New York, Nov. 14, 2022 (GLOBE NEWSWIRE) -- Global demand for antioxidants is expected to witness a growth rate of 4.5% during the period of 2022 and 2032. Significant demand for property enhancement of plastic materials for application in key end-use industries is expected to remain a key growth factor for the market.
East Asia is expected to dominate the global market as the region is a key producer of plastic materials. Strong presence of key end-use industries, including automotive, paints & coatings, adhesives & sealants, lubricants, etc., in East Asia is also driving the consumption of antioxidants in the region. Increased penetration of plastic utilization in automotive, construction, and other end-use industries will benefit the demand outlook for antioxidants over the coming years.
Key end-use industries such as packaging, construction, automotive, oil & gas, and others require parts with enhanced properties along with light weight. This factor is bolstering the market for antioxidants due to increasing consumption in plastic material production. Further, antioxidants derived from phenolic compounds are employed as an additive in the manufacture of plastic goods and composites.
On the flip side, the market for antioxidants is likely to face certain challenges over the coming years, such as a decrease in plastic usage, go-green initiatives by several nations, recycling of plastics, government regulations and standards for chemical industries, etc.
“Demand for plastics is increasing from the agricultural sector for greenhouse cover shading and other applications, which can create lucrative opportunities for antioxidant suppliers over the coming years,” says a Persistence Market Research analyst.
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Key Takeaways from Market Study
- The global market for antioxidants is estimated to reach a value of US$ 5.7 Bn by the end of 2032.
- The alkyl phenol derivatives segment is estimated to account for more than 50% share of the overall demand for antioxidants in terms of volume.
- The PVC application segment is set to expand at a CAGR of 5% through 2032.
- Petroleum-based products are expected to account for 26.7% share of the overall consumption of antioxidants.
- East Asia will remain a key consumer of antioxidants, with China itself accounting for 19.7% of the global demand.
- India is expected to be the fastest-growing market with an anticipated CAGR of 5.7% between 2022 and 2032.
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Competitive Landscape
Key market participants are focusing on expanding their production capacities and are installing production units in emerging economies to bolster their sales. Market players are also exploring new applications through product development to cater to the growing industrial challenges by providing application-specific solutions.
Key market players covered in the research study of antioxidants are BASF SE, Vinati Organics, Trigon Antioxidants Pvt. Ltd., Sandhya Organic Chemicals Pvt. Ltd., Songwon, SI Group, UPL, Sarex, VDH Chem Tech Pvt. Ltd., Adishank Chemicals Pvt. Ltd., Khera Chemical Industries, Cristol, Sasol Limited, Prakash Chemicals, Adeka Corporation, and Clariant AG.
Key market developments:
- On October 2022, SI group announced the expansion of its production capacity of aminic antioxidants at the Rasal, India facility. The facility will produce Ethanox 4757 (octylated-butylated diphenylamine) primary antioxidant, which is used in lubricants, greases, heat transfer fluids, and others.
- On May 17th, 2022, BASF announced the expansion of the production capacity for its Irganox 1010 at Jurong Island, Singapore. This will serve the fast-growing Asia Pacific and Middle East markets.
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