Market Overview:
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.
Competitive Analysis:
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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Market Segmentation:
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.
Segmental Analysis:
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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