(MENAFN- Ameliorate Digital Consultancy)
According to recently published data on the antioxidants industry, global consumption is predicted to generate US$ 3.69 billion in sales in 2022, representing a 4.2% year-over-year growth. During the forecast period of 2022 to 2032, it is expected that the demand for antioxidants will increase globally at a CAGR of 4.5%.
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By the end of 2032, Persistence Market Research projects that the global antioxidants market will be worth US$5.7 billion. With CAGRs of 5.1% and 4.3%, respectively, during the same period, East Asia and North America are anticipated to continue to be important regional markets in the antioxidants industry.
During the forecast period of 2022–2032, it is projected that the strong performance of end-use industries and a rise in the usage of plastic materials would positively affect the global antioxidants market.
The market in India is anticipated to witness substantial progress period owing to the growth of end-use industries such as plastics, automotive, construction, and others that are consuming antioxidants. The Indian antioxidants market is anticipated to reach US$ 258.5 Mn by end of 2032.
Antioxidants are additives that increase the oxidative resistance of the base oil, thereby extending the life of a lubricant. Antioxidants enable lubricants to perform at higher temperatures. The automotive industry is India's largest end-user market for lubricants. Lubricants have a sizable market share in both the OEM and aftermarket. Lubricant usage in India is expected to rise as the country's automotive and industrial sectors expand.
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Competitive Landscape
The antioxidants market is fairly fragmented with a considerable presence of market participants. Key antioxidant manufacturers are anticipated to account for a significant share of the market. The market has the further presence of a significant number of small- and medium-sized players.
Key market participants are strategically focusing on the expansion of their existing production capacities to drive revenue growth and attain a higher market share by catering to the growing demand from end users. To maintain revenue growth, major market participants are establishing contracts with end users and distributors to provide antioxidant compounds.
On 2nd July 2021 Songwon Industrial Co., Ltd. announced that it had extended its distribution partnership with MegaChem for antioxidants for fuels and lubricants in the ASEAN region. On May 17th, 2022, BASF announced the expansion of production capacity for its Irganox 1010 at Jurong Island, Singapore. This will serve the fast-growing Asia Pacific and Middle East markets.
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FAQ's:
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