Plastic antioxidants consist of the compounds inhibiting the oxidation that keep intact materials and in workable condition while application and use it also keeps them at an elevated temperature or over the longer duration of the exposure. The oxidation process is also a prime reason over the numerous unwanted effects in plastics, such as discoloration, sudden variations in melting viscosity, and over deterioration of the mechanical properties, and further leading to much decreased overall material strength. These inhibitors are further composed of phenolic or the phosphate & phosphonite ingredients offering significant tensile strength, anti-ageing impact resistance. These inhibitors are further utilized in order to increase the overall durability and performance of the equipment. Moreover, owing to such factors, they are also used over various applications such as aerospace, automotive, coil, petrochemicals, and others.
According to study, “Plastic Antioxidants Market by Type (Phenols, Amines, Phosphites, Organic Sulfides, Antioxidant Blends, and Others), Form (Liquid and Solid), and Polymer Resin (Polyethylene, Polypropylene, Polyvinyl Chloride, Polystyrene, Acrylonitrile Butadiene Styrene (ABS), and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026” the key companies operating in the global plastic antioxidants market are BASF SE, Solvay S.A., SI Group, Clariant AG, Amfine Chemical Corporation, Songwon, Dover Chemical Corporation, Sumitomo Chemical Co., Ltd., Everspring Chemical Co., Ltd., and 3v Sigma USA Inc. The players are now focusing on an extended the properties of plastic antioxidants and also considering a way to expand in terms of capability thereby entering into the partnerships with key players located over different geographies.
Based on type, plastic antioxidants market is segmented into phenols, organic sulfides, amines, phosphites, antioxidant blends, and others. The phenol segment holds major share in market owing to its wide application in polyolefin and other plastic types. Based on polymer resin, market is segmented into polyethylene, polystyrene, polyvinyl chloride, polypropylene, acrylonitrile butadiene styrene (ABS), and others. Based on form type, market is segmented into solid form and liquid form. Plastic antioxidants are generally preferred in the solid form as major additive types such as amine antioxidants and phenolic antioxidants are in solid state.
The plastic antioxidants market is driven by rise in demand for polypropylene, followed by increase in replacement of conventional materials by plastics, rise in disposable income and rapid urbanization in developing countries. However, unfavorable conditions arising due to COVID-19 outbreak and stringent regulations imposed on plastics may impact the market. Moreover, rise in use of agriculture plastic is a key opportunity for market.
Based on geography, the Asian-Pacific region dominates the plastic antioxidants market due to rise in demand for polymer in automotive, petrochemical, electrical & electronics, and oil & gas industries in the region. Whereas, the North-American and European regions are estimated to exhibit substantial growth rate due to the increase in demand for polyethylene and polypropylene resins in construction & buildings and automobile sectors over the forecast period. In upcoming years, it is anticipated that future of the market will be optimistic as a result of growth in investment in automotive and construction sectors during the forecast period. The global plastic antioxidants market was valued at US $3,020.9 million in 2018, and is estimated to reach US $4,962.2 million by 2026, growing at a CAGR of 6.4% from 2019-2026.
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Ankur Gupta, Head Marketing & Communications