Plastic Antioxidants Market - Forecasts from 2024 to 2029

Plastic Antioxidants Market - Forecasts from 2024 to 2029

The plastic antioxidants market is expected to grow at a CAGR of 3.84% during the forecast period (2024-2029).

It is the industry that deals with the manufacturing and distribution of these chemical enhancers for the preservation of plastic products from the detrimental effects of heat, light, and oxidation. These antioxidants are incorporated during the production of different sorts of plastic resins, including polyethylene, polypropylene, PVC, polystyrene, and ABS. Plastic antioxidants are useful in increasing the expected durability of plastic products while ensuring they do not become rigid when cold or liquefy when hot. These are commonly applied in automotive, packaging, construction, electronics, and consumer durable industries.

Some of the factors that fuel the plastics antioxidants market include meeting these demands and requirements arising from the automotive industry for lightweight plastics for fuel efficiency, packaged food and beverages, and emphasis on sustainable and better ecological materials. However, certain factors like volatility in the price of raw materials and some policies that circumscribe environmental friendliness and safety standards of products may restrict market growth to a certain extent.
One prime factor that works as a driver for the plastic antioxidants market is that every year, due to the gap between fuel consumption and availability, automotive manufacturers are forced to look for lightweight materials like plastics to increase the fuel efficiency of cars. With car manufacturers targeting lightweight components that enhance fuel efficiency, various automotive parts are gradually replaced with plastic materials compared to conventional metal ones. These plastic parts also need heat stabilizers due to the heat, light, and oxidation that come with production and even the service life of a car. Thus, such increasingly important types of automotive vehicles as electric cars, which have even more plastic components than traditional internal combustion engine cars, also promote increased sales of plastic antioxidants in automotive applications.
The shift of consumers towards convenient and ready-to-eat foods and beverages is another major factor for the plastic antioxidants market’s growth. Plastic packaging can be defined as one of the most popular packaging techniques frequently utilized in the food and beverage industries because of its high degree of durability, low weight, and, foremost, high barrier properties. However, these plastic packages, in particular, have this problem of oxidation, which is a food poison that is likely to lead to quick spoiling of food. The use of antioxidants in formulating the plastic slows this oxidation, hence increasing the shelf life of the commodities that the plastic is used for packaging. As the global population increases along with the specifics of consuming more ready meals and pre-packed foods, more plastics and, therefore, plastic antioxidants shall be required.
One of the stimulating factors that contribute to the increase in the use of plastic antioxidants is the increasing consciousness towards using environment-friendly and sustainable products in the global market. Due to the rising awareness of the potential harm caused by plastics within the environment, the public is putting pressure on producers of plastics to come up with eco-friendly plastics. In this endeavor, antioxidants are effective since they contribute to the lengthening of the life cycle of plastic goods, thereby minimizing use and disposal occurrences. Furthermore, the majority of the plastic antioxidants are bio-based materials and are extracted from renewable resources such as vegetable oils and natural phenols. Thus, the market for plastic antioxidants that are environment-friendly is anticipated to expand at a high compound annual growth rate in the future years due to increasing demand from consumers and governments for sustainable plastics.

PLASTIC ANTIOXIDANTS MARKET DRIVERS:

The polypropylene segment by polymer resin type will likely be the fastest-growing segment during the forecast period.

The PP segment is expected to be the largest growing segment in the plastic antioxidants market during the given time period. This growth can be attributed to several factors. Firstly, polypropylene is a highly used thermoplastic polymer that is highly prone to oxidation and thermal degradations, especially at high process temperatures needed for making polypropylene. Since tertiary carbon atoms are present in the polymer structure of polypropylene, it is prone to these degradation processes. Antioxidants are incorporated into the polymer during the manufacturing or compounding process to slow down the degradation process. This contributes to the sustenance of the physical and mechanical characteristics of polypropylene products to make them steady and trustworthy.

Another factor likely to have boosted the real growth rate of the polypropylene segment of the plastic antioxidants market is the rising demand for polypropylene in the relevant end-use industries. Polypropylene is widely employed in packaging, automotive, construction, and consumer goods segments because of different desirable values like light in weight and chemical resistance, compound flexibility, etc. These industries are still in the growth stage, especially in regions such as Asia-Pacific; hence, they are likely to produce more polypropylene, and antioxidants will also be required.

Increasing awareness of sustainable living and the circular economy has also shifted focus on polypropylene antioxidants. Polypropylene is recognized as a more eco-friendly plastic because of its recycling, and it has a relatively low carbon footprint compared to other polymers. The application of antioxidants is, to a large extent, involved in extending the service life and the recycling possibilities of polypropylene products, which comprise a major category of more sustainable plastics. Therefore, the polypropylene segment holds the highest CAGR within the plastic antioxidants market due to the increasing vulnerability of polypropylene to degrade, the rising application uses of polypropylene across various industries, and smart alternatives to plastics and the incorporation of sustainable practices.

The packaging segment by application will likely be the fastest-growing segment during the forecast period.

Out of all the applications, the packaging segment is projected to be the fastest-growing in the plastic antioxidants market over the given timeframe. This growth can be attributed to several factors. First of all, plastic packaging materials have become popular packaging mediums in different industries because of their toughness, lightweight, and the protection they give to the packaged products. Some of the polymers currently used are polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), and polystyrene (PS). They are used in the packaging of food and drinks in containers, protective films, and flexible bags. Nonetheless, the identified plastic packaging materials are prone to oxidation, thereby degrading them, discoloring them, and shortening the shelf life of the packaged products. When used in the formulation of plastics, antioxidants aid in the prevention of this oxidation, and in turn, the shelf life of food items is prolonged.

The increasing sales of processed and convenience foods, as well as alcoholic and non-alcoholic beverages, in emerging economies, is another factor in the high growth of the packaging segment in the plastic antioxidants market. Global population increases year after year, and consumer preferences change and accept convenient and pre-packed) foods, thereby increasing the demand for plastic packaging and indirectly increasing the plastic antioxidants market. The growing trend of using plastics and the development of e-commerce, along with the mandatory use of proper package protection, also drive the demand for plastic antioxidants.

Besides, these industries are shifting their focus towards sustainability and circular economy, which is fueling the demand for plastic antioxidants in packaging. Most governments and organizations are encouraging the use of reusable and biodegradable plastic packing materials in a bid to counter the effects of plastic on the environment. Antioxidants are commonly used to improve the lifetime and reusability of plastics as packaging materials conforming to the current global trend of adopting environmentally friendly packaging. In conclusion, the packaging segment will be the fastest-growing application in the future plastic antioxidants market because of the shifting tendency toward the usage of plastic packaging materials, the growth in the consumption of packaged food products, and the development of protective packaging products.
Asia Pacific region to dominate the plastic antioxidants market during the forecast period.

Asia-Pacific has been identified as the largest market for plastic antioxidants over the given timeframe. All this growth may be attributed to the following factors. Firstly, the Asia Pacific region, and specifically China and India, are on the expressway to increase their demand for any given professionals in the various industries. The high growth in industrialization, urbanization, and economic growth of these countries is another factor that is forcing the higher use of plastics, especially in electronics, automobile industries, construction, and packaging. Consequently, the request for plastic antioxidants that can preserve these plastic materials from degradation is growing immensely in the region.

The construction and building industry in the Asia-Pacific region is expanding rapidly; this is also a reason that fuels the region’s hegemony in the global market of plastic antioxidants. Sectors such as Construction & Real Estate, Automotive & Transportation, Consumer Goods & Electronics, and others such as packaging, plastic manufacturers are using more plastic as a building material than metals, thereby creating a greater market for plastic antioxidants. Some of the polymers that are commonly used in enhanced construction projects, such as polyethylene and polypropylene, are very sensitive to thermal and oxidative conditions and require antioxidants to increase their longevity and reliability.

In addition, the Asia-Pacific is today among the biggest automotive-producing regions of the world, with leading countries such as China, Japan, and India. The main force behind the use of plastic antioxidants in the automotive market in the region is the increasing use of plastics for lighter car parts to enhance vehicle efficiency. The electronics and consumer goods industry, particularly in Asia-Pacific, extensively using plastic materials, has pushed up the regional market for plastic antioxidants.

The plastic antioxidants market is segmented and analyzed as follows:

By Polymer Resin
Polypropylene
Polyethylene
Polyvinyl Chloride
Polystyrene
Acrylonitrile Butadiene Styrene
By Anti-Oxidant Type
Phenolic
Phosphite and Phosphonite
Antioxidant Blends
By Application
Packaging
Construction
Automotive
Other Applications
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
United Kingdom
Germany
France
Italy
Spain
Rest of Europe
Middle East and Africa
Saudi Arabia
Saudi Arabia
United Arab Emirates
Rest of the Middle East and Africa
Asia-Pacific
China
India
Japan
South Korea
Taiwan
Thailand
Indonesia
Rest of Asia-Pacific