Plastic Antioxidants Market Worth $2.8 Billion by 2024 - Exclusive Report by MarketsandMarkets

CHICAGO, Oct. 22, 2019 /PRNewswire/ -- According to the new market research report "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", published by MarketsandMarkets, the Global Plastic Antioxidants Market size is projected to reach USD 2.8 billion by 2024, at a CAGR of 5.0% from USD 2.2 billion in 2019.

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The phenolic antioxidants segment was the largest segment in the overall plastic antioxidants market in 2019.

Phenolic antioxidant was the largest segment in the plastic antioxidants industry, in terms of both value and volume, in 2019. Phenolic antioxidants are radical scavengers and protect plastics against thermal and oxidative degradation. These antioxidants have the ability to interrupt the overall oxidation process, due to which, they are widely used in polyethylene and polypropylene polymer resins. 

The polypropylene segment accounts for the largest share of the plastic antioxidants industry.

The polypropylene polymer resin segment accounted for the largest plastic antioxidants market share in 2019, in terms of value. Polypropylene contains tertiary carbon atoms and is susceptible to oxidation. Hence, plastic antioxidants are used in the processing of polypropylene to restrict oxidation. The growing production and consumption of polypropylene in China and the growth in the automotive and packaging industries in this country is expected to drive the demand for plastic antioxidants. 

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APAC is estimated to be the largest market for plastic antioxidants during the forecast period.

The APAC region led the Plastic Antioxidants Market in 2019, in terms of value. The increasing population in the region and the increased expenditure in the construction sector in emerging markets of China, India, and Indonesia are some of the major factors projected to drive the demand for plastics in the region. This increased demand is expected to consequently drive the growth of the market in the region. Furthermore, improved lifestyle, increase in employment rate, rise in disposable income of the people, and increase in foreign investments in various sectors of the economy are some of the factors that make APAC an attractive market for plastic antioxidants manufacturers.