Antioxidants Market

Market Study on Antioxidants: Opportunities Increasing Due to Rising Demand for High-performance Plastics

Antioxidants Market Segmented By Alkyl Phenol Derivatives, Phosphite & Phosphonite, and Phenolic Antioxidants Type in North America, Europe, Middle East and South Africa

Antioxidants Market Outlook (2022-2032)

Newly released data on the antioxidants market reveals that revenue from global consumption is expected to reach US$ 3.69 Bn in 2022, registering a Y-o-Y growth of 4.2%. Worldwide demand for antioxidants is projected to register a CAGR of 4.5% during the forecast period of 2022 to 2032.

According to Persistence Market Research, global antioxidant consumption is expected to reach US$ 5.7 Bn by the end of 2032. East Asia and North America are expected to remain key regional markets in the antioxidants business, expanding at CAGRs of 5.1% and 4.3%, respectively, over the same period.

Antioxidants are compounds utilized for the decrease in the oxidation process in a substrate to increase product life. These compounds adsorb and neutralize free radicals and decompose oxygen or peroxides.

The market has witnessed considerable growth due to increased demand from various end-use industries such as plastics, polyolefin production, hot melt adhesives, synthetic rubber, fuel & lubricants, styrene elastomers, and many others. The COVID-19 pandemic impacted the global economy and industrial performance; lockdowns and restrictions affected the value chain, manufacturing, and demand, which resulted in the flattened curve of economies.

The recovery of the market started in the first quarter of 2021. The market is anticipated to experience rising demand from key end-use industries, including plastics, coatings, lubricants, fuels, and others. Over the past few years, the growth of the chemicals & plastics industry and the increase in chemical manufacturing have contributed significantly to the rising demand for antioxidants.

The high performance of end-use industries and an increase in the adoption of plastic materials are anticipated to have a positive impact on the global antioxidants market during the forecast period of 2022-2032.

Antioxidants Market Size (2021A)

US$ 3.54 Bn

Estimated Market Value (2022E)

US$ 3.69 Bn

Forecasted Market Value (2032F)

US$ 5.7 Bn

Value CAGR (2022-2032)

4.5%

Collective Value Share: Top 3 Countries (2022E)

44.7%

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Companies

  • BASF SE
  • Vinati Organics
  • Trigon Antioxidants Pvt. Ltd.
  • Sandhya Organic Chemicals Pvt. Ltd.
  • Sarex
  • UPL
  • SI Group
  • Songwon
  • VDH Chem Tech Pvt. Ltd.
  • Adishank Chemicals Pvt. Ltd.
  • Khera Chemical Industries
  • Cristol
  • Sasol Limited
  • Prakash Chemicals
  • Adeka Corporation
  • Clariant AG

Market Benefiting from Increasing Penetration of Plastic Products in Automotive, Aerospace, and Other Industries

Antioxidants derived from phenolic compounds are employed as an additive in the manufacturing of plastic goods and composites. Due to their stiffness, strength, and lightweight, plastic-based goods and polymer composites are becoming popular for application in automotive and aerospace applications.

Demand for various additives, including antioxidants, heat stabilizers, and flame retardants, to name a few, is anticipated to rise as plastic products are increasingly being adopted in the automotive industry to reduce weight, improve vehicle performance, and comply with emission standards.

Further, due to their high strength and lightweight, plastic-based materials are being increasingly adopted in the defence sector. Also, the high-specific damping capacity and enhanced shock mitigation & energy absorption properties of polymer matrix composites make them suitable for armour applications such as kevlar and helmets.

Increasing demand for polymer-based products and other applications such as consumer goods, electronics & electrical, and more is expected to drive the market for antioxidants over the coming years.

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Surging Demand for Antioxidants in Industrial Coatings

Coatings are exposed to oxygen, heat, sunshine, and water throughout their lifespan. Polymer chains can be cleaved by oxidation, chain branching, and/or crosslinking during the manufacturing process, resulting in a disruption of the polymer structure. To protect coatings and retain their molecular integrity, several antioxidants are employed.

To prevent polymers from thermal breakdown, there are two major approaches, including primary antioxidants, also known as phenolic antioxidants, which stop chain propagation by killing free radicals. Phenolic antioxidants operate as H-donors, providing easily abstractable hydrogen to the peroxy radical while avoiding hydrogen abstraction from the polymer backbone.

Secondary antioxidants, also known as phosphite antioxidants, convert hydroperoxides into thermally stable, non-radical, and non-reactive compounds. Primary antioxidants are protected during processing by secondary antioxidants. The use of both antioxidant classes together produces a synergistic effect and is the most widely used way of stabilization.

antioxidants-market

Global market for antioxidants dominated by East Asia, followed by Europe and North America, owing to the growth of end use industries. Based on type, alkyl phenol derivatives are anticipated to witness lucrative growth potential during the projected period as they are extensively utilized in plastics, oil field chemicals, and others.

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Country-wise Analysis

Consumption Outlook of Antioxidants in India

The market in India is anticipated to witness substantial progress period owing to the growth of end-use industries such as plastics, automotive, construction, and others that are consuming antioxidants. The Indian antioxidants market is anticipated to reach US$ 258.5 Mn by end of 2032.

Antioxidants are additives that increase the oxidative resistance of the base oil, thereby extending the life of a lubricant. Antioxidants enable lubricants to perform at higher temperatures. The automotive industry is India's largest end-user market for lubricants. Lubricants have a sizable market share in both the OEM and aftermarket. Lubricant usage in India is expected to rise as the country's automotive and industrial sectors expand.

Also, the Indian plastics industry is estimated to rapidly grow over the coming years. Growing consumption of plastics in various end-use industries such as automotive, packaging, construction, electronics, and others is anticipated to impact the target market. Antioxidants are extensively used for plastic production; hence, the plastics industry has a direct impact on the antioxidants market in the country.

China Accounts for Significant Share of Global Market

The Chinese antioxidants market is expected to expand at 5.3% CAGR during the forecast period. China is believed to be a key production and export country for antioxidants. Substantial growth in end-use sectors is bolstering market growth.

Over the past decade, antioxidant demand in China has increased rapidly. The Chinese economy has exhibited high growth for more than two decades, which has been backed by an increase in industrial output, rising imports & exports, growing consumer spending, and more capital investment.

Some of the factors anticipated to fuel antioxidant demand in China are rapid industrialization, stabilizing economic conditions, and steady increase in automobile production and sales. Strong potential for market expansion will be provided by favourable manufacturing policies in China.

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Category-wise Insights

Growing Demand for Efficient Lubricant Solutions in Several End-use Industries

Many end-user sectors such as infrastructure, oil & gas, mining, and metallurgy, to name a few, require heavy machinery to streamline their day-to-day operations efficiently. These gigantic machines work in severe conditions round the clock. These heavy machines are subject to wear and tear due to exposure to high temperatures and intense pressure. Heavy machinery operators use efficient lubricants as a solution to prevent wear and tear and minimize downtime. These large machines use a variety of lubricants, including hydraulic oil, greases, gear and axel oil, and others.

Manufacturers of lubricants are concentrating on adding special properties such as improving thermal stability, increasing corrosion resistance, and extending the life of lubricants. Antioxidants are used to add the aforementioned properties to lubricating solutions. Antioxidants in lubricants contribute significantly to engine durability and longevity by building protective layers on engine parts.

Growing emphasis on the usefulness of antioxidants in lubricants, particularly in automotive lubricants, has contributed to the continuously rising use of both primary and secondary antioxidants.

Increasing Demand for High-Performance Plastics across Industries

Several industries depend heavily on plastic. Because of its exceptional qualities, plastic is being adopted in these sectors at an exponential rate. Plastic additives are used to delay or lessen the degradation of plastic products to demonstrate better efficacy and workability in challenging conditions such as high temperature and high pressure. There are numerous plastic additives on the market, including plasticizers, flame retardants, heat stabilizers, impact modifiers, chemical blow agents, and antioxidants.

Antioxidants are employed as additives during the production of polymers. In harsh environments, antioxidants limit and prevent the oxidation of plastic products. The market's production and consumption of plastics have a significant impact on the demand for plastic additives.

Additionally, the automotive industry is adopting more plastics to reduce vehicle weight. As such, throughout the forecast period, this will fuel the demand for antioxidants.

Competitive Landscape

The antioxidants market is fairly fragmented with a considerable presence of market participants. Key antioxidant manufacturers are anticipated to account for a significant share of the market. The market has the further presence of a significant number of small- and medium-sized players.

Key market participants are strategically focusing on the expansion of their existing production capacities to drive revenue growth and attain a higher market share by catering to the growing demand from end users. To maintain revenue growth, major market participants are establishing contracts with end users and distributors to provide antioxidant compounds.

  • On 2nd July 2021 Songwon Industrial Co., Ltd. announced that it had extended its distribution partnership with MegaChem for antioxidants for fuels and lubricants in the ASEAN region.
  • On May 17th, 2022, BASF announced the expansion of production capacity for its Irganox 1010 at Jurong Island, Singapore. This will serve the fast-growing Asia Pacific and Middle East markets.

Antioxidants Industry Report Scope

Attribute

Details

Forecast Period

2022-2032

Historical Data Available for

2017-2021

Market Analysis

  • US$ Mn for Value
  • Tons for volume

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • The Middle East & Africa

Key Countries Covered

  • U.S.
  • Canada
  • Brazil
  • Mexico
  • Germany
  • Austria
  • Switzerland
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • BENELUX
  • China
  • Japan
  • South Korea
  • India
  • ASEAN
  • Australia
  • and New Zealand
  • GCC Countries
  • Turkey
  • Northern Africa
  • South Africa

Key Market Segments Covered

  • Type
  • Application
  • Region

Key Companies Profiled

  • BASF SE
  • Vinati Organics
  • Trigon Antioxidants Pvt. Ltd.
  • Sandhya Organic Chemicals Pvt. Ltd.
  • Sarex
  • UPL
  • SI Group
  • Songwon
  • VDH Chem Tech Pvt. Ltd.
  • Adishank Chemicals Pvt. Ltd.
  • Khera Chemical Industries
  • Cristol
  • Sasol Limited
  • Prakash Chemicals
  • Adeka Corporation
  • Clariant AG

Pricing

Available upon Request

Key Segments Covered in Antioxidants Industry Research

By Type:

  • Alkyl Phenol Derivatives
    • 2,4 DTBP
    • 2,6 DTBP
    • Ortho tert butylphenol
    • Para tert butylphenol
  • Phosphite & Phosphonite
    • Tris(2,4-ditert-butylphenyl) phosphite
    • Bis(2,4-di-t-butylphenyl) pentaerythritol
    • Tetraphenyl Dipropylene Glycol Diphosphite
  • Phenolic Antioxidants
    • AO 1098
    • AO 3114
    • AO 1024
    • AO 1520
    • AO 1035

By Application:

  • Polyurethane
  • Polyester
  • Polycarbonate
  • Coating Resin
  • PVAC
  • PVA
  • PVC
  • Nylon
  • Polyimide
  • PEEK
  • Polyketone
  • PAEK
  • ABS
  • Polystyrene
  • Polybenzimidazole
  • Petroleum Products
    • Fuel & Lubricants
    • Industrial Lubricants
    • Greases
    • Engine Oils
    • Hydraulic Fluids
    • Transmission Oil
    • Others

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa

- FAQs -

The global antioxidants market was valued at US$ 3.54 Bn in 2021.

Growing demand for lubricants and plastics across end-use industries is majorly driving the demand for antioxidants.

The global market for antioxidants is projected to increase at 4.5% CAGR between 2022 and 2032.

The market in the U.S. is set to expand at 4.3% CAGR during the forecast period.

Together, Japan and S. Korea are estimated to account for 8.3% share of the global market in 2022.

BASF, UPL, Clariant, Sasol Limited, and Adeka Corporation account for around 26% market share.

China, the U.S., India, Germany, and Japan account for the highest demand for antioxidants.

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