Plastic Antioxidants market size is forecast to reach $4.7 billion by 2025, after growing at a CAGR of 6.1% during 2020-2025. With rise in plastic antioxidant products, there is rise demand for antioxidants in plastics. Antioxidants are added to plastics to inhibit degradation caused by thermo-mechanical or thermo-oxidative conditions. Antioxides extend a product’s life, enhance the appearance and maintain its strength, stiffness and flexibility. Governments’ regulations for awareness in food packaging will further boost the market growth.
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Resins – Segment Analysis
Polypropylene holds the largest market share in plastic antioxidants market, as this polymer is used in almost all the plastic products. Polypropylene is mostly preferred because of its features such as very resilient to wear, tear, and fatigue, it has very high melting point. It is also resilient to mold, rot, bacteria, and more – which means we can use it for extended periods in indoor and outdoor environments without risking damage. It is chemically resistant to most oils and solvents. So, polypropylene resin is one of the most used polymer in the world as due to its wide applications.
Antioxidants – Segment Analysis
Phenolic has the largest share in the market for plastic antioxidants market. Phenolic Plastics are a laminated plastic created by the impregnation of layers of a substrate with a resin then formed utilizing heat and pressure. Phenolic plastics are able to be machined, drilled, punched, sanded, tapped, turned, milled, sheared and cut. The dielectric properties make this an excellent insulator which is used in applications from electrical transformers to circuit boards. Workers who manufactured phenolic plastic molding compound and those who produced molded products from phenol resin materials were often exposed to dangerous fibres. So, they need to be very preventive at the time of manufacturing.
End use – Segment Analysis
Food and Beverages holds the largest market for the plastic antioxidants market as it consist of wide variety of products. Antioxidants plastics have played a very vital role in improving efficiency and safety of foods and beverages. Lightweight, versatile antioxidant plastics have a proven itself over decades of use in the processing and packaging of foods. Antioxidants plastics are mainly used for packaging. Without Packaging, the food and beverages market will be empty. To sell any product of food and beverages every company uses different kind of antioxidants plastics to store that particular item for a longer period of time, as it takes time to reach any product from industries to consumer.
Geography – Segment Analysis
APAC holds the largest market share in the plastic antioxidants market, as APAC consists largest number of consumer of plastics. Countries such as India, China among others are the huge markets of plastics materials in almost every sector. Whereas food & beverages sector, in both of these countries have completely dominated the plastic antioxidants market, as there is a huge demand of different cuisines. So, packaging becomes the most essential part in these countries. Country like India where people of so many different caste & religions stay together with their different cultures and festivals. Similary, in China, people have its own different cultural and festivals. Food plays a very big part in these festivals, different festivals signifies different food in these countries. With the demand in different kind of food the demand for plastic antioxidants market also increases.
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Drivers – Plastic Antioxidants Market
With continuous increasing demand of food and beverages in the countries such as India, China among with others, plastics antioxidants market demand will also increase. In countries such as India and China, people here celebrate lots of festivals in different seasons, different festivals have its own ceremonies and own rules & regulations for worshipping the god. Similarly, different kinds of sacraments are also brought from the market, which were used to be a packaged sacrament. Those sacraments were also packed by antioxidants plastics.
Plastic antioxidants are very cheap and easy to manufacture. These are very easily available and can store any required material for a limited period of time. Because of its low cost, every industry such as Automotive, Pharmaceutical, Food and Beverages among with others uses it very regularly. Antioxidants plastics have played a very vital role in improving efficiency and safety of foods and beverages, as these are very vastly used to preserve the food quality.
Challenges – Plastic Antioxidants Market
The rapid spread of coronavirus has had a major impact on global markets as, major economies of the world are completely lockdown due to this pandemic. Because of this major lockdown, suddenly all the consumer market has started to show zero interest towards purchasing any goods. One of the major difficulties, market is facing are the shutdown of all kinds of International transportation. Global crisis for all sectors including shipping, which was hit by slowing demand in goods’ production and exports had slowdown the market for Plastic Antioxidants.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Plastic antioxidants market. In 2019, the market of Plastic antioxidants has been consolidated by the top five players accounting for xx% of the share. Major players in the Plastic antioxidants market are BASF, SONGWON, Adeka Corporation, SI Group, Clariant, Solvay among others.
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