Plastic Antioxidants Market Size, Share & Trends Analysis Report By Antioxidants Type (Phenolic, Phosphite & Phosphonite), By Resin Type (Polyethylene, Polypropylene), By Application, By Region, And Segment Forecasts, 2024 - 2030

Plastic Antioxidants Market Size & Trends

The global plastic antioxidants market size was estimated at USD 5.36 billion in 2023 and is projected to grow at a CAGR of 5.5% from 2024 to 2030. The increased usage of plastics in industries such as food & beverage, automotive, construction, packaging, and electronics drives up the demand for plastic antioxidants. Antioxidants are widely used to enhance the performance of plastic products as it prevents degradation.

There has been significant demand for plastic antioxidants in packaging applications as they offer durability and shelf life of the product. Several resins used in food packaging include polyethylene terephthalate (PET), polyethylene (PE), and polystyrene (PS). These polymers guard against chemical, biological, and physical damage and help preserve aroma, flavor, and/or antioxidants.The increasing consumption of packaged and ready-to-eat meals has created the need for long-lasting and dependable packaging solutions. This is expected to boost the market demand in the coming years.

The rising usage of plastic resins in end-user industries such as electrical and electronics, automotive, and oil and gas is expected to boost the demand for plastic antioxidants. Plastic antioxidants are widely used in several automotive applications as they offer lightweight and durability to the plastic components. Companies are continuously investing in R&D to produce improved, high-performance antioxidants gain a competitive advantage. For instance, in December 2023, BASF introduced a cutting-edge antioxidant Irgastab PUR 71, that enhances regulatory compliance and performance in polyols and polyurethane foams. With its superior environmental, health, and safety profile, this solution addresses the industry's growing regulatory pressure on substance classification and sustainability.

Market Concentration & Characteristics

Market is slightly concentrated with key players operating in industry such as BASF SE, Lanxess AG, Syensqo, Clariant AG., SONGWON. SI Group, Astra Polymers, Eastman Chemical Company, Dover Chemical Corporation. Players operating in the market are launching new products to meet the rising demand for plastic products such as PET, PBT, among others.

The growing focus on sustainability and the use of eco-friendly materials in manufacturing processes is expected to boost the market growth. Antioxidants that enhance the recyclability of plastics and extend their lifecycle are in high demand as part of these initiatives. However, increased availability and improved extraction methods of natural antioxidants, such as tocopherols, polyphenols, flavonoids, and others is likely to hamper the market growth.

Antioxidant Type Insights

Based on antioxidant type, the phenolic segment held the market with the largest revenue share of 40.42% in 2023. Phenolic antioxidants are widely used to preserve materials, particularly polymers and plastics, against oxidative destruction, thus enhancing their lifespan and performance. Phenolic resins are commonly used in several construction applications such as laminates, adhesives, insulating materials, and coatings. The market is being driven by an increased demand for long-lasting, fire-resistant, and high-performance construction materials.

Several factors influence the demand for phosphite and phosphonite in various industries, causing the market to increase. Phosphites and phosphonites are generally utilized as stabilizers and antioxidants in polymers and plastics, preventing against thermal and oxidative deterioration. The growth of the packaging industry, particularly in food, drinks, and pharmaceuticals, is expected to propel the demand for high-performance plastic materials, including phosphite and phosphonite.

Resin Type Insights

Based on resin type, the polyethylene segment held the market with the largest revenue share of 34.73% in 2023. Polyethylene is an extensively used polymer as it offers excellent stability to improve performance and lifetime. The surge in flexible packaging solutions for food, beverages, and pharmaceuticals has boosted the demand for PE. The widespread use of PE demands the use of antioxidants to maintain material stability and durability.

The demand for polypropylene has experienced a substantial surge, particularly within automotive applications, marking potential growth in recent times. Polypropylene is commonly utilized in automobile interior and exterior components. Antioxidants are required to sustain the performance and appearance of these components in adverse environmental conditions.

Application Insights

Based on application, the food & beverage segment led the market with the largest revenue share of over 37.04% in 2023. Plastic antioxidants play a vital role in maintaining the safety and integrity of food and beverage packaging materials. The increased consumer preference for sustainable and ecologically friendly packaging materials fuels the demand for antioxidants that improve the recyclability and sustainability of plastics in food and beverage packaging.

The automotive segment is anticipated to grow at a significant CAGR during the forecast period, due to increasing demand for plastic antioxidants in automotive applications. Antioxidants are crucial for sustaining the performance, durability, and aesthetic appeal of plastic components used in vehicles. Furthermore, transitioning to electric vehicles (EVs) increases the requirement for lightweight materials to maximize battery range. Antioxidants contribute to the long-term longevity and reliability of EV plastic components. These factors are likely to contribute to the rising consumption of plastic antioxidants in automobiles.

Regional Insights

North America dominated the plastic antioxidants market with the largest revenue share of 26.32% in 2023. The increased awareness and regulations imposed by the government are expected to drive the inhibitors market throughout the forecast period. The expanding need for protective coatings in the aerospace and electronics industries has spurred countries such as the United States, Canada, and Mexico to achieve astonishing market growth.

U.S. Plastic Antioxidants Market Trends

The plastic antioxidants market in U.S. is expected to grow at the fastest CAGR of 5.8% from 2024 to 2030. The demand for advanced plastic antioxidants in the country is majorly generated by the expanding automotive and food & beverage industry coupled with rising construction activities.

Europe Plastic Antioxidants Market Trends

The plastic antioxidants market in Europe is anticipated to grow at a moderate CAGR of 5.3% during the forecast period. European market is shaped by stringent environmental regulations enforced by entities such as the European Chemicals Agency (ECHA) and the European Commission, along with other federal-level agencies, further influencing industry dynamics.

The Germany plastic antioxidants market accounted for the 38% of the revenue market share in 2023. The country is self-sufficient in terms of high-performance plastic production, with an adequate number of plants and production capacities to fulfill the local demand.

The plastic antioxidants market in Italy has lot of improvements in socioeconomic conditions and an ease in the high-price perception among several industries including antioxidant packaging in food & beverage industry are likely to spur investments in the industry across Italy.

Asia Pacific Plastic Antioxidants Market Trends

The plastic antioxidants market in Asia Pacific accounted for 35.25% of revenue share in 2023. The region's fast industrialization has resulted in the expansion of several manufacturing sectors, including automotive, construction, packaging, and consumer products, increasing demand for plastics and additives such as antioxidants. Moreover, increased urbanization in countries such as China, India, and Southeast Asia drives up demand for plastic products in infrastructure development, housing, transportation, and consumer items, increasing the need for antioxidants.

The China plastic antioxidants market captured the largest revenue share of 35% in 2023. Continuing infrastructural investments are expected to sustain economic growth in China and the automotive, construction, and food & beverage sectors are expected to benefit from reforms include regulatory changes, policy adjustments, or structural enhancements.

The plastic antioxidants market in India are poised for a robust growth trajectory in the coming years. This projection is underpinned by escalating consumer demand and a notable uptick in disposable income.

Central & South America Plastic Antioxidants Market Trends

The plastic antioxidants market in Central & South America is experiencing steady growth due to the rising demand for durable plastic products in various industries such as automotive, packaging, and construction. Countries like Brazil, Argentina, and Chile are key contributors, driven by increasing industrial activities and urbanization.

The Brazil plastic antioxidants market is expected to continue to growth at a steady CAGR of 5.3% from 2024 to 2030, owing to rising GDP and high demand for Brazilian & other exports. Passenger cars make up a substantial portion of the total automobile sales in the Central & South American region. The rise in automotive production is expected to propel the demand for antioxidants in the industry.

Middle East & Africa Plastic Antioxidants Market Trends

The plastic antioxidants market in Middle East & Africa is driving the demand for plastic antioxidants in major economics such as Saudi Arabia, UAE, and South Africa, supported by significant investments in infrastructure and industrial projects. The region's strategic location as a trade hub also facilitates market expansion.

The Saudi Arabia plastic antioxidants market is growing, propelled by the nation's substantial investments in its petrochemical and plastics industries. The country's Vision 2030 initiative, aimed at diversifying the economy, has significantly bolstered industrial activities, leading to increased demand for high-performance plastics.

Key Plastic Antioxidants Company Insights

Key companies are adopting several organic and inorganic expansion strategies, such as mergers & acquisitions, new product launches, capacity expansion, mergers & acquisitions, and joint ventures, to maintain and expand their market share.

Recent Developments

• In May 2022, BASF announced an additional manufacturing line to its antioxidants plant on Jurong Island, doubling its Irganox 1010 capacity in Singapore 

Plastic Antioxidants Market Report Scope

Global Plastic Antioxidants Market Report Segmentation

This report forecasts revenue and volume growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global plastic antioxidants market report based on antioxidant type, resin type, application, and region:

• Antioxidant Type Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • Phenolic

  • Phosphite & Phosphonite

  • Antioxidant Blends

  • Amines

  • Others

• Resin Type Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • Polyethylene (PE)

  • Polypropylene (PP)

  • Polyvinyl Chloride (PVC)

  • Polystyrene (PS)

  • Acrylonitrile Butadiene Styrene

  • Others

• Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • Automotive

  • Food & Beverages

  • Pharmaceuticals

  • Construction

  • Others

• Regional Outlook (Volume, Kilotons; Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • Australia

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Saudi Arabia

    • UAE

    • South Africa