According to the new market research report “Plastic Antioxidants Market by Antioxidants Type (Phenolic, Phosphite & Phosphonite, Antioxidant Blends), Polymer Resin (Polyethylene, Polypropylene, Polyvinyl Chloride, Polystyrene, Acrylonitrile Butadiene Styrene), and Region – Global Forecast to 2024″, The global plastic antioxidants market size is projected to reach USD 2.8 billion by 2024, at a CAGR of 5.0% from USD 2.2 billion in 2019.
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The global plastic antioxidants market size is projected to reach USD 2.8 billion by 2024 from USD 2.2 billion in 2019, at a CAGR of 5.0% between 2019 and 2024. Plastic antioxidants are stabilizing agents that prevent oxidation or reactions promoted by free radicals, oxygen, or peroxides in plastics. They are added to plastics to prevent their decomposition.
Antioxidants do not eliminate oxidative degradation completely, but they substantially prevent auto-oxidation by interfering with the radical propagation reaction. The overdose of antioxidants can lead to discoloration, change in adhesion properties, loss of efficiency, or the possibility of additive leaching. The major factor that is driving the plastic antioxidants market is the replacement of conventional materials by plastics in various industries and the increasing disposable income & rapid urbanization in emerging countries.
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The global plastic antioxidants market size is projected to reach USD 2.8 billion by 2024 from USD 2.2 billion in 2019, at a CAGR of 5.0% between 2019 and 2024. The growing demand for plastics in countries such as China, Japan, South Korea, and India from the packaging, building & construction, medical, and automotive industries is expected to fuel the growth of plastic antioxidants in the region. The market is evolving, with major players playing a crucial role in the development of new and advanced products. BASF (Germany), SONGWON (South Korea), and ADEKA (Japan) are the major players in the plastic antioxidants market.
BASF is focused on expansions to meet the growing demand in the market. In January 2019, the company opened the first phase of its new antioxidant manufacturing plant in Shanghai. In March 2017, the company announced plans to build a plastic additives plant in Shanghai, China, to increase the production of antioxidants and associated blends. The expansion helped the company to meet the growing demand for plastic antioxidants in APAC.
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SONGWON is focused on new product launches and agreements to meet the growing demand for plastic antioxidants. In August 2017, the company launched nonylated diphenylamine antioxidants SONGNOX L670 and liquid phenolic antioxidants SONGNOX L135. In February 2017, SONGWON signed an agreement with Biesterfeld, a leading distributor of plastics and specialty chemicals in Turkey, for the distribution of SONGWONs comprehensive range of polymer stabilizers for the automotive, packaging, appliance, and coatings industries in Turkey.
ADEKA focuses on expansions to strengthen its position in the plastic antioxidants market. In February 2019, the company has expanded both its offices and warehouse in Europe. The expansion will help the company to develop its product offerings.
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