Plastic Antioxidants Market Size , Business Prospects, Analysis to Expand At 6.79% CAGR Through 2030
Plastic Antioxidants Market Overview:
According to Market Research Future, the worldwide plastic antioxidants market has significant room to grow during the forecast period of 2018 to 2023. (MRFR). Several end-user industries, including as oil and gas, automobile, petrochemicals, coil, aircraft, and others, are expected to gain from the market. However, the COVID-19 plastic antioxidants market analysis found that due to the severe regulations put on numerous end user sectors, the industry will struggle to develop. The pandemic outbreak has had a substantial impact on the supply chain, causing the market to diverge from its planned growth trajectory.
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Plastic Antioxidants Market Segmentation:
According to MRFR research, the global plastic antioxidants market covers a complete review of polymer resin and antioxidant types. These categories contain a thorough examination of numerous elements supported by data and charts that can assist in making better decisions in the future to continue market growth.
Plastic antioxidants are divided into polypropylene, polystyrene, polyvinylchloride, polyethylene, and acrylonitrile butadiene styrene by polymer resin. Because of its superior tensile strength, stiffness, and ductility, the acrylic resin category has the largest market share. Heavy end use industries have expanded their intake of polyethylene and polypropylene, putting the segments on a growth path.
By antioxidants type, the global market study on the plastic antioxidants revealed several segments like phenolic, antioxidant blends, and phosphite & phosphonate. The phosphite & phosphonate segment has significant market share. The phenolic antioxidants segment has a huge market share as it has substantial demand in various end-use industries like plastics & rubber, pharmaceutical, food, and others.
Plastic Antioxidants Market Regional Analysis:
The market leader is Asia Pacific, which is being driven by the region’s developing industries. Countries like India and China, whose production units generate significant revenue, are bolstering the regional market. This expansion will be enormous in North America and Europe.
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Competitive Landscape:
The global plastic antioxidants market are getting backed by the strategic advancements made by Solvay (Belgium), BASF SE (Germany), Dover Corporation (U.S.), SAKAI CHEMICAL INDUSTRY CO., LTD (Japan), SI Group, Inc (U.S.), Evonik Industries AG (Germany), LANXESS (Germany), Trigon Antioxidants Pvt. Ltd. (India), Krishna Antioxidants Pvt. Ltd (India), Shandong Linyi Sunny Wealth chemicals Co.,Ltd (China), and others. These companies are investing much in their strategies like mergers, acquisitions, collaborations, and others. These tactical moves boost portfolio of a company, which helps in luring more customers. On the other hand, companies are also investing in research and development to inspire innovation and influence market growth. MRFR recorded these latest changes from branding, development of portfolio, launching of products to understand the market flow.
Industry News:
The COVID-19 analysis of the plastic antioxidants market reveals that there are several problems that can hinder the market growth. This is die to the lockdowns various countries are experiencing. These lockdowns have imposed several regulations on transit and logistics owing to which companies are facing slowing down in revenues. In addition, several companies were asked to stop their production, which also changed the market dynamics. For instance, the automotive segment has been asked to stop productions, owing to which the intake of the plastic antioxidants would get curbed. However, the market may find some growth in the food and pharmaceutical sectors as both the regions are experiencing huge boosts in fund to keep things normal and find a way out of the troubles.
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