The global Plastic Antioxidants market is valued at US$2.2 billion in 2021 and is expected to grow at a 4.5% CAGR during the forecasted period. The main factors driving growth for Plastic Antioxidants are the increasing use of plastics, replacing conventional materials such as aluminum, iron, and steel, and the growing demand for Polypropylene.
ChemIntel360’s global Plastic Antioxidants Market study is a 148-page report containing in-depth analysis on historical and forecasted spending and consumption patterns in the sector. We offer granular value and volume data from a global, regional, antioxidant type and polymer resin perspective.
Plastics Antioxidants are added to plastics to restrict degradation caused by thermo-mechanical or thermo-oxidative conditions, extending a product's life, enhancing its appearance, and maintaining its strength, stiffness, and flexibility.
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The base year is 2021 for the study with historical data between 2018 and 2021. The data forecast has been provided for the years between 2022 and 2029.
Phenolic Antioxidants has the largest share in the market, which is growing due to the extensive use of Polypropylene and Polyethylene plastics. It accounted for 47.8% of the market in 2021.
A combination of Phenol and Aldehyde is used to make Phenolic Antioxidants-based plastics. It is easy to manufacture, relatively affordable, and frequently used as an acrylic alternative, binder, and insulator. Due to their dielectric properties, Phenolic Antioxidants are commonly used in applications such as electrical transformers and circuit boards. Phosphites and Phosphonites are phosphorus-based secondary antioxidants, which are also known as Hydroperoxide decomposers. These decomposers react with Hydroperoxides to protect adhesives, plastics, and coatings during high-temperature processing. However, they do not provide long-term thermal stability.
Insights by Polymer Resin
The global Plastic Antioxidants market is classified as Polypropylene (PP), Polyethylene (PE), Polyvinyl Chloride (PVC), Polystyrene (PS), Acrylonitrile Butadiene Styrene (ABS), and others based on the Polymer Resin used.
The Polypropylene segment is estimated to have the highest growth over the forecast period, mainly due to the growing demand for Polypropylene in various end-use industries such as automotive, building and construction, packaging, and electrical and electronics. Polypropylene (PP) is a tough, rigid, crystalline thermoplastic produced from the Propene (or Propylene) monomer. It accounted for 34% of the market in 2021.
Polyethylene belongs to polyolefin family of polymers and is made by polymerization of ethylene (or ethene) monomer. Polyethylene (PE) is the most commonly used plastic in daily use. It is a thermoplastic polymer which is durable, lightweight and has a variable crystalline structure. PE is widely used in industries such as packaging, automotive, and electrical to name a few, with applications ranging from films, tubes, plastic parts and laminates.
Polyvinyl chloride (PVC or Vinyl) is used in various applications such as piping and siding, blood bags, tubing, wire and cable insulation, and windshield system components.
Insights by Region
Asia-Pacific was the largest market for Plastics Antioxidants in 2021 and accounted for 60% of the market. The increasing use of resins in various end-use industries such as packaging, construction, and automotive industries in India and China has, in turn, raised the demand for Plastic Antioxidants in the region.
The rise in demand for Polyethylene and Polypropylene resins in the construction industry is expected to drive the Plastic Antioxidant market in the region.
Moreover, the demand and supply in the APAC region are balanced due to the presence of significant players such as BASF SE, SONGWON, and Solvay, ensuring an adequate supply of Plastic Antioxidants in the region.
North America was the second-largest market for Plastic Antioxidants globally in terms of volume. The growing demand for packaging in the food and beverage industry in countries such as the U.S., Canada, and Mexico is expected to boost the market over the short to medium term.
Market dynamics
COVID-19 impact
The global Plastic Antioxidants market was adversely affected due to the COVID-19 pandemic. This was primarily due to lower demand of plastics from end-use industries such as construction, automotive, and consumer goods, leading to lower consumption of Plastic Antioxidants which are used as additives to process plastics.
However, some end-user segments such as healthcare and packaging witnessed a significant uptick and boosted demand for Plastic Antioxidants. Plastic Antioxidants were used during the pandemic to manufacture medical devices, personal protective equipment, and food and beverage packaging.
Drivers
The growing use of plastics over conventional materials is expected to drive the growth in the Plastic Antioxidants market. Plastics are more resistant to abrasion and heat than conventional materials such as glass, paper, metal, and ceramics. Plastics are slowly replacing these conventional materials, due to the need for light-weight materials in the packaging, building and construction and automotive industries. For instance, the use of plastics in vehicles has improved their fuel efficiency, safety, and performance.
Opportunities
Plastics find widespread applications in the agriculture sector, including mulch films, greenhouses, high tunnels, low tunnels, silages, nets, piping, irrigation, drainage, and packaging. The use of antioxidants provides thermal insulation and resistance to discoloration in agricultural plastics, thereby allowing them to endure extreme climatic conditions.
Challenge
Plastic Antioxidants pose a significant threat to human health. Most plastic-based products, including bottles, food packages, building materials, and household appliances, contain these antioxidants. These antioxidants can enter the human body under certain circumstances, which may adversely affect human health, causing cancer, congenital diseases, or immunological disorders.
Trend
The increasing use of plastics is detrimental to the environment. Thus, to establish an environmentally friendly manufacturing process, the Plastic Antioxidant manufacturers are focusing on making operational sustainability an essential part of the plant design. Compared to the traditional Antioxidant plants, these new-age manufacturing units will have lower energy consumption and lesser waste generation per ton of manufactured products.
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Key Companies
The key companies operating in this market are Solvay, BASF SE, Clariant, Songwon, Sumitomo Chemical, Adeka Corporation, SK Capital, 3V Sigma S.p.A, Dover Chemical Corporation, and Evonik Industries.
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Phenolic Antioxidants are commonly used in applications such as electrical transformers and circuit boards.
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