Plastic Antioxidants Market Overview
“The global Plastic Antioxidants Market is expected to grow rapidly at a 6.4% CAGR consequently, it will grow from its existing size of from $4.1 billion in 2023 to $6.10 billion by 2030.”
The Plastic Antioxidants Market is driven by increasing demand for plastic antioxidants in various industries, including automotive, consumer goods, construction, and healthcare. Urbanization and rising demand for polymer resins are also driving this market. The Global Plastic Antioxidants Market study provides a comprehensive analysis of key segments, trends, drivers, restraints, and competitive landscape.
Polymers degrade over time, impacting their physical and mechanical properties like flow rate and heat stability. To reduce heat oxidation, antioxidants are created, preventing free radical generation and hydroperoxide intermediates. These antioxidants enhance plastic's resistance to sunlight and heat.
How Do Plastic Antioxidants Work?
Antioxidants, such as vitamin C, beta carotene, and lycopene, are essential for health as they neutralize free radical molecules that accelerate oxidation and cause damage. Consuming these antioxidants can help prevent cell damage. For example, dipping a sliced apple in lemon juice slows the oxidation process.
The increasing demand for plastic antioxidants for polymer resins such as PE, PP, PVC, PS, ABS, and others in the automotive, consumer goods, building & construction, and medical & healthcare industries is one of the key drivers driving market expansion. Many polymers, including PE, PP, and PVC, include antioxidants. These materials are utilized in packaging, building, and the automobile sector. Plastics have the same mechanical and electrical qualities, abrasion resistance, and chemical resistance as metals, glass, paper, and ceramics. Continuous lightweight material innovation in some industries, as well as the desire for additional lightweight materials, resulted in the use of plastic, glass, paper, and ceramic in packaging, construction, and the automotive industry.
Plastic Antioxidants are expected to be a significant market due to their role in car safety, fuel efficiency, and performance. High-strength polymer fabric airbags can reduce fatal injury from collisions. Other advancements include child seats, headliners, steering wheels, dashboards, fenders, fuel systems, and headlamp coverings. However, these antioxidants may also cause cancer, developmental abnormalities, congenital impairments, and hormone disturbances that suppress the immune system.
The Plastic Antioxidants Market is experiencing growth due to the decreasing demand for phenolic antioxidants due to negative health impacts. These antioxidants are used in household gadgets, vehicle parts, food packaging, and building materials. In agriculture, these plastics are used for various purposes, such as multi-films, greenhouse film covers, blinds, nets, and silage belts. To ensure thermal stability and discolouration resistance, antioxidants are used in the processing of agricultural plastics, thereby creating potential for the market to thrive.
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Market Dynamics
The increasing demand for plastic antioxidants in packaging and automotive industries is expected to drive market expansion in the coming years. The properties of these antioxidants, such as resistance to acid, chemicals, and hardness, are expected to drive the global market. Their diverse applications in various industrial sectors are expected to further fuel global market growth.
Trends
Polypropylene Resin Demand is Growing
Plastic antioxidants are additives used in manufacturing to prevent thermal and oxidative degradation, extend product shelf life, and prevent degradation.
The plastic antioxidant market is expected to be primarily utilized in polypropylene polymer resin due to its increasing usage in packaging applications, indicating a strong demand for these antioxidants.
Polypropylene resins are utilized in various applications like heavy-duty sacks and hygiene films, increasing the demand for plastic antioxidants.
Covid-19 Impact
During the pandemic, industrial and manufacturing enterprises were temporarily shut down, affecting the demand for plastic antioxidants. The automobile and construction industries, heavily reliant on plastics, also experienced reduced demand. The outbreak highlighted the importance of cleanliness and safety, increasing demand for packaging supplies for food and medicine. Plastic antioxidants are crucial for ensuring the longevity and security of packaging materials. This shift in consumer behavior and industrial interests presents opportunities for the plastic antioxidants market. The increasing use of eco-friendly and recyclable materials has led to the development and application of performance-enhancing plastic antioxidants.
Market Segment Analysis
The plastic antioxidants market is divided into four sections: antioxidant type, polymer resin, form, and region.
Phenolic antioxidants dominate the market due to their affordability and ease of use, making them popular in the plastics industry. Manufacturers have developed a wide range of phenolic antioxidant compounds with varying molecular structures and functionalities to meet the needs of various industries, ensuring their long-term use and cost-effectiveness.
Polypropylene is a significant part of the polymer resin industry, with manufacturers creating antioxidant formulae for its specific needs. These include phenolic, phosphite, thioesters, and blends. Adherence to regulations and standards is crucial in the plastics industry, and antioxidants help improve the strength and stability of polypropylene products, ensuring compliance with regulatory constraints.
Solid antioxidants are a significant market segment, offering a wide range of applications and compatibility with various plastic materials like polyethylene, polypropylene, and polyvinyl chloride. They provide a controlled release of antioxidant activity over a plastic product's service life, offering long-term protection against oxidation and degradation.
Competitive Landscape of the Plastic Antioxidants Market
- BASF SE
- Adeka Corporation
- Solvay SA
- 3V Sigma S.P.A
- Dover Chemical Corporation
- Everspring Chemical Co. Ltd.
- Ampacet Corporation
- Astra Polymers Compounding Co Ltd.
- Evonik Industries.
Recent Developments in Plastic Antioxidants Market
September 19, 2023, BASF launches first biomass balance plastic additives
- BASF announced the launch of the industry’s first biomass balance offerings for plastic additives. The initial offerings, including Irganox® 1010 BMBcert™ and Irganox® 1076 FD BMBcert™, are certified by TÜV Nord for mass balance according to the International Sustainability and Carbon Certification (ISCC PLUS).
On April 2023, BASF announced that it was received the International Sustainability and Carbon Certification (ISCC) PLUS for certain grades of plastic additives produced at its manufacturing sites in Kaisten, Switzerland and McIntosh, Alabama, United States. This certification was enabling BASF to offer more sustainable grades of its core plastic additives with a reduced Product Carbon Footprint (PCF) through the use of renewable raw materials in a mass balance approach.
On April 2022, Solvay and Carbios successfully demonstrated that multi-layer PET1 films coated with Diofan® PVDC2 high-barrier polymer are fully compatible for enzymatic depolymerization – Carbios’ innovative recycling process. Results show that the PET is fully depolymerized, whereas the PVDC remains intact.
Wells Plastics will launch its high performance Antioxidant Masterbatch systems for recycled polypropylene and polyethylene at 2019.
In January 2019, A new manufacturing plant for antioxidants got opened in the Caojing site of Shanghai, China. The following plant is likely to get operated with an annual capacity of 42,000 tons. It is being anticipated to manufacture the different types of antioxidants like phosphites, phenolics, amines, and blends.
Regional Insights
In 2021, Asia Pacific accounted for 41% of the region's revenue, driven by the growth of industries like building, construction, packaging, and automotive. China and India's expanding population and disposable income are driving the plastics and plastic antioxidants market. The region's economic development and population growth make it a major site for the plastics sector, which is expected to drive the plastic antioxidants market in the near future. The plastic antioxidants market is expected to grow in North America due to government awareness and restrictions, while Europe is expected to see growth due to increased polymer use in automotive applications. Asia Pacific will see growth from building, construction, electrical, and electronics industries, while Latin America will see expansion from polyvinylchloride and polypropylene use in energy and building sectors. Middle East and Africa will see growth from petrochemical and oil and gas industries.
Segments Covered in the Plastic Antioxidants Market
Plastic Antioxidants Market by Antioxidant Type
- Phenols
- Amines
- Phosphites
- Organic Sulfides
- Antioxidant Blends
- Others
Plastic Antioxidants Market by Polymer Resin
- Polyethylene
- Polypropylene
- Polyvinyl Chloride
- Acrylonitrile Butadiene Styrene
- Polystyrene
- Others
Plastic Antioxidants Market by Form
Plastic Antioxidants Market by Region
- North America
- Asia Pacific
- Europe
- South America
- Middle East and Africa
Frequently Asked Questions:
What is the worth of plastic antioxidants market?
Plastic Antioxidants Market is expected to grow rapidly at a 6.4% CAGR consequently, it will grow from its existing size of from $4.1 billion in 2023 to $6.10 billion by 2030
What is the size of the Asia Pacific in plastic antioxidants market?
Asia Pacific held more than 41% of the plastic antioxidants market revenue share in 2021 and will witness expansion in the forecast period.
What are some of the plastic antioxidants market's driving forces?
The growing demand for plastics to replace traditional materials is the primary market driver for the global market for plastic antioxidants. Due to their similar qualities, manufacturers of automotive and construction components choose to substitute plastic for metal components. Additionally, as plastics are lightweight, the market for plastic antioxidants is expanding as a result of rising plastic consumption.
Which are the top companies to hold the market share in plastic antioxidants market?
The market research report covers the analysis of market players. Key companies profiled in the report include BASF SE, Adeka Corporation, Solvay SA, 3V Sigma S.P.A, Dover Chemical Corporation, Everspring Chemical Co., Ltd., Ampacet Corporation, Astra Polymers Compounding Co Ltd., Evonik Industries.
