Phenolic Antioxidants: Growing Demand for Plastic Across End-use Industries Boosting Growth

The report covers comprehensive information about market dynamics, value (US$ Mn) and volume (Tons) projections, competition and recent developments in the Global phenolic antioxidants market for the study period 2018 to 2026. Phenolic antioxidants are a type of primary antioxidants that have a hydroxyl group associated with an aromatic ring structure. Phenolic antioxidants act as free radical scavengers and hence, slow down the rate of oxidation and improve the shelf life of organic materials. With the robust growth of end-use industries, the global phenolic antioxidants market is anticipated to expand at a CAGR of 4.3% during the forecast period.

Natural Phenolic Antioxidants to Gain Traction across Food & Feed Additive Applications

Even after holding a relatively smaller share in the global phenolic antioxidants market, the natural source type segment is set to witness robust growth during the forecast period. The key enabler for the growth of the natural source type phenolic antioxidants market is increasing demand from food & feed additive applications. Furthermore, the shifting demographic trend across developing regions is creating demand for nutrient-rich diets. Furthermore, growing health concerns will also drive the growth of the natural phenolic antioxidants market during the forecast period. According to the PMR analysis, the natural segment, in the global phenolic antioxidants market, is expected to exhibit 1.4X growth, in terms of value, between 2018 and 2026.

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Increasing Demand for High Performance Plastic across Various Industries to Push Market Growth

Phenolic antioxidants are widely utilized as an additive during the production of plastics and rubber. Owing to its exceptional properties, plastic is getting adopted at an exponential rate in numerous industries. To provide better efficacy & workability in harsh conditions, such as high temperature & high pressure conditions, plastic additives are used as they slow down or minimize the degradation of plastic products. Phenolic antioxidants are used as antioxidant additives in polymer processing as phenolic antioxidants restrict & inhibit the oxidation of plastic products in harsh environments. Furthermore, increasing adoption of plastic across automotive industry to reduce overall weight will also create strong demand for plastic additives in near future. This, in turn, will drive the demand for phenolic antioxidants over the forecast period.

Plastic Recycling to Hamper Growth of Phenolic Antioxidants Market

Growing environmental concern and implementation of stringent rules and regulations implemented by governments across various European countries, such as Austria, Germany, Switzerland, Denmark, Finland and Luxembourg, will promote the use of plastic recyclers to recycle plastic products. As plastic processing is one of the key application areas of phenolic antioxidants, this shifting preference towards the use of recycled plastic is expected to significantly hinder the growth in demand for phenolic antioxidants during the forecast period.

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South East Asia & Pacific to Remain a High Value High Growth Region in the Global Phenolic Antioxidants Market

Rapid industrialization, stabilizing economic conditions and steady growth in automotive production and sales in the region are some of the factors expected to drive growth in demand for phenolic antioxidants in the region.

Favorable manufacturing policies in the region and increasing industrialization coupled with rapid urbanization are expected to provide robust opportunities for the growth of the phenolic antioxidants market. South East Asia & Pacific (SEA&P) region is expected to register 1.5X growth in the phenolic antioxidants market during the forecast period. Regions including Latin America and MEA are anticipated to gain traction during the forecast period owing to recovery in economic conditions and growth in the automotive sector and manufacturing industry in these regions.

Phenolic Antioxidants Market – Competitive Landscape

The global phenolic antioxidants market is moderately fragmented, with the top 5 players in the market estimated to collectively hold about 50% - 55% of the global phenolic antioxidants market share.

Over the past couple of years, the phenolic antioxidants market has witnessed significant developments. New product developments, acquisitions and capacity expansion are some of the preferred strategies being adopted by key players to sustain and expand in the global phenolic antioxidants market.

In 2018, Songwon Industrial Co. Ltd. started the production of phenolic antioxidants at its plant in Panoli (Gujarat), India

In 2018, BASF SE announced its plans to expand production capacity for phenolic antioxidants by 40% at its production plants in Jurong, Singapore and Kaisten, Switzerland. The production capacity at Kaisten, Switzerland is expected to increase by 30% by the end of 2019

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Some of the key players included in this market study on the Global Phenolic Antioxidants market are BASF SE, SONGWON, Adeka Corporation, SI Group, Addivant, Dorf Ketal, Lanxess AG, Emerald Performance Materials, LLC, Jiyi Chemicals Co., Ltd., Krishna Antioxidants Pvt. Ltd., Mayzo Inc. and Clariant AG.

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