Plastic Antioxidants Market (By Type: Phenolic, Phosphite and Phosphonite, Antioxidants, Electronics, Others; By Polymer Resin: PE, PP, PVC, PS, ABS) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2024-2033
The global plastic antioxidants market size was USD 2.36 billion in 2023, estimated at USD 2.49 billion in 2024, and is expected to reach around USD 3.97 billion by 2033, expanding at a CAGR of 5.33% from 2024 to 2033. The growing application of plastic antioxidant for production of protective clothing in healthcare sector is driving the growth of the plastic antioxidants market.
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The plastic antioxidants market has gained the utmost importance due to the rising demand for plastic products across the world. This industry has also developed due to continuous research activities in the field of chemical sciences. Plastic antioxidants are plastic-neutralizing molecules that neutralize free radicals and harmful chemicals that destroy plastic products.
There are two main types of plastic antioxidants: primary plastic antioxidants and secondary plastic antioxidants. These antioxidants may be derived naturally or manufactured by humans to extend the shelf-life of plastic products. It inhibits the oxidation process by decomposing and reacting with the harmful reactants. Plastic antioxidants provide several advantages when added to plastics, including high durability, enhanced flexibility, temperature stability, inflammation reduction, aesthetic improvements, and more. This antioxidant finds its application in several end-user industries, including plastic toys, packaging, automotive, construction, electronics, aerospace, and some others.
This industry is fragmented due to the presence of global market players along with new entrants. Some prominent market players in the plastic antioxidants market include BASF SE, 3V Sigma S.p.A., Dover Chemical Corporation (ICC Industries Inc., Everspring Chemical Co. Ltd., Evonik Industries AG, and others. These market players are constantly engaged in research and development of high-grade plastic antioxidants and have adopted several strategies such as product launches, business expansions, partnerships, and some others to maintain their dominance in the industry.
Report Coverage | Details |
Market Size in 2023 | USD 2.36 Billion |
Market Size in 2024 | USD 2.49 Billion |
Market Size by 2033 | USD 3.97 Billion |
Market Growth Rate | CAGR of 5.33% from 2024 to 2033 |
Largest Market | Asia-Pacific |
Base Year | 2023 |
Forecast Period | 2024 to 2033 |
Segments Covered | Type, Polymer Resin, and Regions |
Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Driver: Growing demand for plastic antioxidants from the automotive sector
The automobile industry is one of the fastest-growing industries in the world. This industry has grown rapidly due to the rising demand for cars among people for several activities ranging from commutes to towing. Also, automotive manufacturers are constantly engaged in manufacturing cars that provide superior performance, high safety features and are environmentally friendly. Thus, with the rising demand for cars, the demand for plastic antioxidants has increased rapidly in the automotive industry as these additives are used for several factors such as increasing fuel efficiency, ignition control, radio, computers, telematics engine management, in-car entertainment systems, doors, fenders, headlights, windows, and others. Also, players in the plastic antioxidants market, such as BASF SE, Songwon, Solvay SA, and others, are developing high-grade antioxidant additives for the automotive industry.
Restrain: Rise in raw materials prices along with strict government regulations.
The prices of raw materials for manufacturing plastic antioxidants have increased rapidly in recent times. In order to gain maximum profits, companies started to increase the prices of plastic antioxidants, which, in turn, decreased sales, thereby restraining market growth. Also, the governments of several countries, such as India, Canada, the U.S., and some others, have adopted strategies to ban plastic packaging and plastic products. Thus, with the decreased use of plastic products, the demand for plastic antioxidants is likely to fall gradually, restraining the growth of the plastic antioxidants market.
Opportunity: High-performance additives
The plastic antioxidants market is developing gradually due to its rising application in several end-user industries such as medicine, electronics, transportation, electronics, packaging, and others. Currently, the concept of high-performance plastic additives has gained the utmost importance as these additives come with several benefits, such as weight-saving capabilities, rigidity, high stiffness, supreme sliding friction, and durability of the materials. Thus, ongoing research and development activities related to high-performance plastic additives are expected to create ample growth opportunities for the market players in the future.
The phenolic segment led the plastic antioxidants market in 2023. The growth of this segment is driven by the rising developments in the chemical industries across the world. Also, rising investments from private and public sector entities for the production of high-grade phenolic antioxidants have also boosted the market growth. Moreover, the growing use of polyethylene and polypropylene in the food packaging industry has increased the demand for plastic additives, thereby driving the growth of the market. Additionally, plastic antioxidant companies such as BASF SE, Solvay SA, Songwon, SI GROUP, and some others have adopted strategies such as product launches, partnerships, and business expansions to maintain the demand-supply chain across the world, thereby driving the market growth.
The phosphite & phosphonite segment will show the fastest growth in the global plastic antioxidants market during the forecast period. The growth of this segment can be attributed to the growing applications of secondary plastic antioxidants in the plastic and automotive industries. Also, phosphite & phosphonite are used for stabilizing plastics during the production process of plastic products, driving the growth of the market. Moreover, phosphite & phosphonite-based antioxidants combine with primary antioxidants to prevent the proliferation of hydroxyl radicals and alkoxyl radicals in plastics, thereby driving the market growth. Furthermore, plastic antioxidant manufacturing companies such as SI Group, BASF SE, and some others are constantly engaged in manufacturing phosphite & phosphonite-based plastic antioxidants to maintain their dominance in the industry.
The PP segment dominated the plastic antioxidants market in 2023. This segment is generally driven by the rising use of propylene (PP) resin in several industries, such as automotive, packaging, medicine, toys, and others. Moreover, the growing use of these resins in injection molding for faster production of plastic products has also driven the growth of the market. Also, the increase in demand for PP resin from the construction and automotive industries has increased the demand for plastic antioxidants, thereby driving the growth of the plastic antioxidants industry.
In the plastic antioxidants market, the PE segment is expected to grow at the fastest CAGR during the forecast period. The growth of this segment is generally driven by the rising scientific developments in the packaging industry. Also, the growing use of PE resins such as LDPE, LLDPE, and HDPE for the production of surface protection films for laptops, smartphones, and tablets has also increased the demand for plastic antioxidants, thereby driving market growth. Moreover, the rising demand for HDPE from the food and beverages industry has also driven the growth of the market.
Asia Pacific led the plastic antioxidants market in 2023. The growth of this region is mainly driven by the rising technological developments in the chemical industry. Moreover, the rising application of plastic antioxidants from the automotive sector has also boosted market growth. Also, governments of countries such as India, China, South Korea, and Japan are launching initiatives to strengthen the chemical sector, which in turn boosts market growth. Additionally, the presence of market players such as Songwon, Sumimoto Chemicals, Adeka Corporation, Ampacet Corporation, and some others also boost the market growth.
Europe is projected to experience the fastest rate of growth in the plastic antioxidants market during the forecast period. The growth of this region is mainly driven by the scientific advancements in the healthcare sector in countries such as the UK, France, Italy, and Germany. Also, the increasing interest from the public and private sectors in development & research related to plastic antioxidants has also boosted the market growth. Moreover, the rise in government initiatives aimed at developing the chemical industry has fostered market growth.
Additionally, the presence of a well-established automotive industry in countries such as Germany, France, the UK, and others has increased the demand for plastic antioxidants, thereby driving the market growth. Furthermore, the presence of plastic antioxidant companies such as BASF SE, Lanxess, Oxiris Chemicals, Evonik Industries, and others boost the growth of the plastic antioxidants market.
Segments Covered in the Report
By Type
By Polymer Resin
By Geography
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology (Premium Insights)
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Plastic Antioxidants Market
5.1. COVID-19 Landscape: Plastic Antioxidants Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Plastic Antioxidants Market, By Type
8.1. Plastic Antioxidants Market Revenue and Volume, by Type, 2024-2033
8.1.1. Phenolic
8.1.1.1. Market Revenue and Volume Forecast (2021-2033)
8.1.2. Phosphite & Phosphonite
8.1.2.1. Market Revenue and Volume Forecast (2021-2033)
8.1.3. Antioxidants
8.1.3.1. Market Revenue and Volume Forecast (2021-2033)
8.1.4. Electronics
8.1.4.1. Market Revenue and Volume Forecast (2021-2033)
8.1.5. Others
8.1.5.1. Market Revenue and Volume Forecast (2021-2033)
Chapter 9. Global Plastic Antioxidants Market, By Polymer Resin
9.1. Plastic Antioxidants Market Revenue and Volume, by Polymer Resin, 2024-2033
9.1.1. PE
9.1.1.1. Market Revenue and Volume Forecast (2021-2033)
9.1.2. PP
9.1.2.1. Market Revenue and Volume Forecast (2021-2033)
9.1.3. PVC
9.1.3.1. Market Revenue and Volume Forecast (2021-2033)
9.1.4. PS
9.1.4.1. Market Revenue and Volume Forecast (2021-2033)
9.1.5. ABS
9.1.5.1. Market Revenue and Volume Forecast (2021-2033)
Chapter 10. Global Plastic Antioxidants Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Volume Forecast, by Type (2021-2033)
10.1.2. Market Revenue and Volume Forecast, by Polymer Resin (2021-2033)
10.1.3. U.S.
10.1.3.1. Market Revenue and Volume Forecast, by Type (2021-2033)
10.1.3.2. Market Revenue and Volume Forecast, by Polymer Resin (2021-2033)
10.1.4. Rest of North America
10.1.4.1. Market Revenue and Volume Forecast, by Type (2021-2033)
10.1.4.2. Market Revenue and Volume Forecast, by Polymer Resin (2021-2033)
10.2. Europe
10.2.1. Market Revenue and Volume Forecast, by Type (2021-2033)
10.2.2. Market Revenue and Volume Forecast, by Polymer Resin (2021-2033)
10.2.3. UK
10.2.3.1. Market Revenue and Volume Forecast, by Type (2021-2033)
10.2.3.2. Market Revenue and Volume Forecast, by Polymer Resin (2021-2033)
10.2.4. Germany
10.2.4.1. Market Revenue and Volume Forecast, by Type (2021-2033)
10.2.4.2. Market Revenue and Volume Forecast, by Polymer Resin (2021-2033)
10.2.5. France
10.2.5.1. Market Revenue and Volume Forecast, by Type (2021-2033)
10.2.5.2. Market Revenue and Volume Forecast, by Polymer Resin (2021-2033)
10.2.6. Rest of Europe
10.2.6.1. Market Revenue and Volume Forecast, by Type (2021-2033)
10.2.6.2. Market Revenue and Volume Forecast, by Polymer Resin (2021-2033)
10.3. APAC
10.3.1. Market Revenue and Volume Forecast, by Type (2021-2033)
10.3.2. Market Revenue and Volume Forecast, by Polymer Resin (2021-2033)
10.3.3. India
10.3.3.1. Market Revenue and Volume Forecast, by Type (2021-2033)
10.3.3.2. Market Revenue and Volume Forecast, by Polymer Resin (2021-2033)
10.3.4. China
10.3.4.1. Market Revenue and Volume Forecast, by Type (2021-2033)
10.3.4.2. Market Revenue and Volume Forecast, by Polymer Resin (2021-2033)
10.3.5. Japan
10.3.5.1. Market Revenue and Volume Forecast, by Type (2021-2033)
10.3.5.2. Market Revenue and Volume Forecast, by Polymer Resin (2021-2033)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Volume Forecast, by Type (2021-2033)
10.3.6.2. Market Revenue and Volume Forecast, by Polymer Resin (2021-2033)
10.4. MEA
10.4.1. Market Revenue and Volume Forecast, by Type (2021-2033)
10.4.2. Market Revenue and Volume Forecast, by Polymer Resin (2021-2033)
10.4.3. GCC
10.4.3.1. Market Revenue and Volume Forecast, by Type (2021-2033)
10.4.3.2. Market Revenue and Volume Forecast, by Polymer Resin (2021-2033)
10.4.4. North Africa
10.4.4.1. Market Revenue and Volume Forecast, by Type (2021-2033)
10.4.4.2. Market Revenue and Volume Forecast, by Polymer Resin (2021-2033)
10.4.5. South Africa
10.4.5.1. Market Revenue and Volume Forecast, by Type (2021-2033)
10.4.5.2. Market Revenue and Volume Forecast, by Polymer Resin (2021-2033)
10.4.6. Rest of MEA
10.4.6.1. Market Revenue and Volume Forecast, by Type (2021-2033)
10.4.6.2. Market Revenue and Volume Forecast, by Polymer Resin (2021-2033)
10.5. Latin America
10.5.1. Market Revenue and Volume Forecast, by Type (2021-2033)
10.5.2. Market Revenue and Volume Forecast, by Polymer Resin (2021-2033)
10.5.3. Brazil
10.5.3.1. Market Revenue and Volume Forecast, by Type (2021-2033)
10.5.3.2. Market Revenue and Volume Forecast, by Polymer Resin (2021-2033)
10.5.4. Rest of LATAM
10.5.4.1. Market Revenue and Volume Forecast, by Type (2021-2033)
10.5.4.2. Market Revenue and Volume Forecast, by Polymer Resin (2021-2033)
Chapter 11. Company Profiles
11.1. BASF SE
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. 3V Sigma S.p.A.
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Dover Chemical Corporation (ICC Industries Inc.)
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. Everspring Chemical Co. Ltd.
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. Recent Initiatives
11.5. Evonik Industries AG
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Lanxess AG
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Adeka Corporation
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. Clariant AG
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. LyondellBasell Industries N.V.
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. Solvay S.A.
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
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