The plastic antioxidants market is expected to register a CAGR of over 5% during the forecast period. The major factors driving the plastic antioxidants market are the replacement of conventional materials by plastics and increasing demand for polypropylene. On the flip side, stringent regulations imposed on plastic usage and unfavorable conditions arising due to the COVID-19 outbreak are the major restraints hindering the market growth.
- Increasing applications of acrylonitrile butadiene styrene in various industries, such as electrical and electronics, home appliances, and automobiles, is expected to offer various lucrative opportunities for the growth of the market.
- By polymer resin, the polypropylene segment is expected to dominate the plastic antioxidant market, owing to its susceptibility to oxidation and thermal degradation.
- The Asia-Pacific region dominated the market across the world, with the largest consumption from countries, such as China and India.
Key Market Trends
Increasing Demand for Polypropylene Resin
- Plastic antioxidants are additives that are added during plastic production to eliminate thermal and oxidation degradation, and they help in increasing the shelf-life of products.
- The usage of plastic antioxidants in polypropylene polymer resin is projected to be the highest during the forecast period, owing to the increasing use of polypropylene in packaging applications, which is likely to drive the plastic antioxidant market.
- Polypropylene resins are also used in heavy-duty sacks, hygiene films, compounding, and others, which is increasing the demand for polypropylene, and consequently, the demand for plastic antioxidants is increasing.
- The plastic packaging market value was estimated at USD 345.91 billion in 2019. It is expected to register a CAGR of over 3% during the forecast period and reach a value of USD 426.47 billion by 2025, which would increase the demand for polypropylene for packaging applications, thus stimulating the demand in the plastic antioxidant market.
- Owing to the above-mentioned factors, the plastic antioxidant market is expected to grow rapidly over the forecast period.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to dominate the plastic antioxidants market during the forecast period. In countries like China and India, owing to the increasing usage of various resins in various end-user industries, like electrical and electronics, automotive, and oil and gas, the demand for plastic antioxidants has been increasing in the region.
- Owing to their thermal and oxidation resistance properties, the demand for polyethylene and polypropylene resins in the construction and building sector has been on the rise. The rapid increase in urbanization and industrialization in the region is further propelling the demand for plastic antioxidants.
- The phenolic antioxidant type reduces the rate of oxidation of organic matter by transferring hydrogen atom from their OH group to the chain that carries ROO radical, owing to which it is widely used as a plastic additive in polyolefin and other plastic types.
- Furthermore, acrylonitrile butadiene styrene resin is predicted to witness significant growth during the forecast period, due to use in several end-user industries, owing to properties, such as high tensile strength, stiffness, and ductility.
- The construction industry in Asia-Pacific is projected to register a CAGR of over 5% during the forecast period, which may create high demand for polyethylene and polypropylene resins, thereby increasing the demand for the plastic antioxidant market in the region.
- Some of the major companies operating in the Asia-Pacific region are BASF SE, SONGWON, and Solvay.
- The aforementioned factors, coupled with government support, are expected to contribute to the increasing demand for plastic antioxidants during the forecast period.
The plastic antioxidant market is fragmented, with the top players accounting for a marginal share of the market. The major companies in the market include BASF SE, Solvay, SONGWON, SI Group Inc., and Clariant.
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