Key Highlights
· Theglobal plastic antioxidants market was valued at ~ US$ 807 Mn in2018, and is anticipated to expand at a CAGR of ~ 6% from 2019to 2027.
· Theglobal plastic antioxidants market isdriven by the growth in the propylene and automotive industry.
· In termsof value, the plastic antioxidants market in Asia Pacific is expected to expandat a CAGR of ~ 7% during the forecast period. China held amajor share of the plastic antioxidants in Asia Pacific in terms of productionand consumption in 2018.
Key Drivers of the Plastic Antioxidants Market
· Thedemand for plastic antioxidants has been increasing, owing to theircharacteristics such as reduction of fire ignition, decrease in flamespreading, and suppression of smoke formation. Oxidation can cause thedegradation of polymers due to factors such as increase of temperature,electromagnetic radiation, and presence of contaminants and atmosphericpollutants. Therefore, small amounts of antioxidants are usually added topolymer matrix to mitigate the damaging effects of oxidation.
· Plasticantioxidants are used to provide protection against degradation during themanufacture and long-term storage of polymers, as well as to hamper scorchingduring the formation of polymers.
· Theplastic antioxidants market is also driven by the expansion of the paints &coating industry. Increasing investments in the construction industry inemerging economies and expansion in the automotive sector are estimated tooffer lucrative opportunities to the plastic antioxidants market in the near future.Plastic antioxidants help maintain stability and improve gloss in most printinginks.
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Polypropylene to Offer Lucrative Opportunities
· Accordingto the International Energy Agency, the sales of electric buses stood at around100,000, while the sales of two wheelers stood at 30 million across the globein 2017. China accounted for a major share in terms of the sales of buses aswell as two wheelers in the year. According to the European Association ofMotorcycle Manufacturers (ACEM), the registration of electric mopeds,motorcycles, and quadricycles reached 14,251 units in the first three months of2019, in Europe, up 71.2%, as compared to 8,326 units during the first threemonths of 2018.
· Expansionof the automotive sector across the globe, especially in developing regions, isexpected to drive the demand for polypropylene, thereby propelling the plasticantioxidants market, as plastic antioxidants are extensively employed in theprotection of polypropylene during processing.
· A car isgenerally made up of around 32% of polypropylene and 16% of PVC. It requireslarge amounts of plastic antioxidants in order to guard against the degradationof polymers. As a result, manufacturers operating in the global plasticantioxidants market are striving to develop antioxidants to lower the risk ofthe degradation of polymers and increasing their lifespan.
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Asia Pacific Dominates Plastic Antioxidants Market
· Based onregion, the global plastic antioxidants market has been divided into NorthAmerica, Europe, Asia Pacific, Latin America, and the Middle East & Africa.In terms of production, Asia Pacific holds a major share of the global plasticantioxidants market, as key consuming countries such as China, India and Japan,are based in the region.
· Chinaleads in terms of production and consumption of plastic antioxidants in AsiaPacific. The building & construction industry held a prominent share of theplastic antioxidants market in Asia Pacific.
· Thepresence of rapidly expanding economies such as India and China is estimated tocreate lucrative opportunities for the plastic antioxidants market in AsiaPacific in the near future
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Market Share of Prominent Players
· Majorplayers operating in the global plastic antioxidants market are engaged inproduct development and mergers & acquisitions in order to increase theirmarket share. Key players operating in the plastic antioxidants market includeBASF SE, SONGWON Industrial Group, SI Group, Inc. Solvay S.A., and 3V Sigma USAInc.
· SONGWONIndustrial Group is primarily engaged in the production of antioxidants such asamine, phenolics, phosphites, and blends. In 2017, the company expanded itsproduct line for antioxidant SONGNOX 5650 at its Panoli facility, based inGujarat, India, in order to cater to the demand for antioxidants across thecountry.
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