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Antioxidants Market
antioxidants market
The global antioxidants market was valued at US$ 3.54 Bn in 2021. According to Persistence Market Research, global antioxidant consumption is expected to reach US$ 5.7 Bn by the end of 2032. The global market for antioxidants is projected to increase at 4.5% CAGR between 2022 and 2032.
Growing demand for lubricants and plastics across end-use industries is majorly driving the demand for antioxidants. The market in the U.S. is set to expand at 4.3% CAGR during the forecast period. Together, Japan and S. Korea are estimated to account for 8.3% share of the global market in 2022. BASF, UPL, Clariant, Sasol Limited, and Adeka Corporation account for around 26% market share. China, the U.S., India, Germany, and Japan account for the highest demand for antioxidants.
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Significant demand for property enhancement of plastic materials for application in key end-use industries is expected to remain a key growth factor for the market.
East Asia is expected to dominate the global market as the region is a key producer of plastic materials. Strong presence of key end-use industries, including automotive, paints & coatings, adhesives & sealants, lubricants, etc., in East Asia is also driving the consumption of antioxidants in the region. Increased penetration of plastic utilization in automotive, construction, and other end-use industries will benefit the demand outlook for antioxidants over the coming years.
Key end-use industries such as packaging, construction, automotive, oil & gas, and others require parts with enhanced properties along with light weight. This factor is bolstering the market for antioxidants due to increasing consumption in plastic material production. Further, antioxidants derived from phenolic compounds are employed as an additive in the manufacture of plastic goods and composites.
On the flip side, the market for antioxidants is likely to face certain challenges over the coming years, such as a decrease in plastic usage, go-green initiatives by several nations, recycling of plastics, government regulations and standards for chemical industries, etc.
Key companies-
BASF SE Vinati Organics Trigon Antioxidants Pvt. Ltd. Sandhya Organic Chemicals Pvt. Ltd. Sarex UPL SI Group Songwon VDH Chem Tech Pvt. Ltd. Adishank Chemicals Pvt. Ltd. Khera Chemical Industries Cristol Sasol Limited Prakash Chemicals Adeka Corporation Clariant AG
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Key Takeaways from Market Study
The global market for antioxidants is estimated to reach a value of US$ 5.7 Bn by the end of 2032. The alkyl phenol derivatives segment is estimated to account for more than 50% share of the overall demand for antioxidants in terms of volume. The PVC application segment is set to expand at a CAGR of 5% through 2032. Petroleum-based products are expected to account for 26.7% share of the overall consumption of antioxidants. East Asia will remain a key consumer of antioxidants, with China itself accounting for 19.7% of the global demand. India is expected to be the fastest-growing market with an anticipated CAGR of 5.7% between 2022 and 2032.
Competitive Landscape
Key market participants are focusing on expanding their production capacities and are installing production units in emerging economies to bolster their sales. Market players are also exploring new applications through product development to cater to the growing industrial challenges by providing application-specific solutions.
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Key Questions Answered in This Report –
Which is the largest regional market for Antioxidants?
What are the upcoming trends of Antioxidants Market in the world?
What are the key driving factors for the growth of the Antioxidants Market?
What are the top players operating in the Antioxidants Market?
What are the key regions in the global Antioxidants market?
Who are the key players/companies in the global Antioxidants market?
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