The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
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The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
Plastics, over the past years, have emerged as a primary ingredient for product formulation, finding applications virtually in all industries. Due to its exceptional properties such as hardness, resistance against chemicals, acid & alkalis, and workability at elevated temperature, etc. have made plastics a material of choice for numerous applications. Conventional materials, to name a few, such as aluminium, iron, and steel, etc. are being replaced by plastics due to their low cost, easy processablity and light weight nature. Automotive industry is one of the key sectors where trend to replace metal with that of plastics is gaining traction.
Though possessing various high-end and inherently attractive properties, plastics are vulnerable to oxidation during elevated temperature melt processing applications. Plastic antioxidants are the compounds that inhibit oxidation and keep the material intact and workable during application at elevated temperature or during longer duration of exposure. Oxidation process is a prime reason to numerous unwanted effects in plastics, such as discoloration, sudden variations in melting viscosity, and deteriorating of mechanical properties, leading to decreased overall strength of the material. Due to this, the operating life of the plastic and polymer based products shrinks or remain limited.
During oxidation, a chain reaction process takes place that involves hydro peroxide intermediates and free radicals formation. The primary function of a plastic antioxidant is to stop the process by countering and reacting with these species and decompose them. Commercially different categories of plastic antioxidants are available that show reactivity with diverse reactive intermediates and at different temperature levels during the oxidation mechanism. Phenolic type of plastic antioxidants functions mainly by searching the radical during the oxidation reaction while the phosphite and phosphonite functions by breakdown of hydro peroxides. Furthermore, the third plastic antioxidant type is the blend mixture of the above two types. In order to keep the physical and chemical properties of the material unwavering and intact, antioxidants have become an integral part of plastic compounding, which in turn is anticipated to facilitate their market growth over the forecast period.
Plastic Antioxidants Market: Drivers and Restraints
The macro-economic growth of the plastic industry and its increasing utilization in sectors such as automotive, aerospace, packaging, electronics, construction, etc. for various applications is projected to push their market growth over the forecast years. Manufacturers are intensifying their R&D activities in order to formulate novel product in their plastic antioxidant portfolio with increased efficacy without affecting overall production costs. Further, in order to meet the regulatory approvals across regions, market players are focusing on the commercialization of the new plastic products with less or no toxic nature.
Plastic Antioxidants Market: Segmentation
On the basis of product type, the plastic antioxidants market can be segmented as the following
On the basis of resin type, the plastic antioxidants market can be segmented as:
Plastic Antioxidants Market: Region Wise Outlook
APAC, with China and India as the major players, is one of the prominent regions witnessing high demand for plastics from the electrical & electronics, automotive, construction, and packaging industries which further create the market for plastic antioxidants in the region. On account of increased investment in automotive and construction sectors, the North America market is also forecast to witness sustainable growth opportunities over the coming years. Steady growth is estimated to come from the markets in MEA, Latin America and Eastern Europe through 2027.
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Plastic Antioxidants Market Participants
Some of the market players identified across the value chain of the global plastic antioxidants market include: