Dublin, June 04, 2024 (GLOBE NEWSWIRE) -- The "Phenolic Antioxidants Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)" report has been added to ResearchAndMarkets.com's offering.
The global phenolic antioxidants market is projected to grow from US$4.67 billion in 2024 to US$5.95 billion by 2031, with a compound annual growth rate (CAGR) of 4%
This growth trajectory is driven by increased demand in key regions, particularly East Asia and North America, with significant consumption in the U.S., India, and China. Phenolic antioxidants, essential in various applications due to their powerful antioxidant properties, are gaining prominence across multiple industries.
Phenolic Antioxidants: Essential Properties and Health Benefits
Phenolic compounds, classified as primary antioxidants, are derived from one of the main classes of secondary metabolites in plants. They are found in numerous natural sources, including fruits, vegetables, spices, and herbal extracts. These compounds possess antioxidant properties through mechanisms such as eliminating free radicals, inhibiting the formation of reactive species, and preventing damage to lipids, proteins, and nucleic acids. Consequently, they offer numerous health benefits, including reducing oxidative stress and inflammation, improving heart health, and potentially lowering the risk of diseases like Alzheimer's, cancer, diabetes, autoimmune illnesses, neurodegenerative diseases, and cardiovascular conditions.
Efficient Lubricant Solutions Driving Market Growth
The need for efficient lubricant solutions in various industries is a significant driver of the phenolic antioxidants market. Industries such as infrastructure, oil and gas, mining, and metallurgy rely on heavy machinery that operates under extreme conditions, exposing them to high temperatures and excessive pressure, leading to wear and tear. Effective lubricant solutions, including hydraulic oil, greases, gear, and axle oil, are essential to minimize this wear and tear, reduce downtime, and maintain operational efficiency.
Phenolic antioxidants are added to lubricants by manufacturers to enhance thermal stability, increase corrosion resistance, and prolong the life of lubricants. The expansion of the automotive and aerospace industries further boosts the demand for specialized lubricants, thereby driving the demand for phenolic antioxidants in the long term.
Impact of Plastic Recycling and No-Plastic Movement
The global movement towards environmental sustainability and the implementation of strict regulations by governments in European countries such as Switzerland, Germany, Denmark, Finland, Luxembourg, and Austria are promoting plastic recycling. This trend supports a green and safe environment by adhering to the principles of the circular economy.
Countries like South Africa and Germany aim to produce zero plastic waste for landfills by 2030, focusing on recycling plastic waste and manufacturing new products from recycled plastic. Growing awareness among consumers about the hazards of plastic waste is shifting preferences towards recycled plastic products. Companies like ECOALF, Adidas, and Rothys are already producing products from ocean plastic waste, further boosting the demand for phenolic antioxidants used in these recycled products.
Leading Applications: Plastic and Rubber
In 2022, the plastic and rubber segment accounted for 64.3% of the phenolic antioxidants market share. Plastics, integral to numerous industries due to their exceptional properties and efficacy under harsh conditions, require high-temperature and high-pressure additives to slow down or minimize degradation. A range of plastic additives, including antioxidants, chemical blow agents, heat stabilizers, impact modifiers, plasticizers, and flame retardants, are essential to enhance the performance and durability of plastic products.
Phenolic antioxidants, used as additives in polymer processing, inhibit the oxidation of plastic products in harsh environmental conditions. The demand for plastic additives is strongly correlated with the production and consumption of plastics in the market. Plastic-based products and composites, known for their stiffness, strength, lightweight, high specific damping capacity, shock mitigation, and energy absorption properties, are gaining popularity in the automotive, defense, and aerospace industries. This increasing adoption of plastic materials is expected to drive the demand for phenolic antioxidants over the forecast period.
Rising Demand for Natural Phenolic Antioxidants
The natural source segment is set to witness robust growth, holding a 93.2% value share in 2022. The growing demand for natural antioxidants, driven by the need for nutrient-rich diets and oxidation prevention, especially in the food industry, is a significant factor. Natural antioxidants, extracted from plants (fruits, vegetables, legumes), algae, and mushrooms, are classified as phenolic compounds, carotenoids, and vitamins.
Natural phenolic antioxidants, the basic monomers of polyphenols in the phenolic ring, are further categorized as phenolic acids and flavonoids. There has been an increasing preference for natural antioxidants over synthetic ones due to consumer demand for functional foods and beverages with natural ingredients, maintaining their nutritional characteristics and flavor.
Key Market Players:
- Chemithon Corporation
- KPL International Limited
- Henan Surface Chemical Industry Co Ltd
- KLK OLEO
- Wilmar International Ltd.
- Stepan Company
- Lion Corporation
- K2 Industries
- Guangzhou Keylink Chemical Co., Ltd.
- Sinopec Jinling Petrochemical Co., Ltd.
The global Phenolic Antioxidants Market has been segmented into:
By Type:
- Mono-Functional
- Bi-Functional
- Multi-Functional
By Form
- Liquid
- Granule
- Powder
By Application Type:
- Plastic and Rubber
- Food and Feed Additives
- Pharmaceuticals and Personal Care
- Fuel and Lubricants
- Industrial lubricants
- Greases
- Engine Oils
- Hydraulic Fuels
- Transmission Fuel
- Others
By Source
- Natural
- Synthetic
By Region
- North America
- Latin America
- Europe
- China
- Japan
- South East Asia and Pacific
- Middle East and Africa (MEA)
For more information about this report visit https://www.researchandmarkets.com/r/rra2kq
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