BASF (Germany) and ), Songwon (South Korea) are the Key Players in the Plastic Antioxidants Market

The plastic antioxidants market size is estimated to be USD 2.0 billion in 2020 and is expected to reach USD 2.6 billion by 2025, at a CAGR of 5.3% during the forecast period. Factors such as plastics replacing conventional materials, increasing demand in medical industry, and rapid urbanization in developing countries will drive the plastic antioxidants market. The major restraint for the market will be adverse effect on health from synthetic plastics antioxidants. However, the untapped demand in the agricultural sector of developing countries will act as an opportunity for the market.

The key market players profiled in the report include BASF SE (Germany), Songwon (South Korea), Adeka Corporation (Japan), Solvay (Belgium), SK Capital (US), Clariant (Switzerland), Sumitomo Chemical (Japan), 3V Sigma S.p.A (Italy), and Dover Chemical Corporation (US).

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Players in the plastic antioxidants market are mainly concentrating on new product launches, merger & acquisition, and expansions to meet the growing demand for plastic antioxidants for various applications. New product launches help companies to strengthen their product portfolio and meet the specific demands of customers.

The growth of the plastic antioxidants market has been largely influenced by new product launches that were undertaken between 2016 and 2020. Companies such as BASF and Sumitomo Chemical have adopted new product launches to enhance their market position.

BASF (Germany) is one of the major players in the plastic antioxidants market. In order to expand its business, the company is focusing on enhancing its market reach by opening plants to increase the capacity. For instance, in December 2019, BASF (Germany) opened the second phase of the new antioxidant manufacturing plant in Shanghai, China, to support the fast-growing antioxidants market in the country. Similarly, Sumitomo Chemical expanded its Polypropylene Compounds Business with the acquisition of a Turkish compounder, Emas Plastik A.S., and its affiliated companies (Emas Group). This would encourage the growth of the antioxidant business.

The companies also adopted new product launch as a strategy to expand their product portfolio and market presence. For instance, in July 2019, SK Capital launched a new antioxidant product called ULTRANOX 626 for use in PP homopolymers and copolymers. In November 2018, launched a new antioxidant, SONGNOX 5057, for polyols and polyurethanes applications.

In October 2018, SK Capital announced its agreement to acquire the SI group. Through this acquisition, the company is projected to unlock the growth in earnings from both commercial and cost synergies. In May 2017, Clariant undertook mergers with Huntsman Corporation (US) to form HuntsmanClariant, in which Clariant holds a 52% share. The combination of strengths of both the companies created a leading global specialty chemical company, with an improved growth profile in highly attractive regions and end markets.

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Untapped Opportunities in the Agricultural Sector of developing countries

 

Plastics are used in mulch films, greenhouse film covers, shades, netting, and silage strap wrap in the agricultural sector. The plastics used in the agriculture sector provide high light transmission to promote the growth of plants. Agricultural plastics need to be able to withstand high solar radiation and mechanical stress. Therefore, antioxidants are used to provide processing and thermal stability and discoloration resistance to agricultural plastics. Countries such as India have not explored the benefits of plastics in the agricultural industry. According to the Federation of Indian Chambers of Commerce & Industry, in 2013, the global average demand for plastics in the agricultural industry was 8%, and in India, it was 2%. Thus, there is a strong growth opportunity for stakeholders in the plastic antioxidants market in India.

The plastic antioxidants market is projected to reach USD 2.6 billion by 2025, at a CAGR of 5.3% from USD 2.0 billion in 2020. Factors such as plastics replacing conventional materials, increasing demand in medical industry, and rapid urbanization in developing countries will drive the plastic antioxidants market. The major restraint for the market will be adverse effect on health from synthetic plastics antioxidants. However, the untapped demand in the agricultural sector of developing countries will act as an opportunity for the market.

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Antioxidants are stabilizing agents that inhibit the process of oxidation by reacting and decomposing the reactive species. They protect plastics and other materials against thermally induced oxidation. Antioxidants that are used in plastics include primary antioxidants and secondary antioxidants. Different types of antioxidants provide different levels of reactivity as a function of temperature and also react and decompose the different radical intermediates in the oxidation process, thereby providing thermal stability to plastics.

PP is the largest polymer resin segment of the plastic antioxidants market. Asia Pacific was the largest market for plastic antioxidants in 2019, in terms of both volume and value. Factors such as plastics replacing conventional materials, increasing demand in medical industry, and rapid urbanization in developing countries will drive the plastic antioxidants market.

APAC projected to be fastest growing region for the plastic antioxidants market. The region is characterized by a growing population and economic developments. The increasing population in the region, accompanied by increasing construction spending in the developing markets of China, India, and Indonesia, is projected to make this region an ideal destination for the plastic industry. This, in turn, is expected to drive the plastic antioxidants industry in the near future. The increase in employment rate, the rise in disposable income of the people, and an increase in foreign investments in various industries of the economy are some of the other factors that make APAC an attractive market for plastic antioxidants manufacturers.

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The Asia Pacific region is the largest market for blow molding resins across the globe

The Asia Pacific blow molding resins market is projected to grow at the highest CAGR during the forecast period. The growth of the Asia Pacific blow molding resins market can be attributed to the presence of the leading blow molding resins producers in the region. Moreover, the growing demand for blow molding resins in packaging applications, such as pharmaceutical and food & beverage products in countries, such as China, Japan, and India also contribute to the growth of the Asia Pacific blow molding resins market.

The increasing per capita expenditure on healthcare, personal care, and food products, large consumer base, growing urban population, low labor costs, and easy availability of raw materials are attracting international pharmaceutical, chemical, and food & beverage manufacturers to shift their production facilities to the region, thus creating high demand for the blow-molded products produced by blow molding resins in these industries. The Asia Pacific is the global manufacturing hub for the chemical industry, accounting for more than 50% of global chemical production output; this increases the demand for products, such as cans and containers, produced with the use of blow molding resins in the chemical industry.

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The target audiences for the blow molding resins market are as follows:
Manufacturers of Blow Molding Resins
Blow Molding Resin Compounders(those who prepare plastic formulations by mixing or/and blending polymers and additives into process ready pellets)
Blow Molding Resin Converters (those who convert plastic resins and compounds into finished products)
End-use Industries, such as Pharmaceutical, Food & Beverages, Personal Care, and Chemical, among others

Automotive & transportation is the second-fastest market for blow molding applications. Blow molding resins are used to produce auto-parts, such as panes and railings, bumper support, fenders, mudguards, door locking systems, consoles, garnish pillars, cockpit systems, and fuel tanks. Polyethylene, polypropylene, polyvinyl-chloride, polystyrene, polyethylene terephthalate, and acrylonitrile butadiene styrene are the commonly used blow molding resins in the automotive application. These resins are preferred in automotive applications owing to their minimal corrosion, which leads to longer vehicle life, substantial design freedom, innovation and creativity in vehicle development, and flexibility in integrating components.

Exxon Mobil (US), LyondellBasell (Netherlands), DowDuPont (US), SABIC (Saudi Arabia), INEOS (Switzerland), Solvay (Belgium), Formosa Plastics (Taiwan), Chevron (US), Eastman (US), China Petroleum (China), and Reliance Industries (India), among others are the key players operating in the blow molding resins market.

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Asia-Pacific: The largest market for top 10 plastics

The global top 10 plastics market is projected to reach USD 586.24 Billion by 2021, at a CAGR of 6.84%. By volume, the market is projected to reach 332.4 Million tons by 2021, at a CAGR of 4.68%. This progress is fueled by the growth in key end-use industries, such as automotive, building & construction, packaging, electrical & electronics, and construction; substitution of metal-based products with various plastic materials; and rising disposable income of middle class in emerging economies.

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The Asia-Pacific region was the largest market for top 10 plastics, in terms of value and volume. The steady growth in construction spending of countries this region, such as India, Vietnam, Indonesia, and Thailand, has led to increased investments in industrial and public infrastructure where plastics products are widely used. The extensive use plastics in electronics & consumer products and automotive applications and the growing preference of people for urbanized lifestyle are also key factors responsible for making Asia-Pacific the largest market for the top 10 plastics.

The Dow Chemical Company (U.S.), ExxonMobil Chemical Company, Inc. (U.S.), and SABIC (Saudi Arabia) are the most important players in the global top 10 plastics market. These companies witnessed the highest strategy adoptions in the market, and accounted for the largest share of the overall activities.

Packaging is currently the largest application segment of the top 10 plastics market. Plastics provide a much cleaner, tougher, and aesthetically appealing form of packaging, especially for the food & beverage industry and the electronics industry. Manufacturing of plastic containers and films that are used in the packaging of food, beverages, pharmaceuticals, and personal care products further contributes to making packaging the largest application of the market. The extensive use of plastics in bags, pouches, and sachets as well as in conventional packaging methods is also expected to drive the growth of the packaging segment.

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APAC is expected to account for the largest share of the global plastic antioxidants market

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.

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The key market 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).



The global plastic antioxidants market size is projected to reach USD 2.8 billion by 2024 from USD 2.2 billion in 2019, at a CAGR of 5.0%. The growth of the market is driven by the replacement of conventional materials by plastics in various industries and the increasing disposable income and rapid urbanization in emerging countries.

The acrylonitrile butadiene styrene (ABS) polymer resin segment is projected to witness the highest growth between 2019 and 2024. The growth of this segment can be attributed to the increasing demand and manufacturing of ABS in APAC, especially in China. Its durable and robust nature drives its demand in various industries, such as home appliances, electrical & electronics, and automobiles.

The phenolic antioxidants segment was the largest segment in the overall market

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.

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BASF (Germany) and Songwon (South Korea) ara the Major Players in the Plastic Antioxidants Market

The plastic antioxidants market is expected to grow at a CAGR of 4.5% from 2017 to 2022, in terms of value. Asia-Pacific was the largest market for plastic antioxidants in 2016. The growing demand for plastics in countries, such as China, Japan, South Korea, and India from the packaging, building & construction, medical, and automotive industries is expected to fuel the growth of plastic antioxidants in the region. The market is evolving with major players playing a crucial role in the development of the new and advanced products. Key players in the market include BASF (Germany), Songwon (South Korea), and ADEKA (Japan).

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Players in the plastic antioxidants market are mainly concentrating on expansions, agreements, new product launches, and acquisitions to meet the growing demand from various end-use industries. Expansions help the companies to meet the growing demand for plastic antioxidants in regions such as Asia-Pacific and South America. BASF, Songwon, and ADEKA Corporation have a major share in the plastic antioxidants market.

BASF is focused on expansions to meet the growing demand in the market. In March 2017, the company announced plans to build a new plastic additives plant in Shanghai, China to increase the production of antioxidants and associated blends. The expansion helped the company to meet the growing demand for plastic antioxidants in Asia-Pacific. In 2016, the company announced its plans to invest more than USD 212.1 million to increase the capacity of its global plastic additives production network and meet the growing demand for antioxidants and light stabilizers.

Songwon is focused on new product launches and agreements to meet the growing demand for plastic antioxidants. In August 2017, the company launched nonylated diphenylamine antioxidants SONGNOX L670 and liquid phenolic antioxidants SONGNOX L135. In February 2017, Songwon signed an agreement with Biesterfeld, a leading distributor of plastics and specialty chemicals in Turkey for the distribution of Songwon’s comprehensive range of polymer stabilizers for the automotive, packaging, appliance, and coatings industries in Turkey.

ADEKA focuses on expansions to strengthen its market position in the plastic antioxidants market. In August 2016, the company established a new subsidiary, ADEKA Fine Chemical (Zhejiang) Co., Ltd. in China to manufacture and sell polymer additives.

Related Reports:

Plastic Antioxidants Market by Polymer Resin (Polyethylene, Polypropylene, Polyvinyl Chloride, Polystyrene, Acrylonitrile Butadiene Styrene), Antioxidants Type (Phenolic, Phosphite & Phosphonite, Antioxidant Blends) – Global Forecast to 2022

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Top 10 Plastics Market worth 586.24 Billion USD by 2021

The report “Top 10 Plastics Market by Type (Polyethylene, Polypropylene, Expanded Polystyrene, Polyethylene Terephthalate, Polyvinyl Chloride), Application (Automotive, Building & Construction, Packaging, Electronics & Consumer, Textile) – Global Forecast to 2021″, The global top 10 plastics market is projected to reach USD 586.24 Billion by 2021, at a CAGR of 6.84%. By volume, the market is projected to reach 332.4 Million tons by 2021, at a CAGR of 4.68%.

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Browse 34 market data tables and 17 figures spread through 151 Slides and in-depth TOC on “Top 10 Plastics Market”

This progress is fueled by the growth in key end-use industries, such as automotive, building & construction, packaging, electrical & electronics, and construction; substitution of metal-based products with various plastic materials; and rising disposable income of middle class in emerging economies.

Polyethylene (PE): The largest type segment of the top 10 plastics market

Polyethylene is the largest type segment of the global top 10 plastics market, followed by the polypropylene segment. The high demand for polyethylene is mainly due to its effective and substantial usage in consumer products, especially in packaging materials. Properties, such as flexibility, thermal & electrical insulation, and chemical & thermal resistivity, make its usage widespread in applications such as packaging, construction, electrical, electronics, automotive, and so on. Polyethylene is also lightweight, easy to manufacture, and easily available, which further boost its demand in the aforementioned applications.

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Packaging: The largest application segment of the top 10 plastics market

Packaging is currently the largest application segment of the top 10 plastics market. Plastics provide a much cleaner, tougher, and aesthetically appealing form of packaging, especially for the food & beverage industry and the electronics industry. This is anticipated to fuel its demand in the packaging application segment. The extensive use of plastics in bags, pouches, and sachets as well as in conventional packaging methods is also expected to drive the growth of the packaging segment.

Asia-Pacific: The largest market for top 10 plastics

The Asia-Pacific region was the largest market for top 10 plastics, in terms of value and volume, in 2015. The steady growth in construction spending of countries this region, such as India, Vietnam, Indonesia, and Thailand, has led to increased investments in industrial and public infrastructure where plastics products are widely used. The extensive use plastics in electronics & consumer products and automotive applications and the growing preference of people for urbanized lifestyle are also key factors responsible for making Asia-Pacific the largest market for the top 10 plastics.

The Dow Chemical Company (U.S.), ExxonMobil Chemical Company, Inc. (U.S.), and SABIC (Saudi Arabia) are the most important players in the global top 10 plastics market. These companies witnessed the highest strategy adoptions in the market, and accounted for the largest share of the overall activities from 2011 to 2016.

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