The plastic antioxidants market size is estimated at USD 2 billion in 2020 and is expected to reach USD 2.6 billion by 2025, growing at a CAGR of 5.3% from 2020 to 2025. The market is mainly driven by growing demand for plastics antioxidants for polymer resins such as PE, PP, PVC, PS, ABS, and other antioxidants for industries such as automotive, consumer goods, construction, and healthcare.
Factors such as replacement of traditional materials by plastics, increasing demand from the healthcare industry, and rapid urbanization in developing countries will drive the plastic antioxidants market. Asia Pacific is the leading market for plastic antioxidants globally in terms of volume and value, followed by Europe and North America.
The outbreak of COVID-19 in 2020 has led to the plight of many industries across the globe. Reduced demand for plastics in end-use industries such as automotive, construction and building, consumer goods, and packaging has led to reduced demand for additives used to process plastics, including plastic antioxidants.
Plastic Antioxidants
After the third quarter of 2020, the industry opens up with a limited workforce and is expected to be fully functional by the end of 2020. Combining these factors, the plastic antioxidants market is expected to witness negative growth in 2020 and is expected to rebound with positive growth over the forecast period.
Antioxidants are used in a wide range of polymers such as PE, PP, and PVC. these plastics are used in industries such as packaging, construction, and automotive. Plastics offer superior mechanical and electrical properties, enhanced wear resistance, and excellent chemical resistance compared to traditional materials such as metal, glass, paper, and ceramics.
Continuous innovations in several industries and demand for lighter weight materials have led to replacement of metals, glass, paper, and ceramics with plastics in the packaging, construction, and automotive industries. This is expected to drive the market for plastic antioxidants.
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In the automotive industry, particularly in vehicle design, plastics have contributed to several innovations in safety, fuel efficiency, and performance. For example, airbags made from high-strength polymer fabrics can reduce the risk of fatal injuries in direct frontal crashes. Other improvements include child safety seats, roof linings, steering wheels, instrument panels, fenders, as well as fuel systems, headlight covers and other exterior components that are directly exposed to heat and light.
Plastics are used in the agricultural sector for mulch, greenhouse film covers, shade, nets and silage packing tape. Plastics used in the agricultural sector provide high light transmission to promote plant growth. Agricultural plastics need to be able to withstand high solar radiation and mechanical stress.
Therefore, antioxidants are used to provide processing and thermal stability as well as resistance to discoloration for agricultural plastics. Countries such as India have yet to explore the benefits of plastics in agriculture. According to the Federation of Indian Chambers of Commerce and Industry, the average global demand for plastics in agriculture was 8% in 2013 and 2% in India. Thus, stakeholders in the Indian plastic antioxidants market have strong growth opportunities.
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