The growing demand for plastic is predicted to drive the plastic antioxidants market during the forecast period, states Fortune Business Insights in a report, titled “Plastic Antioxidants Market Size, Share & Industry Analysis, By Type (Phenolic, Phosphite, Antioxidant Blend, Others), By Polymer Resin (Polypropylene, Polyethylene, Polyvinyl Chloride, Acrylonitrile Butadiene Styrene, Polystyrene) Others and Regional Forecast, 2022-2029” the growing shift from metal to plastic is expected to spur business opportunities for the market in the forthcoming years.
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The Report Lists the Main Companies in the Plastic Antioxidants Market:
- SONGWON
- SI Group
- Clariant
- Sumitomo Chemical
- Dover Chemical Corporation
- Everspring Chemical Co., Ltd.
- 3V Sigma USA Inc.
- Trigon Antioxidants Pvt. Ltd.
- Krishna Antioxidants Pvt. Ltd.
- other key players.
Information Source-
https://www.fortunebusinessinsights.com/plastic-antioxidants-market-102368
Market Driver:
BASF, a German chemical company announced its plans to increase its global production capacity in plastic antioxidant Irganox 1010 40% with expansion projects in Juron, Singapore, Switzerland, and Karsten. The new development will help the company to cater to the market in Asia, Europe, and Middle East & Africa. The growing inclination to replace metal components with plastic components by manufacturers owing to its superior advantages is predicted to enable speedy expansion of the market in the forthcoming years. Antioxidants obstruct the autoxidation of plastics with atmospheric oxygen. The changes occur as a result of oxidative degradation and can severely affect the properties and service life of the polymers. Thus, the increasing demand for plastic antioxidants among manufacturers is likely to bolster the healthy growth of the market in the foreseeable future. The growing awareness regarding the advantages of plastic such as its lightweight properties is expected to create lucrative growth opportunities for the market. However, the health effects of plastic antioxidants are predicted to hamper the growth of the market in the forthcoming years. The antioxidants present in plastics can cause severe damage if it comes in contact with food or during recycling and recovery processes, which, in turn, is likely to dampen the growth of the market.
Regional Analysis:
Developing Packaging Industry to Boost Market in North America
Geographically, the global plastic antioxidants market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The growing demand for plastic antioxidants is likely to aid expansion in North America. The growing application of polyethylene and polypropylene resins from the packaging and food & beverage industry is predicted to augur well for the market in the region. The growing awareness and regulations imposed by the government is predicted to create lucrative opportunities for the market in the forthcoming years. The rising use of polymers for automotive applications is expected to enable the speedy expansion of the market in Europe. The growing demand for plastics from building & construction and the electrical & electronics industry is expected to dampen the growth of the market. Asia Pacific is expected to witness a high growth rate owing to the rising demand for plastic in the building and construction industry.
Key Development:
January 2019, BASF SE announced the inauguration of its new antioxidant manufacturing plant at the Caojing site in Shanghai, China with a capacity of 42 KT per annum. The plant will produce antioxidants and related blends for the plastic additives market.
