Plastic antioxidants are additives incorporated into plastic materials to prevent or slow down the degradation process caused by exposure to heat, oxygen, light, and other environmental factors. They work by inhibiting oxidation reactions, which can lead to discoloration, brittleness, and loss of mechanical properties in plastics. These antioxidants help extend the lifespan and maintain the integrity of plastic products, making them essential for various industries such as packaging, automotive, construction, and electronics.
The global plastic antioxidants market size is estimated to be USD 2.0 billion in 2020 and is expected to reach USD 2.6 billion by 2025, at a CAGR of 5.3% during the forecast period. Factors such as plastics replacing conventional materials, increasing demand in medical industry, and rapid urbanization in developing countries will drive the plastic antioxidants market. The major restraint for the market will be adverse effect on health from synthetic plastics antioxidants. However, the untapped demand in the agricultural sector of developing countries will act as an opportunity for the market.
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During the forecast period, the Asia-Pacific (APAC) region is anticipated to emerge as the fastest-growing market for plastic antioxidants. This growth is attributed to factors such as increasing industrialization, rising demand for plastic products across various sectors, and supportive government initiatives. Additionally, the region’s expanding manufacturing capabilities and growing consumer base contribute to the heightened demand for plastic antioxidants, driving market growth in APAC.
The key market players profiled in the report include BASF SE (Germany), Songwon (South Korea), Adeka Corporation (Japan), Solvay (Belgium), SK Capital (US), Clariant (Switzerland), Sumitomo Chemical (Japan), 3V Sigma S.p.A (Italy), and Dover Chemical Corporation (US).
Players in the plastic antioxidants market are mainly concentrating on new product launches, merger & acquisition, and expansions to meet the growing demand for plastic antioxidants for various applications. New product launches help companies to strengthen their product portfolio and meet the specific demands of customers.
The growth of the plastic antioxidants market has been largely influenced by new product launches that were undertaken between 2016 and 2020. Companies such as BASF and Sumitomo Chemical have adopted new product launches to enhance their market position.
BASF (Germany) is one of the major players in the plastic antioxidants market. To expand its business, the company is focusing on enhancing its market reach by opening plants to increase the capacity. For instance, in December 2019, BASF (Germany) opened the second phase of the new antioxidant manufacturing plant in Shanghai, China, to support the fast-growing antioxidants market in the country. Similarly, Sumitomo Chemical expanded its Polypropylene Compounds Business by acquiring a Turkish compounder, Emas Plastik A.S., and its affiliated companies (Emas Group). This would encourage the growth of the antioxidant business.
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The companies also adopted new product launch as a strategy to expand their product portfolio and market presence. For instance, in July 2019, SK Capital launched a new antioxidant product called ULTRANOX 626 for use in PP homopolymers and copolymers. In November 2018, launched a new antioxidant, SONGNOX 5057, for polyols and polyurethanes applications.
In October 2018, SK Capital announced its agreement to acquire the SI group. Through this acquisition, the company is projected to unlock the growth in earnings from both commercial and cost synergies. In May 2017, Clariant undertook mergers with Huntsman Corporation (US) to form HuntsmanClariant, in which Clariant holds a 52% share. The combination of strengths of both the companies created a leading global specialty chemical company, with an improved growth profile in highly attractive regions and end markets.
