According to a new report published by Allied Market Research titled, " Plastic Antioxidants Market by Type, Form, and Polymer Resin: Global Opportunity Analysis and Industry Forecast, 2019–2026," The global plastic antioxidants market was valued at $3,020.9 million in 2018, and is projected to reach $4,962.2 million by 2026, growing at a CAGR of 6.4% from 2019 to 2026.
Plastic antioxidant is a type of additive that enhances the plastic properties to increase the durability of plastic products. It is one of the common types of plastic additives that is used in the lowest weight percentage in conventional plastics such as polyethylene and polypropylene to delay plastic aging. However, unlike other plastic additives, antioxidants can also leach out the plastic packaging and migrate to food products that pose a major threat in terms of food safety. As a result, there are a couple of food safety regulations imposed on plastic antioxidants that collectively restrain the plastic antioxidants market growth.
The global plastic industry is operating in the maturity phase in its industry life cycle driven by a large consumer base, and conversely, is affected by the factors such as introduction of bio-based chemicals and health & environmental hazards caused by plastic products. The use of synthetic plastics is damaging the environmental conditions; however, the market is still looking for a feasible, practical, and economical substitute for conventional plastics. Therefore, to fulfill manufacturing needs in the packaging, transportation, building & construction, and range of other industries, the demand for conventional plastic is still on the rise. This provides plastic antioxidants a scope of usage that contributes considerably to the growth of this market. Nevertheless, the agriculture sector in some of the developing economies is still unexplored for agriculture plastic, which is expected to provide new growth opportunities for the plastic antioxidants market during the forecast period.
The plastic antioxidants market is analyzed based on type, form, polymer resin and region. Depending on type, the market is categorized into thin phenols, amines, phospites, organic sulphides, antioxidant blends, and others. Based on form, it is classified into solid and liquid. Based on the polymer resin the market is bifurcated into polyethylene, polypropylene, polyvinyl chloride, polystyrene, abs, and others. On the basis of region, the plastic antioxidants market is analyzed across the four major regions North America, Europe, Asia-Pacific, and LAMEA. The plastic antioxidants market share has been analyzed across all segments and regions.
Based on type, phenol antioxidants segment accounted for the largest market share in 2018, and is anticipated to be the largest one by the end of the forecast period. Phenolic antioxidants donate hydrogen atom that inhibit free radical formation that further prevents the degradation process of plastics. Therefore, they are highly used as an additive in high-performance plastics and rubber due to its exceptional properties.
Based on polymer resin, the polyethylene segment emerged as the global leader with more than one-third of the market share in 2018. This is mainly due to the availability of polyolefin grades such as LDPE, LLDPE, and HDPE that promise large application rage over the plastic types.
The plastic antioxidants market analysis covers in-depth information of the major industry participants. The key player operating and profiled in the market include BASF SE, SI Group, Solvay S.A., Clariant AG, Songwon, Sumitomo Chemical Co., Ltd., Dover Chemical Corporation, Everspring Chemical Co., Ltd., Amfine Chemical Corporation, and 3v Sigma USA Inc.
Key Findings of the Study:
- The plastic antioxidants market is analyzed from 2018 to 2026
- The qualitative data in this report aims at the market dynamics, trends, and developments in the plastic antioxidants industry
- The plastic antioxidants market size in provided in terms of volume & revenue
- Based on type, the phenols segment emerged as the major revenue-generating segment in 2018 due to its major application in plastic production
- Based on polymer resin, the polyethylene segment accounted for the largest market share in 2018, and is anticipated to be the largest one by the end of the forecast period. Increase in demand for high-density and low-density polyethylene in the automotive, construction, and other industries is driving the demand for plastic antioxidants in polyethylene production
- Asia-Pacific is the largest regional market due to the highest automotive production and sales outlook, strong industrial growth, and the presence of emerging economies such as China, India, Japan, and South Korea. China recorded the highest plastic production as well as demand over the past few years due to its emergence as the global manufacturing hub; leading Asia-Pacific to account for major market share
- Apart from the large consumer base of plastics, the factors such as growth in environmental awareness, rise in adoption of bio-based chemicals, and health hazards associated with plastic additives restrain the growth of the market
- Increase in use of plastic in the agriculture sector is projected to offer new growth opportunities to the global plastic antioxidants market during the forecast period