- The global plastic antioxidants market was valued at ~ US$ 807 Mnin 2018, and is anticipated to expand at a CAGR of ~ 6% from 2019 to 2027.
- The global plastic antioxidants marketis driven by the growth in the propylene and automotive industry.
- In terms of value, the plastic antioxidants market in Asia Pacific is expected to expand at a CAGR of ~ 7%during the forecast period. China held a major share of the plastic antioxidants in Asia Pacific in terms of production and consumption in 2018.
Key Drivers of the Plastic Antioxidants Market
- The demand for plastic antioxidants has been increasing, owing to their characteristics such as reduction of fire ignition, decrease in flame spreading, and suppression of smoke formation. Oxidation can cause the degradation of polymers due to factors such as increase of temperature, electromagnetic radiation, and presence of contaminants and atmospheric pollutants. Therefore, small amounts of antioxidants are usually added to polymer matrix to mitigate the damaging effects of oxidation.
- Plastic antioxidants are used to provide protection against degradation during the manufacture and long-term storage of polymers, as well as to hamper scorching during the formation of polymers.
- The plastic antioxidants market is also driven by the expansion of the paints & coating industry. Increasing investments in the construction industry in emerging economies and expansion in the automotive sector are estimated to offer lucrative opportunities to the plastic antioxidants market in the near future. Plastic antioxidants help maintain stability and improve gloss in most printing inks.
Polypropylene to Offer Lucrative Opportunities
- According to the International Energy Agency, the sales of electric buses stood at around 100,000, while the sales of two wheelers stood at 30 million across the globe in 2017. China accounted for a major share in terms of the sales of buses as well as two wheelers in the year. According to the European Association of Motorcycle Manufacturers (ACEM), the registration of electric mopeds, motorcycles, and quadricycles reached 14,251 units in the first three months of 2019, in Europe, up 71.2%, as compared to 8,326 units during the first three months of 2018.
- Expansion of the automotive sector across the globe, especially in developing regions, is expected to drive the demand for polypropylene, thereby propelling the plastic antioxidants market, as plastic antioxidants are extensively employed in the protection of polypropylene during processing.
- A car is generally made up of around 32% of polypropylene and 16% of PVC. It requires large amounts of plastic antioxidants in order to guard against the degradation of polymers. As a result, manufacturers operating in the global plastic antioxidants market are striving to develop antioxidants to lower the risk of the degradation of polymers and increasing their lifespan.
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Asia Pacific Dominates Plastic Antioxidants Market
- Based on region, the global plastic antioxidants market has been divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In terms of production, Asia Pacific holds a major share of the global plastic antioxidants market, as key consuming countries such as China, India and Japan, are based in the region.
- China leads in terms of production and consumption of plastic antioxidants in Asia Pacific. The building & construction industry held a prominent share of the plastic antioxidants market in Asia Pacific.
- The presence of rapidly expanding economies such as India and China is estimated to create lucrative opportunities for the plastic antioxidants market in Asia Pacific in the near future
Market Share of Prominent Players
- Major players operating in the global plastic antioxidants market are engaged in product development and mergers & acquisitions in order to increase their market share. Key players operating in the plastic antioxidants market include BASF SE, SONGWON Industrial Group, SI Group, Inc. Solvay S.A., and 3V Sigma USA Inc.
- SONGWON Industrial Group is primarily engaged in the production of antioxidants such as amine, phenolics, phosphites, and blends. In 2017, the company expanded its product line for antioxidant SONGNOX 5650 at its Panoli facility, based in Gujarat, India, in order to cater to the demand for antioxidants across the country.