Global Plastic Antioxidants Market Insights Forecasts to 2033

• The Global Plastic Antioxidants Market Size was Estimated at USD 5.29 Billion in 2023
• The Market Size is Expected to Grow at a CAGR of around 5.38% from 2023 to 2033
• The Worldwide Plastic Antioxidants Market Size is Expected to Reach USD 8.93 Billion by 2033
• Asia Pacific is expected to grow the fastest during the forecast period.

The Global Plastic Antioxidants Market Size is anticipated to exceed USD 8.93 Billion by 2033, growing at a CAGR of 5.38% from 2023 to 2033. The rising demand and awareness of product durability and the expanding packaging industry along with the rising consumer preference for quality and safety are the factors driving the market growth.

Market Overview

The plastic antioxidants market refers to the industry producing and distributing antioxidants for plastics. Plastic antioxidants are additives used to improve the durability and performance of plastics by preventing them from degrading due to oxidation. Antioxidants help to prolong their useful life and preserve their functionality by protecting resins such as polypropylene, polyethylene, and polystyrene from degradation that is caused due to heat, light, and other environmental factors. There is an increased emphasis on sustainable solutions owing to the industry’s commitment to environmental resilience. The development of environmentally friendly antioxidants is becoming a top priority for manufacturers to address environmental issues and support the worldwide movement towards sustainable practices. Rapid industrialization and infrastructure development in emerging economies as well as industry partnerships and collaborations are encouraging innovation and making it possible to provide cutting-edge antioxidant solutions that are suited to particular uses and consumer needs.

Report Coverage

This research report categorizes the plastic antioxidants market based on various segments and regions forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the plastic antioxidants market. Recent market developments and competitive strategies such as expansion, type launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the plastic antioxidants market.

Driving Factors

The growing need for plastic antioxidants from end-use industries such as automotive, packaging, construction, electronics, medical & healthcare, and consumer goods is driving market demand. The inclination towards sustainability and preference for bio-based and recyclable antioxidants significantly contribute to driving the market for plastic antioxidants.

Restraining Factors

The fluctuation in raw material prices and availability of alternative products are challenging the plastic antioxidants market.

Market Segmentation

The plastic antioxidants market share is classified into antioxidant type, resin type, and application.

• The phenolic segment accounted for the largest revenue share of 40.42% in 2023 and is anticipated to grow at a significant CAGR during the forecast period.

Based on the antioxidant type, the plastic antioxidants market is classified into phenolic, phosphite & phosphonite, antioxidant blends, amines, and others. Among these, the phenolic segment accounted for the largest revenue share of 40.42% in 2023 and is anticipated to grow at a significant CAGR during the forecast period. Phenolic antioxidants are widely used in industries like food & beverage, plastics, rubber, and pharmaceuticals owing to their capacity to prevent oxidative deterioration. The increased awareness about the negative impact of oxidative processes on product quality and shelf life drives the market for plastic antioxidants in the phenolic segment.

• The polyethylene segment dominated the market with the largest revenue share of 34.73% in 2023 and is anticipated to grow at a significant CAGR growth during the projected timeframe.

Based on the resin type, the plastic antioxidants market is classified into polyethylene, polypropylene, polyvinyl chloride, polystyrene, acrylonitrile butadiene styrene, and others. Among these, the polyethylene segment dominated the market with the largest revenue share of 34.73% in 2023 and is anticipated to grow at a significant CAGR growth during the projected timeframe. Because of its exceptional stability, which enhances performance and lifespan, polyethylene is a polymer that is widely employed. The increased requirement of antioxidants for preserving the stability and longevity of the materials is driving the market demand.

• The food & beverages segment dominated the market with the highest revenue share of over 37.04% in 2023 and is expected to grow at a significant CAGR during the forecast period.

Based on the application, the plastic antioxidants market is classified into automotive, food & beverages, pharmaceuticals, construction, and others. Among these, the food & beverages segment dominated the market with the highest revenue share of over 37.04% in 2023 and is expected to grow at a significant CAGR during the forecast period. Plastic antioxidants are used in food and beverage packaging to keep food safe and extend its shelf life. There is a high demand for antioxidants to enhance the sustainability and recyclability of plastics used in food and beverage packaging owing to the consumers’ growing preference for environmentally friendly and sustainable packaging materials.

Regional Segment Analysis of the Plastic Antioxidants Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the plastic antioxidants market over the predicted timeframe.

North America is anticipated to hold the largest share of the plastic antioxidants market over the predicted timeframe. The robust manufacturing sector especially in the automotive, packaging, and consumer goods industries is contributing to driving the plastic antioxidants market. The strict regulations and laws pertaining to product safety and environmental sustainability are propelling the market demand.

Asia Pacific is expected to grow at the fastest CAGR growth of the plastic antioxidants market during the forecast period. The presence of leading economies in the region including China and India is majorly contributing to drive the regional market growth. According to the International Organization of Motor Vehicle Manufacturers, Asia Pacific is the center of the world's automobile industry. Thus, the expanding automobile sector is contributing to driving the market for plastic antioxidants.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the plastic antioxidants market along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• BASF SE
• 3V Sigma USA
• Dover Chemical Corporation
• Lanxess AG
• Syensqo
• Clariant AG
• SONGWON. SI Group
• Astra Polymers
• Tosaf Compounds Ltd.
• Avient Corporation
• Andeka Corporation
• Ampacet Corporation
• Eastman Chemical Company
• Evonik Industries
• Milliken & Company
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In December 2023, BASF launched Irgastab PUR 71, a cutting-edge antioxidant that improves regulatory compliance and performance for polyols and polyurethane foams. This premium solution has been formulated without aromatic amine, effectively addressing the limitations of conventional anti-scorch additives.
• In May 2022, BASF expanded the production capacity for its antioxidant Irganox 1010 at its site on Jurong Island, Singapore, by integrating an additional production line into the existing production facilities.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the plastic antioxidants market based on the below-mentioned segments:

Global Plastic Antioxidants Market, By Antioxidant Type

• Phenolic
• Phosphite & Phosphonite
• Antioxidant Blends
• Amines
• Others

Global Plastic Antioxidants Market, By Resin Type

• Polyethylene
• Polypropylene
• Polyvinyl Chloride
• Polystyrene
• Acrylonitrile Butadiene Styrene
• Others

Global Plastic Antioxidants Market, By Application 

• Automotive
• Food & Beverages
• Pharmaceuticals
• Construction
• Others

Global Plastic Antioxidants Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa