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Phenolic Antioxidants Market

Global Market Study on Phenolic Antioxidants: Growing Demand for Plastic Across End-use Industries Boosting Growth

Phenolic Antioxidants Market Segmentation by Type ( Mono-Functional, Bi-Functional, Multi-Functional) and by Form ( Liquid, Granule, Powder).

Market Snapshot

Global consumption of the phenolic antioxidants market stood at around US$ 4,421.6 Million in 2023 and is stated to increase at a CAGR of 5.3% to reach a valuation of US$ 7,410.8 Million by 2033. East Asia and North America are expected to remain key regions in the business owing to increasing consumption in countries like U.S., India, and China.

Phenolic Antioxidants Market Value (2022A)

US$ 4,233.7 Million

Phenolic Antioxidants Market Estimation (2023E)

US$ 4,421.6 Million

Phenolic Antioxidants Market Forecast (2033F)

US$ 7,410.8 Million

Value CAGR (2023 to 2033)

5.3%

Collective Value Share: Top 3 Countries (2023)

40-45%

Phenolic compounds are classified as primary antioxidants and originate from one of the main classes of secondary metabolites in plants. These are found in a variety of natural sources, including fruits, vegetables, and spices, as well as in some herbal extracts and supplements. They possess antioxidant properties through a number of mechanisms, including their capacity to eliminate free radicals and inhibit the formation of reactive species during normal metabolic processes, as well as their ability to prevent damage to lipids, proteins, and nucleic acids and subsequent death of cells.

Thus, they have a number of health benefits, including reducing oxidative stress and inflammation, improving heart health, and potentially reducing the risk of certain diseases, such as Alzheimer's as well as avoiding the development of cancer, diabetes, autoimmune illnesses, neurodegenerative diseases, and cardiovascular diseases.

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Consumption Analysis of Phenolic Antioxidants from 2018 to 2022 Vs Market Outlook for 2023 to 2033

The market had witnessed about 4.6% year-over-year growth in the past years. Demand for phenolic antioxidants has been consistently increasing due to the rising demand for plastic additives and products from the pharmaceutical and cosmeceutical industries.

Based on the current estimations, the market is to witness a growth outlook of about 5.3% over the period of 2033 and 2033. The demand for phenolic antioxidants is rising due to the surge in the manufacturing of plastic additives and their usage in plastic and rubber and construction industries as well as research and development for natural antioxidants.

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How does the need for Efficient lubricant solutions in various industries push market growth?

Lubricant solution is required in numerous end-use industries such as infrastructure, oil, and gas, mining, and metallurgy, which need heavy machinery in order to streamline day-to-day operation in an efficient manner. These heavy types of machinery operate in extreme conditions.

With exposure to high temperatures and excessive pressure these heavy machines are exhibited wear and tear. In order to avoid this wear and tear machine operators are using effective lubricants solution to reduce downtime. There are different types of lubes oil used in machineries such as hydraulic oil, Greases, gear, axel oil, etc.

Phenolic antioxidants as an additive were added in lubricating solutions by lube manufacturers for imparting special properties such as enhancing thermal stability, increasing corrosion resistivity, and prolonging the life of lubricants. With the expansion automotive and aerospace industries, the demand of specialized lubricants in the market is increase, which further fuels the demand for phenolic antioxidants for the long term scenario.

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What is the Impact of Plastic Recycling and No plastic movement on the growth of the Market?

The growing environmental concern and strict rules and regulations implemented by governments across various European countries, such as Switzerland, Germany, Denmark, Finland, Luxembourg, and Austria, are promoting plastic recyclers to recycle plastic products and contribute towards a green and safe environment trend with the circular economy across the globe

Various countries such as South Africa and Germany plan to produce zero plastic waste for landfill by 2030 and thus, are recycling plastic waste and manufacturing new products from recycled plastic. The rising awareness among people towards plastic waste and hazards related to plastic incineration and disposal are shifting consumer preference from conventional plastic to recycled plastic.

Consumer preference towards ‘going green’ is expected to pave way for recycled plastic products in the near future. Companies such as ECOALF, Adidas, and Rothey’s have started manufacturing shoes made of recycled plastic from the ocean plastic waste

This shifting preference towards, the use of recycled plastic is expected significantly hinder the growth demand for phenolic antioxidants during the forecast period.

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Country-wise Analysis

Why Does the U.S. Account for a significant share of the Phenolic Antioxidants market?

Demand for phenolic antioxidants is expected to remain prominent in the U.S. and is expected to hold around 86.4% of the regional market. North America accounts for one-third of the global production of plastic additives.

The rubber and plastic industries are the key end-use industries of phenolic compound antioxidants. The North American Plastics group, which consists of 115 facilities across the United State and Canada and has the broadest geographic footprint in the plastics industry today, is a conglomerate of the top leading brands in the sector.

The growing need for plastic in various end-use industries and rising demand for plastic-based products are expected to propel the growth of the market in the United States.

What Makes China a Hub for Phenolic Antioxidants Demand?

China is expected to dominate the Asia Pacific as well as the global market for phenolic antioxidants. In 2022, China accounted for over 21.3% share of the global market. The domination of China is primarily due to the growing automotive and plastic industries as well as the rising need for food for an expanding population and increased consumption of plastic and rubber in the country.

According to International Trade Administration, China produces roughly seven million metric tons of plastic products every month. Since January 2020, the highest monthly output of plastic products was recorded in December 2021, at 7.95 million metric tons.

China continues to be the world’s largest vehicle market by both annual sales and manufacturing output, with domestic production expected to reach 35 million vehicles by 2025. Thus, from the above-mentioned facts it is expected that demand for phenolic antioxidants is increased due to the growing automotive and plastic industry in China.

Category-wise Insights

Which Application of Phenolic Antioxidants Generates Most of its Revenue?

On the basis of application, the plastic and rubber segment accounted for an 64.3% market share in 2022. Plastic is an integral part of numerous industries due to its exceptional properties, better efficacy, and workability in harsh conditions.

The high temperature and high-pressure plastic additives are used to slow down or minimize the degradation of plastic products. A Series of plastic additives are present in the market such as antioxidants, chemical blow agents, heat stabilizers, impact modifiers, plasticizers, and flame retardants among others.

Primary antioxidants are used as an antioxidant additive in polymer processing. It restricts and inhibits the oxidation of plastic products in harsh environmental conditions. The demand for plastic additives is strongly dependent upon the production and consumption of plastics in the market.

Phenolic antioxidants are used as an additive in the production of plastic products and composites. Plastic-based products and composites are gaining popularity for their applications in the automotive, defense, and aerospace industries due to their stiffness, strength, lightweight, high specific damping capacity, enhanced shock mitigation, and energy absorption properties of polymer matrix composites. The increasing adoption of plastic across the automotive, defense, and aerospace industries in order to reduce overweight will be expected to drive the demand for phenolic antioxidants over the forecast period.

Increasing demand for polymer-based products will be expected to drive the market during the forecast period

Which Source type is mostly used to obtain Phenolic Antioxidants?

The natural source type segment is set to witness robust growth during the forecast period and have an 93.2% value share in 2022. The growing need for natural type antioxidants owing to increasing demand for nutrient rice diet and prevent oxidation, especially in the food industry. Natural antioxidants can be extracted from plants (fruits, vegetables, and legumes), algae, and mushrooms, and are classified as phenolic compounds, carotenoids, and, vitamins.

Natural phenolic antioxidants are the basic monomer of polyphenols in the phenolic ring and are further classified as phenolic acids and flavonoids. In recent decades, there has been an increasing demand for natural antioxidants over synthetic ones, essentially owing to the demand by consumers for functional foods and beverages with natural ingredients and additives, which maintain their nutritional characteristics and flavor.

Competitive Landscape

The global phenolic antioxidants market is moderately fragmented, with the top 5 players in the market estimated to collectively hold about 40% - 45% of the global phenolic antioxidants market share. The market for phenolic antioxidants has shown tremendous growth during the last several years. Key companies' chosen techniques for surviving and growing in the worldwide phenolic antioxidants market as well as developed bio-based antioxidants by using natural sources. For Instance,

  • On 25th April 2022, SI Group announced the REZICURETM HYDRO T8-7900, a phenol-modified bio-based tackifier for use in water-based polychloroprene adhesives to help speed up film formation and adhesive setup. The substance was able to increase wood bond strength while also improving high-temperature resistance.
  • In 2018, Songwon Industrial Co. Ltd. started the production of phenolic antioxidants at its plant in Panoli (Gujarat), India.
  • In 2018, BASF SE announced its plans to expand the production capacity for phenolic antioxidants by 40% at its production plants in Jurong, Singapore, and Kaisten, Switzerland. The production capacity at Kaisten, Switzerland is expected to increase by 30% by the end of 2019.

Phenolic Antioxidants Industry Report Scope

Attribute

Details

Forecast Period

2023 to 2033

Historical Data Available for

2018 to 2022

Market Analysis

  • US$ Million for Value
  • Tons for Volume

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • China
  • Japan
  • South East Asia and Pacific
  • The Middle East and Africa

Key Countries Covered

  • U.S.
  • Canada
  • Brazil
  • Mexico
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Association of Southeast Asian Nations
  • Australia and New Zealand
  • Gulf co-operation council countries
  • Türkiye
  • Northern Africa
  • South Africa

Key Market Segments Covered

  • Type
  • Form
  • Source
  • Application
  • Region

Key Companies Profiled

  • SONGWON
  • Adeka Corporation
  • SI Group
  • Addivant
  • Dorf Ketal
  • Lanxess
  • Emerald Performance Materials, LLC
  • Jiyi Chemicals Co., Ltd.
  • Krishna Antioxidants Pvt. Ltd.
  • Mayzo Inc.
  • Clariant AG
  • BASF SE

Pricing

Available upon Request

Key Segments Covered in Phenolic Antioxidants Market Research

By Type

  • Mono-Functional
  • Bi-Functional
  • Multi-Functional

By Form

  • Liquid
  • Granule
  • Powder

By Application

  • Plastic and Rubber
  • Food and Feed Additives
  • Pharmaceuticals and Personal Care
  • Fuel and Lubricants
  • Industrial lubricants
    • Greases
    • Engine Oils
    • Hydraulic Fuels
    • Transmission Fuel
    • Others

By Source

  • Natural
  • Synthetic

By Region

  • North America
  • Latin America
  • Europe
  • China
  • Japan
  • South East Asia and Pacific
  • Middle East and Africa (MEA)

- Companies Covered in This Report -

  • BASF SE
  • SONGWON
  • Adeka Corporation
  • SI Group
  • Addivant
  • Dorf Ketal
  • Lanxess
  • Emerald Performance Materials, LLC
  • Jiyi Chemicals Co., Ltd.
  • Krishna Antioxidants Pvt. Ltd.
  • Mayzo Inc.
  • Clariant AG

- Frequently Asked Questions -

The global market has reported a valuation of US$ 4,233.7 Million in 2022.

The global market is estimated to reach a valuation of US$ 4,421.6 Million in 2023.

The global market is estimated to reach a valuation of US$ 7,410.8 Million in 2033.

The global market has exhibited a value CAGR of 4.6% over the last four Years.

The global market has projected a value of CAGR of 5.3% from 2023 to 2033.

The Natural source is estimated to be a key source, and the segment is estimated to consume about 96.3% of the global market.

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