Phenolic Antioxidants Market: Overview
The global phenolic antioxidants market is likely to grow at a prominent pace during the forecast period, thanks to the massive demands from plastics industry.
Phenolic antioxidants are widely utilized as an additive during the production of plastics and rubber. Owing to its exceptional properties, it prevent oxidation of plastic is adopted at an exponential rate in numerous industries.
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Phenolic Antioxidants Market: Notable Developments
Some of the recent development in the phenolic antioxidants market are-
In 2018, BASF SE, a key player in the phenolic antioxidants market announced expansion of production capacity for phenolic antioxidants by 40% at its production plants in Jurong. Such developments are expected to offer a lucrative gain in the phenolic antioxidants market.
Some of the prominent players in the phenolic antioxidants market are SONGWON, BASF SE, Adeka Corporation, Addivant, Dorf Ketal, Lanxess AG and SI Group . These players are adopting several stregies such as business expansion, mergers and accqusitions, and collabortation. This will help them stengten their foothold in the global phenolic antioxidants market.
Phenolic Antioxidants Market: Key Trends
The phenolic antioxidants market is expected to witness a prominent pace in the coming few years. This is mainly due to the better efficacy and workability of phenolic antioxidants in harsh conditions, high temperature and pressure. Along with this, factors like increasing adoption of plastics in automotive industry with an aim to reduce overall weight. This, in turn, will drive the demand for phenolic antioxidants over the forecast period and thus expected to offer a lucrative gain in the plastic additives market.
In addition to this, growing application of phenolic antioxidants for the production of rubber and plastic composites is offer traction to phenolic antioxidant market. This is mainly due to the its r superior properties and lower cost as compared to other composite materials.
However, factors like adverse impact of plastics over environment, increasing practice of plastics recycling and stringent governmental regulations are expected to impede the growth of the global phenolic antioxidants market.
Nevertheless, rapid industrialization, increasing disposable income, and blooming automotive production and sales are some of the factors expected to fuel the growth of the phenolic antioxidants market in the coming few years.
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Phenolic Antioxidants Market: Regional Outlook
Based on region, Asia Pacific is expected to dominated the global phenolic antioxidants market in the coming few years. This is mainly due to the presence of principle companies in the region. Further, China along withstand over one-fourth of the phenolic antioxidants in terms of volume share. The revenue generated by these countries is a prominent factor expected to drive the global phenolic antioxidants market in the coming few years.
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