Dublin, March 26, 2024 (GLOBE NEWSWIRE) -- The "Butylated Hydroxytoluene - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029" report has been added to ResearchAndMarkets.com's offering.
The Butylated Hydroxytoluene Market size is estimated at USD 250.08 million in 2024, and is expected to reach USD 328.55 million by 2029, growing at a CAGR of 5.61% during the forecast period (2024-2029).
The outbreak of coronavirus disease (COVID-19) has acted as a massive restraint on the plastics and rubber products manufacturing market in 2020. The supply chains were disrupted due to trade restrictions, and consumption declined due to lockdowns imposed by governments globally, which eventually led to the closure of various manufacturing units pertaining to rubber, personal care, and food and beverage processing industries. This has led to a decrease in the demand in the butylated hydroxytoluene market globally. However, on the flip side, due to rising health concerns, the sudden increase in demand for PPE kits and personal care and hygiene products such as sanitizers, detergents, etc., in the pandemic scenario has provided opportunities for the growth of the butylated hydroxytoluene market.
Key Highlights
- Over the medium term, the major factor driving the butylated hydroxytoluene market is the increasing demand for antioxidants from the polymer industry. 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 as polypropylene usage has increased in packaging applications, which is likely to drive the plastic antioxidant market, stimulating the demand for the market studied.
- On the flip side, stringent regulations due to increasing health concerns are expected to hinder the growth of the market.
- By end-user industry, the plastics and rubber industry is expected to dominate the market studied over the forecast period.
- The Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period, owing to the increasing consumption from countries such as China, India, and Japan, among others.
Increasing Demand from the Plastics and Rubber Industry
- Butylated hydroxytoluene is widely used in the plastics and rubber industry owing to its antioxidant characteristics, and its usage is expected to grow rapidly during the forecast period.
- Earlier, rubber was coated with antioxidants to protect it from oxidation, and once the outer coating wears off, the unprotected rubber will instantly undergo oxidation. Chemicals are incorporated into the rubber during mixing instead of coating the rubber surface to prevent this.
- Antioxidants react with oxygen trapped in the rubber compound during mechanical mixing and later bleed to the surface, thereby providing complete protection for rubber from oxidation.
- Similarly, in plastics, oxidation leads to discoloration and general disorientation. It can either be caused by oxidation or free radical generation. Free radicals are generated due to heat, mechanical stress, and radiation. Antioxidants react with free radicals and prevent the degradation of plastics.
- Moreover, according to the World Economic Forum, by the year 2050, global plastic production is expected to reach three times the current volume. Therefore, the growing demand for plastics is expected to drive the market demand for butylated hydroxytoluene.
- The demand for rubber is increasing in recent years. For instance, on October 2022, Bridgestone Corporation announced that it approved plans to invest USD 26.7 million to strengthen its investments in its rubber plantations in South East Asia. The investments aim to ensure a sustainable natural rubber supply for producing tires.
A selection of companies mentioned in this report includes
- Anmol Chemicals Group
- Dycon Chemicals
- Finar Limited
- Guangzhou ZIO Chemical Co. Ltd
- Honshu Chemical Industry Co. Ltd
- LANXESS
- Merck KGaA
- Milestone Preservatives Pvt. Ltd
- OXIRIS
- Ratnagiri Chemicals Pvt. Ltd
- VDH Chem Tech Pvt. Ltd
- Yufeng International Co. Ltd
For more information about this report visit https://www.researchandmarkets.com/r/vlkfbi
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