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Plastics and resins find a wide range of industrial application owing to their light-weight characteristics and cost benefits. Moreover, they are a high performance material and hence are heavily relied upon by the manufacturing sector. The aforementioned factors have been instrumental in driving the global sales of Plastic Antioxidants. According to a report published by Market Research Future (MRFR), the global market for Plastic Antioxidants will expand at a healthy growth rate over 2023.Over the years, use of plastics and resins in large scale sectors such as petrochemical, oil & gas, automotive and construction has increased manifolds, which is reflecting favourably on the global market for Plastic Antioxidants. Plastics and resins act as an inhibitor that not only increases the performance of a particular product but also improves its durability. This, in turn, makes Plastic Antioxidants extremely important as they enhance the tensile strength and also add anti-ageing and impact resistant properties.
Latest Industry Trends and News:
Belgium based specialty chemical manufacturer Solvay is reportedly relocating its R&D units from Aubervilliers and Paris, France to Lyon, France. A part of the unit will be relocated to its headquarters in Brussels. The decision is aligned with its long-tern research restructuring plans.
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Evonik Industries AG has reportedly invested over $50 Mn in its Birmingham, Ala., facility during the last 4 years to expand its capabilities in biodegradable polymers space.
Global Market for Plastic Antioxidants – Segmental Analysis
MRFR in its report offers a comprehensive segmental analysis of the market based on antioxidant type and polymer resin. By Antioxidant, the market has been segment into antioxidant blends, phosphite & phosphonite and phenolic. The the phosphite & phosphonite segment currently accounts for the largest share of the market and is likely to retain its dominant position over 2023. This is mainly owing to the product’s high performance capability even under extreme conditions. Meanwhile, the phenolic segment is projected to witness a relatively faster growth rate over the next six years. Increased use in plastics & rubber, food and pharmaceutical manufacturing is influencing the global phenolic demand. By polymer resins, the market has been segmented into, polypropylene, polystyrene, polyethylene, acrylonitrile butadiene styrene, and polyvinylchloride. In the forthcoming years, the polypropylene and polyethylene segments are expected to exhibit a fast growth owing to their growing demand in the manufacturing sector.
Regional Overview
On the Basis of Region, the global market for Plastic Antioxidants is segmented into North America, Asia Pacific (APAC), Latin America, Europe and the Middle East & Africa (MEA). Among these, the market in Asia Pacific is expected to remain highly attractive over the next couple of years. Rapid industrialization and growth of the manufacturing sector are two major factors fueling the demand for plastic antioxidants in APAC. Countries such as India, Japan and China are expected to lead the market in APAC region. The manufacturing sector is either strong or has reached a stable position in these countries, making them highly lucrative for Plastic Antioxidant manufacturers and suppliers.
The North America Plastics Antioxidants is also expected to witness a steady growth over the next six years owing to rising consumption of for polyethylene and polypropylene resins in the automotive and the construction sector. Increased level of awareness and introduction of frameworks by the government in the manufacturing sector in North America is expected to have positive influence on the region’s market.
Global Market for Plastic Antioxidants – Competitive Dashboard
Leading players mentioned in the MRFR’s report include SI Group, Inc(U.S.), SAKAI CHEMICAL INDUSTRY CO.,LTD(Japan), LANXESS( Germany), Krishna Antioxidants Pvt. Ltd( India), Solvay(Belgium), BASF SE(Germany), Evonik Industries AG(Germany), Shandong Linyi Sunny Wealth chemicals Co.,Ltd (China), Dover Corporation(U.S.), and Trigon Antioxidants Pvt. Ltd.( India).
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Contact Info:
Name: Abhishek Savant
Email: Send Email
Organization: Market Research Future
Address: Market Research Future Office No. 528, Amanora Chambers Magarpatta Road, Hadapsar, Pune
Phone: +1 646 845 9312
Website: https://www.marketresearchfuture.com/reports/plastic-antioxidants-market-4788
Release ID: 335008
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