Plastic Antioxidants Market – A Step Ahead of Plastic, and More
The quest for stiff and lightweight packaging material has been, and will continue to lift the innovation bars of manufacturers, as exponentially growing e-Commerce channels depend upon reliable packaging and speedy transportation. With the convergence of antioxidants and plastic, this new formulation is found to have high thermal stability and resistance against oxidation, which has further led to the infiltration of plastic antioxidants in numerous industries – aerospace, automotive, packaging, construction, and electronics.
As industrialists seek materials with longer-shelf life for their products, plastic antioxidants are likely to grow in importance and value during the forecast period. Sensing the enormous business opportunities underlying in the plastic antioxidants market, Transparency Market Research (TMR), in its recent study, studies the undercurrents exerting their influence on market growth.
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Charting the Evolution of the Plastic Antioxidants Market
Plastic, as a material, is susceptible to temperature variations, which necessitated the addition of chemicals – phenolics, amines, blends, phosphites, and thioesters – to prevent it from turning hard at low temperatures and soft at high temperatures. Products manufactured using plastic antioxidants are shielded from the effects of time, which offers them longer shelf life. In 2018, plastic antioxidants recorded a volume sales of ~ 274 thousand tons, corresponding to a value of US$ 807 million, and this is likely to grow in terms of adoption at a CAGR of ~ 6% during 2019-2027.
In recent times, the plastic antioxidants market has been growing in parallel with the automotive industry, given the demand for lightweight plastic for enhancing the fuel efficiency of vehicles. The trend of adding antioxidants during the manufacturing of automotive components has been on a surge; this is intended to delay their degradation. As manufacturers intensify their investments in improving the properties of plastic antioxidants, new application areas are likely to surface, which will upkeep the steadily growing demand in the coming years.
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PVC to Remain the Material of Choice of the Construction Industry
Stabilized polypropylene (PP) used for protecting products against thermo-oxidative degradation is likely to remain preferred for the development of packaging products. However, surging investments in the construction sector have been generating high demand for PVC for the development of pipes, sliders, and electric cables, and given the ascending demand for residential areas from the increasing populace, their adoption is likely to remain high during the forecast period.
Asia Pacific, on account of high growth in the construction sector, holds high revenue potential in the plastic antioxidants market. China’s dominance in the consumer goods sector will further reflect on the overall market size of Asia Pacific. In addition, growing investments in automotive, electronics, and consumer goods sectors will aid Asia Pacific in retaining its leading status in the market.
With rising concerns apropos of the severe health hazards – birth defects, infertility, delay in neurodevelopment, and hormone disruptions, among others – posed by plastic antioxidants in tandem with the ill-effects on the environment, end users seek materials other than plastic, such as bio-based antioxidants developed using plants, a factor that is likely to deter the steady growth of the market.
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Plastic Antioxidants Market – Strategies to Gain Competitive Advantage
- Target Applications of Propylene-based Antioxidants
As propylene offers low density and high melting temperatures, it has been spectating a surge in demand for the development of restorable plastic products. In addition, packaging bags manufactured from these materials delay evaporation and dehydration, which aids in retaining the freshness and taste of food and beverages. Manufacturers can capitalize on this property to penetrate deeper into end-use industries by developing application-specific propylene-based antioxidants.
- Focus on Improving Performance Characteristics
Since polymers tend to change with time when exposed to radiation, corrosive environment, and excessive heat, these changes exert influence on their service life and properties. With the introduction of plastic antioxidants, manufacturers are able to offer products with extended shelf life. As they seek a distinguished position in the market, focus on developing plastic antioxidants that resist the effects of temperature, pressure, and environmental dynamics can aid them in reaching the desired heights.
- Expand Amine-based Product Portfolio
With the focus of the automotive industry on reducing the overall weight of components and vehicles, the demand for amine has been growing at a striking rate. Besides keeping check on the weight, amine polymers ensure excellent protection against temperature. Since electric vehicles and self-driving cars are a part of the immediate future of the automotive industry, manufacturers can shift their strategy gears towards broadening their amine-based product portfolios to leverage the underlying opportunity.
Plastic Antioxidants Market Operating Amidst Moderate Degree of Fragmentation
The plastic antioxidants market is a landscape, wherein, the existing potential of a single market player lacks the required momentum to move the entire industry at a significant pace. Collectively, frontrunners account for ~ 32% of the plastic antioxidants market share with robust distribution and sales channel across the globe, which gives them an upper hand over their regional competitors. These players include:
- BASF SE
- SI Group, Inc
- SONGWON Industrial Group
- ADEKA Corporation
These leaders strive to target multiple end-use applications by expanding their manufacturing competency. For instance, BASF SE boasts of its expertise in the production of chemicals and their distribution in over 90 countries across the globe. BASF SE realized the potential of the Asia Pacific market, and in January 2019, it announced the launch of a new antioxidant production facility in Shanghai, China.
Regional players, in contrast, focus on extending the properties of plastic antioxidants and expand in terms of capability by entering into partnerships with players located in key geographies. For instance, Raschig GmbH offers high-performance antioxidants to safeguard products from the harsh effects of mechanical strain, heat, and light. High working capital coupled with the interrupted supply of raw materials in the moderately fragmented plastic antioxidants market is likely to narrow down the entry passage for new players.
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Analysts’ Inference of the Plastic Antioxidants Market
Authors of the report anticipate a favorable growth scenario for the plastic antioxidants market over the course of the forecast period of 2019-2027. According to their analysis, the popularity of plastic antioxidants is likely to grow with constant improvements in their characteristics, which have been offering new growth tangents in numerous industries. The automotive industry is likely to remain a key contributor to the revenue share of the plastic antioxidants market, owing to the epochal scale of transformation happening in the landscape, which has necessitated the use of lightweight material for the manufacturing of automotive components. Manufacturers who focus on research and development activities are likely to gain an upper hand in the development of differentiated products.
Plastic Antioxidants Market Description
- Polymer is a material of choice in a wide range of industries such as automotive & transportation, building & construction, electrical & electronics, medical, textiles, and packaging, due to its characteristics such as light weight, flexibility, and ease of processing. However, polymers become brittle and fragile during processing and after prolonged usage, which can cause degradation. Plastic additives play an important role in arresting the degradation of polymers during exposure to heat, cold, and light.
- Plastic antioxidants are used in the manufacture of many polymers and resins used in sheet injection and blow molding applications. Polymers generally go through several processing steps to reach their final form. At each stage, oxidation of the polymer can occur, leading to its degradation.
- Plastic antioxidants also help improve polymer stability, quality, and appearance. These antioxidants are used in a wide range of industries such as food and medical packaging, automotive, mining, construction and agriculture. Sometimes, a combination of two or more antioxidants is used to stabilize polypropylene resins for various applications such as injection molding, thin or thick wall containers, sheet or thermoforming, automotive, caps or closures, films, fibers, and profile and extrusion.
- Key applications of plastic antioxidants include polypropylene, polyethylene, poly vinyl chloride, polystyrene, acrylonitrile, and butadiene styrene. The polypropylene segment holds a major share of the global plastic antioxidants market.
What are Key Growth Drivers of the Plastic Antioxidants Market?
- The global plastic antioxidants market is anticipated to expand at a significant pace during the forecast period, due to the increase in the demand for antioxidants in the manufacture of polymers, primarily polypropylene. Plastic antioxidants are extensively employed in the production of polypropylene, which can be further used in heater cases, lamp housings, bumper structures, instrument panels, rocker panels, interiors trims, interior pillar trims, etc.
- Polypropylene is extensively used to manufacture scuff plates, boot liners, fans and shrouds, lighting, electrical housings, splash shields, fender liners, seating components, and door trims, owing to its higher flexibility, excellent chemical and heat resistance, and resistance to impact. This is anticipated to drive the plastic antioxidants market in the near future.
- Antioxidants are primarily added to plastics to inhabit their degradation caused by thermo-oxidative or thermo-mechanical conditions. The addition of antioxidants to plastics not only extends product life, but also enhances appearance and maintains strength, stiffness, and flexibility. The manner in which an antioxidant interrupts the degradation process depends upon its structure. Several amines, phenolics, phosphates, and thioesters are employed as antioxidants for plastics.
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What are the Key Growth Challenges for the Plastic Antioxidants Market?
- Toxicity risks associated with the use of plastic antioxidants is a key challenge for the plastic antioxidants market.
- Plastic antioxidants have been identified as one of the 17 high-priority chemical groups that should be avoided to reduce the risk of developing breast cancer. They also pose environmental concerns. These are the other factors adversely affecting the plastic antioxidants market.
Lucrative Opportunities in the Global Plastic Antioxidants Market
- The automotive industry offers lucrative opportunities for the plastic antioxidants market. The automotive industry is likely to transform significantly post 2024, as most of the vehicles manufactured after 2024 are expected to be electric.
- Plastic antioxidant materials enhance resistance to oxidation by optimizing the degrading ability of polymers for the manufacture of automotive components. For instance, in 2017, the global sales of vehicles increased by 3.07%, boosting the demand for polymers. Additionally, there has been a rise in vehicle restoration owing to the increase in road accidents across the globe. This is boosting the demand for polymers across the globe, thereby driving the demand for plastic antioxidants.
Asia Pacific a Prominent Plastic Antioxidants Market
- Asia Pacific is a prominent consumer of plastic antioxidants in terms of value and volume. China is projected to be a major consumer of plastic antioxidants in the region. Major players in the plastic antioxidants market such as ADEKA Corporation, Kawaguchi Chemical industry Co., Ltd. and Everspring Chemical Co., Ltd. operate in China and Japan.
Europe Offers Growth Opportunities
- Europe is another prominent region in terms of production of plastic antioxidants. Germany is anticipated to be a highly lucrative market for plastic antioxidants in Europe.
- Europe is a mature region of the global plastic antioxidants market. Several manufacturers and distributors of plastic antioxidants operate in the region. BASF SE, a Germany-based company, is the largest manufacturer of plastic antioxidants. The company focuses on making strategic investments in order to strengthen its position and become a leading global supplier of antioxidants in the plastic antioxidants market.
- For instance, on January 23, 2019, the company opened a new manufacturing plant for antioxidants at its Caojing site in Shanghai, China. The plant is likely to operate with an annual capacity of 42,000 tons. It is anticipated to manufacture different types of antioxidants such as phenolics, amines, phosphites, and blends.
Leading Players in Plastic Antioxidants Market
Key players operating in the global plastic antioxidants market are
- BASF SE
- SONGWON Industrial Group
- SI Group, Inc.
- Solvay S.A.
- 3V Sigma USA Inc.
- Kawaguchi Chemical Industry Co., Ltd.
- ADEKA Corporation
- Everspring Chemical Co., Ltd.
- OMNOVA Solutions Inc.
- DOVER CHEMICAL CORPORATION
