Plastic Antioxidants Market

Plastic Antioxidants Market generated a revenue of USD 2.8 billion in 2021 and is estimated to touch USD 4.5 billion in 2029, registering a CAGR of 6.1% over the forecast period (2022-2029), owing to their growing use in applications to improve the strength, elasticity, and look of objects.

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Key Drivers

The global plastic antioxidants market is mainly driven by the increasing demand for plastic antioxidants such as PVC, PP, PE, ABS, and other polymers, especially in the automotive, building & construction, medical, healthcare, and consumer goods industry. The antioxidants are increasingly used in a range of polymers such as PP, PVC, and PE. Plastics have superior mechanical and electrical properties, which help in improving abrasion resistance and superior chemical resistance as compared to conventional materials. For instance, in the automotive industry, plastics are used to increase the safety level, improve fuel efficiency and performance. The airbags used in the cars are manufactured from high-strength polymer fabric, which helps in reducing the risk of fatal injury in a car crash. The plastics are used in mulch films, netting, silage strap wrap, greenhouse film covers, and other purposes. Furthermore, the rising usage of polypropylene resins in heavy-duty sacks, compounding, hygiene stacks, and others is further surging the demand for PP polymer resin, thus contributing to the growth of the plastic antioxidants market share.

The growing application of plastic antioxidants across various industries in order to slow down the oxidative degradation and maintain the durability of products during long-term storage is expected to augment the market growth. Increasing use of antioxidants for the production of various polymer-based interior and exterior components of vehicles, which include dashboards, bumpers, steering wheels, and switches will expand the market growth. In addition, the strict emission standards enforced by governing agencies of several countries have encouraged original equipment manufacturers (OEMs) to adopt plastic antioxidants in modern vehicles, driving the market growth. Moreover, the emerging need to minimize excessive volatile organic compound (VOC) emissions caused by polymer degradation have encouraged the adoption of plastic antioxidants. With the growing application of medical equipment, owing to the accelerating incidences of acute and chronic diseases and the geriatric population is contributing to the market growth.

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Antioxidant Type – Segment Analysis

Based on the antioxidant type, the phenolic segment is projected to grow at a higher CAGR during the forecast period. The phenolic antioxidants are primary antioxidants which interfere with the chain propagation by the termination of free radical. This type of antioxidant is increasingly used for plastics or polymer systems that are sensitive to thermal and oxidative degradation for the formulation of peroxides and free radicals. They protect plastics and other types of polymers from degradation and oxidation at higher processing temperatures.

Polymer Resin – Segment Analysis

Based on the polymer resin, the polypropylene (PP) polymer is anticipated to grow at a higher CAGR during the forecast period. PP is a thermoplastic polymer having tertiary carbon atoms. The polypropylene is processed at a temperature range between 428°F and 536°F and under these conditions, it degrades to form molecular weight products. The increasing usage of plastic antioxidants in polypropylene polymer resin, particularly in the packaging application is a major factor that is propelling the market growth. The plastic packaging market generated a revenue of USD 345.91 billion in 2019, registering a CAGR of over 3% during the forecast period, reaching a value of USD 426.47 billion by 2025, which would boost the demand for polypropylene for packaging applications, thus stimulating the demand in the plastic antioxidant market. The susceptibility to oxidation and thermal degradation of polypropylene will boost the segment’s growth.

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Regional – Segment Analysis:

Based on the region, Asia-Pacific region is projected to grow at a higher CAGR during the forecast period. The rising usage of several resins in end-use industries such as electronics, automotive, and oil & gas sector is surging the demand for plastic antioxidants in the region. The thermal and oxidation resistance features have also increased the demand for polyethylene and polypropylene resins in the building and construction industry. Moreover, the significant rise in the construction sector in Asian countries such as China, India and other countries is further boosting the demand for plastic antioxidants. In India, the construction sector is expanding due to the increasing number of real estate and urban development projects in the country. Growing awareness and norms enforced by the government is projected to driver the plastic antioxidants market in the European region.

Top Market Players

Various notable players operating in the market include BASF SE, SONGWON, ADEK CORPORATION, Solvay, SI Group, Inc., Clariant, Sumitomo Chemical Co., Ltd., 3V Sigma S.p.A., DOVER CHEMICAL CORPORATION, and Everspring Chemical Co., Ltd., among others. 

Key Developments:

• • In 2019, BASF SE developed its new antioxidants manufacturing plant at the Caojing site in Shanghai, China with the capacity of 42 KT per annum. The plant will produce antioxidants, and related blends for the plastic additives market.
  • In 2018, BASF SE declared the plans to expand the global production capacity its plastic antioxidant Irganox 1010 by 40% with expansion projects in Juron, Singapore, Switzerland, and Kaisten. The expansion will help the company to serve the market in Asia, Europe, and Middle East & Africa better.
  • In 2019, BASF SE inaugurated the second phase of its new, world-scale antioxidants manufacturing plant in China. The second phase has the synthesis plant to produce the antioxidants and the plant serves 42,000 tons mainly to the customers in China.

Segments covered in the Report:

The global plastic antioxidants market has been segmented on the basis of antioxidant type, polymer resin, and regions. Based on Antioxidant Type, the market is segmented into Phenolic Antioxidants, Phosphite & Phosphonite Antioxidants, Antioxidant Blends, and Others. Based on Polymer Resin, the market is segmented into Polypropylene (PP), Polyethylene (PE), Polyvinyl Chloride (PVC), Polystyrene (PS), Acrylonitrile Butadiene Styrene (ABS), and Others. 

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Key questions answered in this research report:

• • At what pace is the global plastic antioxidants market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global plastic antioxidants market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global plastic antioxidants market?
  • Which antioxidant type generated maximum revenues in 2021 and identify the most promising antioxidant type during the forecast period?
  • What are the various polymer resin areas of global plastic antioxidants market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Revenues (2021)	USD 2.8 billion
Market Base Year	2021
Market Forecast Period	2022-2029
Base Year & Forecast Units	Revenues (USD billion)
Market Segment	By Antioxidant Type, By Polymer Resin, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	BASF SE, SONGWON, ADEK CORPORATION, Solvay, SI Group, Inc., Clariant, Sumitomo Chemical Co., Ltd., 3V Sigma S.p.A., DOVER CHEMICAL CORPORATION, and Everspring Chemical Co., Ltd., among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Plastic Antioxidants Market by Antioxidant Type

• • Phenolic Antioxidants
  • Phosphite & Phosphonite Antioxidants
  • Antioxidant Blends
  • Others

Global Plastic Antioxidants Market by Polymer Resin

• • Polypropylene (PP)
  • Polyethylene (PE)
  • Polyvinyl Chloride (PVC)
  • Polystyrene (PS)
  • Acrylonitrile Butadiene Styrene (ABS)
  • Others

Global Plastic Antioxidants Market by Region

• • North America Plastic Antioxidants Market (Option 1: As a part of the free 25% customization)
    • North America Plastic Antioxidants Market by Antioxidant Type
    • North America Plastic Antioxidants Market by Polymer Resin
    • US Plastic Antioxidants Market All-Up
    • Canada Plastic Antioxidants Market All-Up
  • Europe Plastic Antioxidants Market (Option 2: As a part of the free 25% customization)
    • Europe Plastic Antioxidants Market by Antioxidant Type
    • Europe Plastic Antioxidants Market by Polymer Resin
    • UK Plastic Antioxidants Market All-Up
    • Germany Plastic Antioxidants Market All-Up
    • France Plastic Antioxidants Market All-Up
    • Spain Plastic Antioxidants Market All-Up
    • Rest of Europe Plastic Antioxidants Market All-Up
  • Asia-Pacific Plastic Antioxidants Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Plastic Antioxidants Market by Antioxidant Type
    • Asia-Pacific Plastic Antioxidants Market by Polymer Resin
    • China Plastic Antioxidants Market All-Up
    • India Plastic Antioxidants Market All-Up
    • Japan Plastic Antioxidants Market All-Up
    • Rest of APAC Plastic Antioxidants Market All-Up
  • RoW Plastic Antioxidants Market (Option 4: As a part of the free 25% customization)
    • RoW Plastic Antioxidants Market by Antioxidant Type
    • RoW Plastic Antioxidants Market by Polymer Resin
    • Brazil Plastic Antioxidants Market All-Up
    • South Africa Plastic Antioxidants Market All-Up
    • Saudi Arabia Plastic Antioxidants Market All-Up
    • UAE Plastic Antioxidants Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Plastic Antioxidants Market All-Up

Major Players Operating in the Plastic Antioxidants (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • BASF SE
  • SONGWON
  • ADEK CORPORATION
  • Solvay
  • SI Group, Inc.
  • Clariant
  • Sumitomo Chemical Co., Ltd.
  • 3V Sigma S.p.A.
  • DOVER CHEMICAL CORPORATION
  • Everspring Chemical Co., Ltd.