DUBLIN--(BUSINESS WIRE)--The "Plastic Antioxidants Market by Antioxidants Type (Phenolic, Phosphite & Phosphonite, Antioxidant Blends), Polymer Resin (Polyethylene, Polypropylene, Polyvinyl Chloride, Polystyrene, Acrylonitrile Butadiene Styrene), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Global Plastic Antioxidants Market Size is Estimated to be USD 2.2 Billion in 2019 and is Projected to Reach USD 2.8 Billion by 2024, at a CAGR of 5.0%
Replacement of conventional materials by plastics in various industries is expected to drive the plastic antioxidants market.
The plastic antioxidants industry is driven largely by the increasing use of plastics in the packaging, building & construction, and automotive sectors, among others.
Plastics possess superior mechanical and electrical properties, enhanced abrasion resistance, and excellent chemical resistance, as compared to conventional materials, such as metals, glass, paper, and ceramic. The increasing use of plastics is expected to drive the plastic antioxidants market. However, health effects associated with the usage of synthetic plastic antioxidants are the major restraints for the growth of the market.
The phosphite & phosphonite segment is expected to be the fastest-growing antioxidant type in the overall market.
The phosphite & phosphonite segment is expected to witness the highest growth from 2019 to 2024. The ability of phosphite and phosphonite antioxidants to provide better color stabilization and its melt viscosity to plastics are the key factors driving the growth of the segment.
Acrylonitrile butadiene styrene (ABS) is expected to be the fastest-growing polymer resin, in terms of value, from 2019 and 2024.
The ABS resin segment is estimated to be the fastest-growing segment between 2019 and 2024, in terms of value. The growth of the segment can be attributed to the increasing demand and manufacturing of ABS in APAC, especially in China.
China accounts for more than one-third of the global capacity of ABS and more than half of the global consumption. This is majorly due to the growing demand for electrical & electronic devices and consumer appliances in China. The durable and robust nature of ABS drives its demand in various industries, such as home appliances, electrical & electronics, and automobiles.
APAC is expected to be the fastest-growing market during the forecast period, in terms of value.
The plastic antioxidants market in APAC is projected to witness the highest growth during the forecast period. The growing demand for plastics from the building & construction, agriculture, packaging, and automotive industries is expected to fuel the growth of the plastic antioxidants market in the region. The rising population and increasing disposable income in countries such as China and India are fueling the growth of the building & construction, packaging, and automotive industries in APAC, thus, driving the global plastic
The key players profiled in the report include as BASF (Germany), SONGWON (South Korea), Adeka Corporation (Japan), SI Group (US), Clariant (Switzerland), Solvay (Belgium), Sumitomo Chemical (Japan), Dover Chemical Corporation (US), Everspring Chemical Co., Ltd. (Taiwan), and 3V Sigma S.P.A. (US).
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