The inhibitors which are added in the resins to protect the materials or equipment are called Plastic Antioxidants. It has various significant properties such as excellent tensile strength, protection against thermally induced oxidation with impact resistance. It is used to provide flexibility, quality, and durability to the product.
The Global Plastic Antioxidants Market has been driven by its growing consumption in various sectors such as aerospace, automotive, coil, petrochemical, and others. Moreover, it is estimated that the acrylonitrile butadiene styrene resin segment is set to witness the highest growth in the market due to rising substitution of heavy metals by lightweight materials.
Some of the major players functioning in the Global Plastic Antioxidants Market are BASF SE(Germany), Solvay(Belgium), SI Group, Inc(U.S.), Dover Corporation(U.S.), SAKAI CHEMICAL INDUSTRY CO.,LTD(Japan), Evonik Industries AG(Germany), LANXESS (Germany), Trigon Antioxidants Pvt. Ltd.( India), Krishna Antioxidants Pvt. Ltd( India), Shandong Linyi Sunny Wealth chemicals Co.,Ltd (China), among others.
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The Global Plastic Antioxidants Market is segregated into polymer resin and antioxidants type. On the basis of polymer resin, the market is further categorized into polyethylene, polypropylene, polyvinylchloride, polystyrene, and acrylonitrile butadiene styrene. The most widely used resin type in the market is polypropylene segment, due to its growing consumption in construction and buildings, petrochemical and electronics industries. It is predicted that the acrylonitrile butadiene styrene segment is set to grow at a higher CAGR due to excellent features offered by the product such as tensile strength, optimal performance and ductility. Moreover, the market is driven by the increasing consumption of polyethylene resins in heavy end industries.
On the Basis of Antioxidants Type, the market is segmented into phenolic, phosphite & phosphonite, antioxidant blends. Between these, the phosphite & phosphonite is the leading segment in the market and is anticipated to observe a rapid growth due to its ability to provide counteract the effects of oxidation and corrosion. Moreover, the growing demand of polymers in paints & coating, and automotive sectors is likely to fuel the phenolic segment, owing to its capability to produce free radicals that can damage the cells.
The Global Plastic Antioxidants Market is spanned across five key regions of the world namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major portion of the global market and is anticipated to continue its dominance due to rising demand for plastic antioxidants market in various applications. Countries such as China, Japan and India are the major players in this region. The North America region is estimated to witness a higher growth in the U.S., Canada and Mexico owing to increasing demand for inhibitors in aerospace, automotive, and energy sectors. A recognized growth is observed in the European region owing to the growing consumption of lightweight materials in food packaging, automotive and aerospace to produce pollution free and efficient vehicles. Moreover, it is projected that the advancing research & development of product in the market has propelled this region to witness a significant growth in Germany, the U.K. and Italy.
The Middle East & Africa is estimated to observe a significant growth due to increasing consumption of inhibitors in oil & gas, petrochemical and automobile industries. Additionally, the growing demand of high performance materials such as polypropylene and polyethylene in architectural, paints and coating industries is projected to boost the market in the Latin American region.
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