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Plastic Antioxidants Market- Future Demand, Market Analysis upto 2024

12-09-2019 12:19 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Markets and Markets

/ PR Agency: MNM
The global plastic antioxidants market size is projected to reach USD 2.8 billion by 2024 from USD 2.2 billion in 2019, at a CAGR of 5.0% between 2019 and 2024. Plastic antioxidants are stabilizing agents that prevent oxidation or reactions promoted by free radicals, oxygen, or peroxides in plastics. They are added to plastics to prevent their decomposition.

Antioxidants do not eliminate oxidative degradation completely, but they substantially prevent auto-oxidation by interfering with the radical propagation reaction. The overdose of antioxidants can lead to discoloration, change in adhesion properties, loss of efficiency, or the possibility of additive leaching. The major factor that is driving the plastic antioxidants market is the replacement of conventional materials by plastics in various industries and the increasing disposable income & rapid urbanization in emerging countries.

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Based on antioxidant type, the plastic antioxidants industry is segmented into phenolic antioxidants, phosphite & phosphonite antioxidants, antioxidant blends, and others. The phosphite & phosphonite antioxidants segment is expected to witness the highest growth between 2019 and 2024. Phosphite & phosphonite antioxidants impart melt viscosity and better color stabilization to polymers. Furthermore, they are most effective stabilizers, as they protect both primary antioxidants as well polymers during processing.

Based on polymer resin, the plastic antioxidants market is segmented into polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), polystyrene (PS), acrylonitrile butadiene styrene (ABS), and others. ABS is expected to be the fastest-growing segment, in terms of value, from 2019 to 2024. The use of ABS is growing in automotive trim components, automotive bumper bars, drain pipe systems, medical devices, electric & electronic assemblies, kitchen appliances, and toys, among others. The growing number of applications of ABS is expected to drive its demand in the coming years, which is consequently expected to fuel the growth of the plastic antioxidants market.

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APAC is estimated to be the largest market for plastic antioxidants during the forecast period, in terms of value and volume. Improved lifestyle, increasing income, growing population, and growth of the construction industry in China and India is projected to propel the growth of the plastic antioxidants market in the region. The presence of major manufacturers, such as Songwon Industrial Co., Ltd. (South Korea), Adeka Corporation (Japan), and Sumitomo Chemical Company Ltd. (Japan), is expected to further fuel the growth of the plastic antioxidants industry in APAC.

BASF (Germany), SONGWON (South Korea), Adeka Corporation (Japan), SI Group (US), Clariant (Switzerland), Solvay (Belgium), Sumitomo Chemical (Japan), Dover Chemical Corporation (US), Everspring Chemical Co., Ltd. (Taiwan), and 3V Sigma S.P.A. (US) are the leading players in the market. These players have a strong foothold in the global plastic antioxidants market as well as a strong distribution network across the globe.

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