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Written by amelia jems » Updated on: October 05th, 2024
The global plastic antioxidants market size was valued at USD 2.87 billion in 2023. The market is expected to expand from USD 2.94 billion in 2024 to USD 3.99 billion by 2032, exhibiting a CAGR of 3.9% over the study period.
Plastic antioxidants lead to the counteraction of the harmful effects of heat, UV radiation, and oxygen exposure, contributing to the preservation of performance and structural integrity of a wide array of plastic materials. The surging demand for long-lasting and durable plastics across different industries is fostering the market growth.
Fortune Business Insights™ provides this information in its research report, titled “Plastic Antioxidants Market, 2024-2032”.
List of Key Players Mentioned in the Report:
Segmentation:
Excellent Effectiveness of Primary (Phenolic-based) Products to Propel the Segment Expansion
In terms of type, the market is divided into blends - primary & secondary combinations, secondary (phosphites or thioesters), and primary (phenolic-based). The primary (phenolic-based) segment occupied the largest plastic antioxidants market share in 2023. The superior effectiveness of phenolic-based products in the inhibition of oxidation, which makes them a preferred alternative to improve the performance and durability of plastic materials is augmenting the segment growth.
Massive Applications in the Packaging Industry to Foster the Polyethylene (PE) Segment Expansion
With respect to application, the market is segregated into Polyethylene (PE), Polypropylene (PP), Acrylonitrile Butadiene Styrene (ABS), Polystyrene (PS), and others. The Polyethylene (PE) segment registered the largest share in 2023 on account of extensive applications in the packaging industry.
From the regional perspective, the market for plastic antioxidants is categorized into the Middle East & Africa, Europe, North America, Asia Pacific, and Latin America.
Report Coverage
The market research report provides a comprehensive coverage of the strategic measures implemented by top companies to outshine the competition. In addition, it offers vital insights into the key segments, COVID-19 pandemic impact, and notable industry developments. Additional aspects of the report include the significant driving and restraining factors affecting the market growth.
Drivers and Restraints:
High Focus on Sustainable Solutions to Escalate the Market Expansion
The manufacturers are making the development of eco-friendly antioxidants a priority to address the concerns pertaining to the environment and be in line with the transition toward sustainable practices. Moreover, market dynamics are being reshaped by this trend and there is a focus on the creation of products that improve the performance of plastics while leading to a more circular and eco-conscious approach to plastic deployment.
However, the fluctuations in raw material prices may hamper the plastic antioxidants market growth.
Regional Insights:
Asia Pacific Dominates Due to Product Deployment in Automotive Components
Asia Pacific market for plastic antioxidants, valued at USD 1.54 billion in 2023, accounts for the dominating position. This is on the back of the utilization of the product in automotive components coupled with a massive production base.
North America’s market growth is driven by the expansion of industries, including packaging, construction, and automotive, which has led to a parallel increase in the need for products for plastic material protection.
Source: https://www.fortunebusinessinsights.com/plastic-antioxidants-market-102368
Competitive Landscape:
Leading Companies Deploy Product Innovations to Boost Their Position
The plastic antioxidants market is witnessing the engagement of key companies in research and development for the production of superior quality and delivery of improved attributes. Capacity expansions, joint ventures, and mergers & acquisitions are some of the strategies opted for by prominent companies to keep ahead of the competition. A wide array of companies are also focusing on new product development strategies to stand out from the competition. In this regard, companies are investing ample amounts into intense research and development activities to launch innovative capabilities of products.
Key Industry Development:
September 2023: Tosaf announced the release of UV9389PE EU, its new barrier solution. Moreover, this product ensures that a high blocking effect against UV radiation is offered by clear packaging films, even at low thickness. Food can be protected by using this additive from vitamin and flavor loss and discoloration due to the effects caused by degradation.
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