Press release
Plastic Antioxidants Market Shares 2023 - BASF SE, Solvay, SI Group, Dover Corporation, SAKAI CHEMICAL INDUSTRY, Evonik Industries AG, LANXESS, Trigon Antioxidants, Krishna Antioxidants, Shandong Linyi Sunny Wealth chemicals
Growing Consumption of Polymer Resin to Boost Global Plastic Antioxidants Market: Reports MRFR
The market is experiencing a few changes in terms of both production and developments. For instance, Addivant has increased their production capacity of Ultranox 626 capacity by 40%. Ultranox 800 is again saving costs for polypropylene compounders and recyclers and is offering an option for customizing stability of products. Songwon Industrial Group is focusing much on developing antioxidant blends that are tailored to perfection as per the customer’s taste.
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Market Segmentation:
The Global Plastic Antioxidants Market can be segmented by Polymer Resin and Antioxidant Type.
By Polymer Resin, the market can be segmented into polyethylene, polypropylene, polyvinylchloride, polystyrene, acrylonitrile butadiene styrene. Polypropylene resin holds a significant share of the market and finds considerable utility in food packaging, heavy-duty sacks, hygiene films, compounding, and others. Acrylonitrile butadiene styrene resins are mostly used in musical instruments such as piano, recorders, and others. The compound is expected to witness the fastest market growth during the forecast period.
Based on the Antioxidant Type, the market comprises phenolic, phosphite & phosphonite and antioxidant blends. Phosphite & phosphonite holds the dominant market share due to its ability to protect products from decay and infuse the same with better stability.
Regional Analysis:
The Plastic Antioxidants Market covers five regions in the world namely Asia Pacific (APAC), North America, Europe, Latin America (LATAM), and the Middle East & Africa (MEA).
The APAC is dominating the market as several end-user industries are experiencing unprecedented expansion such as automotive, electrical & electronics, petrochemical, and oil & gas industries. India, China, and Japan are showing consumption of such product on an exceptional scale. In addition, acrylonitrile butadiene styrene resin is getting momentum in the region owing to huge traction generated by the end-users.
North America is registering a significant growth as construction, and automotive sectors are showing much consumption of polyethylene and polypropylene resins. However, the market can experience a few deterrents as the government has imposed stringent regulations on Plastic Antioxidants in the U.S. Meanwhile, aerospace and electronics industries are set to create more demand for the market in the U.S., Canada, and Mexico.
The European region is also ready to expand the market. Automotive, aviation, and construction sectors have fuelled the market growth by consuming more phosphate & phosphonite antioxidants. The U.K., Germany, and France are expected to play a crucial role in creating a favorable atmosphere.
The LATAM witnesses a sizeable growth owing to growing consumption of polyethylene and polypropylene resins in chemical, construction & buildings, and energy sectors. The MEA is set to register higher growth due to increasing demand for Plastic Antioxidants Market in oil & gas, petrochemical, energy, and aviation sectors.
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