Plastic Antioxidants Market Size, Current Insights and Demographic Trends 2023-2030
Plastic antioxidants are a group of chemicals that slow down the process of oxidation in plastic. Oxidation causes a chemical reaction that produces free radicals-oxygen-containing atoms with an odd number of electrons. Free radicals cause chain reactions that damage the polymer molecules in plastic, degrading their strength and appearance. Antioxidants stop these chain reactions by removing free radicals and inhibit further oxidation by reacting with oxygen to form more stable end products. They are added to plastics during the manufacturing process to reduce the effect of thermal oxidation induced by processing temperatures.Plastic Antioxidants Market DriversIn the 14th Five-Year Plan of National Economic and Social Development of the People's Republic of China and outline of the Vision Goal of 2035 and Made in China 2025 issued by The State Council, the new material industry is listed as the key field to be vigorously promoted and the new material is taken as the new pillar to build the industrial system. Promulgated by the State Council of the national major scientific and technological infrastructure construction for medium and long-term planning (2012-2030) "requirements to materials characterization and regulation, and engineering materials experiment as the research key, such as layout and improve the related major science and technology infrastructure and promote composite materials science and technology to the functionalization, and intelligent, miniaturization, and in harmony with the environment, Make material science a priority area. In the long run, the country's attention to the new material industry has brought a good policy environment for the development of the plastic antioxidant industry.Plastic Antioxidants Market ChallengesSome flammable and explosive chemical raw materials are used in the production process of plastic antioxidant. If the company's management is improper, or the safety and environmental protection measures are not in place, environmental protection and safety accidents may occur, which may adversely affect the company's property, employees' personal safety and the surrounding environment. In addition, with the strengthening of national safety and environmental protection management, relevant standards and requirements may change. If the company fails to adapt to the corresponding changes in time, its production and development will be affected to some extent.COVID-19 is still affecting production, life and economic operation around the world. Under the uncertain global economic situation, the plastic antioxidant industry is also facing severe challenges. The COVID-19 epidemic resulted in a downturn for many sectors across the globe. The reduction in demand for plastics from end-use industries such as automobile, building & construction, consumer products and packaging has contributed to a decrease in the market for plastics-processing additives, including plastic antioxidants.
Plastic Antioxidants market reached a value of USD 1434.8 million in 2022. It's expected that the market will achieve USD 1852.44 million by 2028, exhibiting a CAGR of 4.35% during the forecast period.
A thorough understanding of the Analytics sector and its commercial potential is the aim of the market study. The Plastic Antioxidants Market Report has 112 pages and has a detailed table of contents, a list of data, tables, and charts, along with an in-depth analysis.
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Leading Players in the Plastic Antioxidants Industry:
Everspring Chemical Co. Ltd.
SI Group Inc.
Shandong Linyi Sunny Wealth Chemicals Co.Ltd.
Dover Chemical Corporation
Fengguang Advanced Material
Songwon Industrial Co. Ltd.
To preserve their position, these big corporations relied on primary growth tactics such as product portfolio expansion, current trends, financing, mergers and acquisitions, partnerships, new product invention, and geographical development.
Based on Type:
Phosphite & Phosphonite
Based on Application:
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Key Factors Considered:
COVID-19 - Amid the COVID-19 crisis, the Plastic Antioxidants market has definitely taken a hit. The report describes the market scenario during and post the pandemic in the vision of upstream raw materials, major market participants, downstream major customers, etc. Other aspects, such as changes in consumer behavior, demand, transport capacity, trade flow under COVID-19, have also been taken into consideration during the process of the research. The epidemic is still causing tremendous disruption in industries throughout the world. We've been tracking the direct and indirect consequences of the COVID-19 outbreak on the Plastic Antioxidants market. To Know How Covid-19 Pandemic will Impact this Industry - https://www.precisionreports.co/enquiry/request-covid19/22792176
Regional Conflict / Russia-Ukraine War - The report also presents the impact of regional conflict on this market in an effort to aid the readers to understand how the market has been adversely influenced and how it's going to evolve in the years to come.
Challenges & Opportunities - Factors that may help create opportunities and boost profits for market players, as well as challenges that may restrain or even pose a threat to the development of the players, are revealed in the report, which can shed a light on strategic decisions and implementation.
Organization: Precision Reports
Phone: US: +1 424 253 0807 | UK: +44 203 239 8187
Market is changing rapidly with the ongoing expansion of the industry. Advancement in the technology has provided today's businesses with multifaceted advantages resulting in daily economic shifts. Thus, it is very important for a company to comprehend the patterns of the market movements in order to strategize better. An efficient strategy offers the companies with a head start in planning and an edge over the competitors. Precision Reports is the credible source for gaining the market reports that will provide you with the lead your business needs.
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