WELLESLEY, Mass., Oct. 06, 2017 (GLOBE NEWSWIRE) -- Driven by increasing use in cosmetics, food, and pharmaceuticals, the global market for antioxidants is looking forward to rapid growth through 2022, with a CAGR of 4.2%, according to a report by BCC Research. The total market for antioxidants is forecast to reach $6.4 billion in 2022.
Antioxidants are increasingly in demand as an additive in rubber, especially in the Asia-Pacific region, where demand for tires is growing. The rise in demand for packaged food items, which use antioxidants in the preserving process, is boosting sales as well. The total consumption of antioxidants amounted to 775,100 tons in 2016 and is expected to reach 807,000 tons in 2017. The market is expected to continue at this rate, according to the report Antioxidants: Applications and Global Markets.
Major players in the antioxidants market are Addivant, Baker Hughes Inc., BASF, Chemtura Corp., Clariant, Danisco, DSM, Eastman Chemical Co., Evonik Industries, Kemin Europa, Naturex Inc., Perstorp, SI Group, Songwon Industrial Co., Sumitomo Chemical, Dow Chemical and Thermo Fisher Scientific.
Research Highlights
- Globally, synthetic antioxidants lead the market, with the total value expected to reach $6.1 billion by 2022. Natural antioxidants are expected to experience steady growth.
- The global market for synthetic antioxidants by 2022 will be led by amines, with 42.8% of the market, followed by substituted phenols, phosphites and thioesters.
- Pharmaceutical, ink, paint, coating and adhesive uses of antioxidants will lead market growth through 2022, with a CAGR of 7.8%.
“The Asia-Pacific region witnessed an enormous economic boost over the past few years,” said Kevin Fitzgerald, BCC Research editorial director. “Industrialization and increased protein intake has resulted in more meat—and processed meat—consumption, which has led to a growing market for antioxidants used as preservatives and food additives. India and China are expected to see continued high growth.”
Asia-Pacific Region Leads in Volume, but North America Expected to Grow the Most
The Asia-Pacific region led the world in sales of antioxidants in 2017 with sales estimated to reach $2.0 billion. This trend will continue through 2022, but North America will see faster growth with a CAGR of 5.6%.
Editors/reporters requesting analyst interviews should contact steven.cumming@bccresearch.com.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.