidants market report would provide approximately 61 tables, 66 figures and 186 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies