Plastics tend to change over time due to exposure to heat, radiation, or a corrosive environment. The changes occur as a result of oxidative degradation and can severely affect the properties and service life of the polymers. To prevent the degradation of plastics, antioxidants are added. Antioxidants obstruct autoxidation of plastics with atmospheric oxygen. Some polymers undergo oxidation at room temperature, while others are at the risk of thermal oxidation while processing. The plastics are molded and cast at high temperatures, and under those conditions, oxidation occurs at a rapid pace. Antioxidants are of prime importance as they help in the stabilization of plastics during the processing stage, and to increase the service life.
Key Market Driver -
Rising demand for plastic to replace conventional materials
Key Market Restraint -
Health effects of plastic antioxidants
The key market driver for the global plastic antioxidants market is the rising demand for plastics to replace conventional materials. Manufacturers of automotive and construction components prefer to replace metal components with plastic components due to their similar properties. Also, plastics are lightweight, thereby the demand for plastics is increasing which is supporting the growth of plastic antioxidants market.
Key market restraint for the global plastic antioxidants market is the health effects of plastic antioxidants. The antioxidants present in plastics can migrate and lead to human exposure via materials in contact with food or during recycling and recovery processes.
Based on type, the plastic antioxidants market is segmented into phenolic, phosphite, antioxidant blend, and others. Based on polymer resin, the market can be segmented into polypropylene, polyethylene, polyvinyl chloride, acrylonitrile butadiene styrene, and polystyrene.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Some of the notable companies in the global plastic antioxidants market are BASF SE, LANXESS A.G., Solvay S.A., Adeka Polymer Additives, OMNOVA Solutions Inc., SONGWON, SI Group, Clariant, Sumitomo Chemical, Dover Chemical Corporation, Everspring Chemical Co., Ltd., 3V Sigma USA Inc., Trigon Antioxidants Pvt. Ltd., Krishna Antioxidants Pvt. Ltd., and other key players.
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The global plastic antioxidants market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. High demand for plastic antioxidants in North America is due to the growing use of polyethylene and polypropylene resins for packaging in the food & beverage industry. Rising awareness and regulations imposed by the government is expected to drive the plastic antioxidants market in this region. The growing use of polymers for automotive applications is anticipated to increase the market in Europe. Increasing demand for plastics from building & construction, and electrical & electronics industry will propel the plastic antioxidants market in Asia Pacific. The growth of the market in Latin America is estimated to occur due to the rising consumption of polyvinylchloride, and polypropylene in building & construction, and energy industries. In the Middle East & Africa, the growth of plastic antioxidants market can be owed to the high demand from petrochemicals and oil & gas industries.
By Polymer Resin