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Aminic Antioxidants Market Analysis :
Antioxidants are chemicals that are used to restrain material oxidation. Under the presence of oxidative agents such as oxygen, oxidation starts to form a wide range of oxidation products of higher or lower molecular weight as compared to the original oil. Owing to their functionality, antioxidants are known as shelf life extenders. Thus, they are majorly applicable in food additives, cosmetics, and animal feed manufacturing. Aminic antioxidants are mainly used as fuel & lubricant additives. Additives are used for lubrication purposes and for continuous oil use in engines and gearboxes. Without additives, the oil might contaminate, break down, or leak out and fail to protect the engine parts. Thus, with increase in investments across lubricant production facilities, the consumption of aminic antioxidants is anticipated to grow during the projected timeframe.
Key drivers of global aminic antioxidants market
Rise in demand for plastic additives and increase in production of lubricants, relatively stable economic conditions, and consistent development of the automotive industry in emerging economies are the key factors expected to fuel the demand for aminic antioxidants. Increase in adoption of aminic antioxidants as alternatives for zinc dialkyldiphosphates (ZDDP) is found to be a key factor assisting the growth of the market for aminic antioxidants, as ZDDP possesses superior antioxidant and wear-resistant properties. Environmental regulations, however, have enforced the reduction of phosphorous content in engine oils, which requires an increase in the level of aminic antioxidants to compensate for the loss of antioxidation capability of ZDDP, thus driving the demand for aminic antioxidants.
Market scenario: opportunities and challenges
In the recent past, the global demand for aminic antioxidants has undergone various innovations. The key strategies implemented by the aminic antioxidant producers across the globe are new product releases and manufacturing capability expansions. Prominent market participants involved in the production of aminic antioxidants are engaged in the expansion of their production capacity and introduction of new products. Moreover, companies are investing in research and development activities in anticipation of new industry standard requirements. Thus, with increase in investments across lubricant production facilities, the adoption of aminic antioxidants is expected to grow during the forecast period. However, unstable raw material costs are increasing the price of aminic antioxidants. Thus, volatility of raw materials and rise in energy cost hamper the global demand for aminic antioxidants, thereby restraining the growth of the global market.
COVID-19 scenario analysis
Owing to the outbreak of the COVID-19 pandemic, the global aminic antioxidants market is expected to witness a slowdown during the next couple of years. Governments of various countries have implemented lockdown, which has led to shutdown of factories in scores of cities and provinces across the world, thus leading to predictions of a sharp slowdown in the production activities. In addition, recent decline in the growth of the fuel industry is one of the key factors that is likely to negatively impact the growth of aminic antioxidants market. Moreover, the shortage in supply of raw materials from Chinese manufacturers has resulted in a severe demand–supply gap. However, companies are moving out their production facilities from China with the aim to reduce future risks that would affect the business and to minimize the manufacturers’ cluster in a single country to smoothen the supply chain.
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