Newark, NJ, May 22, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, The global plastic antioxidants market is expected to grow from USD 3.21 billion in 2019 to USD 5.27 billion by 2027, at a CAGR of 6.4% during the forecast period 2020-2027. Asia Pacific has the highest growth in market share in global plastic antioxidants. Further, It is expected to show the largest market share in global plastic antioxidants over the forecast period due to increased demand from packaging and automotive industries in this region. Moreover, a rise in the demand from various application segments and increased investments by private manufacturers are contributing to the growth of the Asia Pacific market.
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Key players in the global plastic antioxidants market are SI Group, Clariant AG, Sumitomo Chemical Co. Ltd., Everspring Chemical Co. Ltd., 3v Sigma Inc., Oxiris Chemicals S.A., Lanxess, Krishna Antioxidants Pvt. Ltd., BASF SE, Songwon, Amfine Chemical Corporation, Solvay S.A., Omnova Solutions Inc., Rifra Masterbatches S.P.A. and Dover Chemical Corporation. The major players are implementing various strategies such as agreement, business expansion and product launch to maintain competition in the market. BASF is the producer of plastic antioxidants and has undertaken different growth strategy, including development in the plastic antioxidants market. The company has opened a new antioxidant manufacturing plant in Shanghai. For Irganox 1010, The company has also expanded its production capacity globally. From its regional supply points, the company is aiming to cater to the increased demand from customers in the Middle East & Africa, Asia, and Europe.
The antioxidant type segment includes antioxidant blends, organic sulfides, phosphites, amines and phenols. Blends are superior to the other type of antioxidant. Blends of phenols and phosphites is beneficial in the melt-process stabilization of many plastics. The decomposing hydro-peroxides use phosphites and thioethers. Phosphite is effective in melt-processing operations at the high temperatures. Whereas, In the solid phase, thioether is used at long-term use temperatures. In the oxidation process, Phenols are mainly used by scavenging the peroxy radical intermediates. It is applicable for a wide temperature range, and are beneficial in improving the long-term thermal stability and processing of plastics.
The polymer resin segment includes polystyrene, acrylonitrile butadiene styrene, polyvinyl chloride, polypropylene and polyethylene. The polypropylene polymer resin segment has the largest share of plastic antioxidants market. The growing production and consumption of polypropylene and the growth in the packaging and automotive industries is driving the demand for plastic antioxidants. Polyethylene segment is also expected to show the highest market share. It is a durable and lightweight plastic. It is used as laminates, plastic parts, films, tubes in the automotive, packaging, and electronics industries. The major consumer of polyethylene is the packaging. It has types such as HDPE, LLDPE and LDPE.
In polypropylene polymer resin, the plastic antioxidants are expected to be highest over the forecast period. Also, the acrylonitrile butadiene styrene polymer resin segment is also expected to show the highest growth. The plastic antioxidants market is driven by an increased disposable income, replacement of traditional materials by plastics and urbanization in emerging economies. Also, plastic consumption in industries is increased, which results in contributing to the growth of the market.
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About the report:
The global plastic antioxidants market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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