Phenolic Antioxidant Market Business Strategies till 2023 - DSM, BASF SE, Oxiris Chemicals S. A., Sumitomo Chemical Company, Chitec Technology Co., Mayzo Inc., Double Bond Chemical Ind., Co., Ltd., Kumho Petrochemical Co., Emerald Performance Materials LL

Market Synopsis of Global Phenolic Antioxidant Market:

Phenolic compounds are primary antioxidants, which are mainly free radical scavengers (FRS) that delay or inhibit the initiation step or interrupt the propagation step of lipid oxidation, thus, decreasing the formation of volatile decomposition products (e.g., aldehydes and ketones) that cause rancidity. The Global Phenolic Antioxidant Market is expected to grow at CAGR of 5.10% to reach USD 1830.05 million till 2023. This is attributed to the growth of food and plastic & rubber industry. By source, phenolic antioxidant are characterized into natural and synthetic Phenolic Antioxidants. Among them, synthetic Phenolic Antioxidant accounts for the largest market share and it is estimated to grow at a higher CAGR of 4.60% during the forecast period. The synthetic Phenolic Antioxidants includes Butylated hydroxyanisole (BHA), Butylated hydroxytoluene (BHT), tert-Butylhydroquinone (TBHQ), and Ethoxyquin, among others. In coming years, the synthetic Phenolic Antioxidants is poised to retain dominance due to the growing demand as an additive in plastic & rubber, fuel & lubricant industry. Natural Phenolic Antioxidants are holding the least share in the Global Phenolic Antioxidant Market. The natural Phenolic Antioxidant includes flavonoids, anthocyanins, stilbenes, tanins, and phenolic acids. Phenolic Antioxidants are primarily used as preservatives and helps to prevent the oxidation of the product. Depending upon applications, the Global Phenolic Antioxidant Market is segmented into food, plastics & rubber, pharmaceutical, cosmetic, fuel & lubricant, and other industry.

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Segmentation:

The Global Phenolic Antioxidant Market is segmented on the basis of Source, Application and Region. On the basis of Source, market is segmented into natural and synthetic. By Application, the market is divided into food, plastics & rubber, pharmaceutical, cosmetic, and fuel & lubricant. Geographically, the Global Phenolic Antioxidant Market is segmented into Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.

Key Players:

The prominent players in the Global Phenolic Antioxidant Market are DSM (Netherlands), BASF SE (Germany), Oxiris Chemicals S. A. (Spain), Sumitomo Chemical Company (Japan), Chitec Technology Co., Ltd. (Taiwan), Mayzo Inc. (Georgia), Addivant (U.S.) Double Bond Chemical Ind., Co., Ltd. (Taiwan), Kumho Petrochemical Co., Ltd. (South Korea), Emerald Performance Materials LLC (U.S.), and others.

Key Findings:

The Global Phenolic Antioxidant Market is projected to reach USD 1830.05 million by 2023 at a CAGR of 5.10%. Asia Pacific is accounted for the largest share due to high penetration of food & beverages and plastic industries in the region. China is the largest market not only in Asia Pacific but also in the global market. Synthetic Phenolic Antioxidant is holding the largest share of 79% in the market. Food industry is expected to be the dominant end user for Phenolic Antioxidant Market across all regional segments during forecast period. Pharmaceutical industry is projected to grow at a significant CAGR during the forecast period 2017-2023.

Regional Analysis:

Geographically, the Global Phenolic Antioxidant Market is segmented into five key regions Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa. Asia Pacific accounted for the largest market share in 2016, and is projected to grow at the highest CAGR of 5.20% during the forecast period. The dominance of Asia Pacific region is mainly due to the increasing demand for food from increasing population along with growing use of plastic ad rubber in this region. Asia Pacific region is followed by Europe, which accounted for the second largest market share and it is estimated to reach USD 420.47 million by 2023. Germany accounted the highest market share in Europe and expected to remain dominant throughout the forecast period owing to greater penetration of end user industries in the country.

North America is a significant region in the Global Phenolic Antioxidant Market. It accounted for a considerable market share of 20%, as of 2016. The US dominates the North America’s market share in terms of value and volume due to increasing demand of preserved, packaged and processed food in the country. It has been estimated that U.S would reach North America is followed by Latin America and Middle East & Africa, which estimated to grow at moderate rate during the forecast period.

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