ALBANY, New York, Feb. 10, 2020 /PRNewswire/ -- Driven by plethora of factors, plastic antioxidants market is set to offer a substantial deal of opportunities to the players. Especially the growing demand for plastic antioxidants by automotive, aerospace, packaging, and construction industry has been at the forefront in the list of drivers responsible for the growth of global plastic antioxidants market, says a study by Transparency Market Research. As per the report the market is anticipated to witness a robust 6% CAGR during the forecast period of 2019 to 2027. At this rate, the global plastic antioxidants market is projected to be valued at US$1.4 bn by 2027 from a valuation of US$ 0.807 bn in 2018. Vis-à-vis volume, the plastic antioxidants market recorded sales of approximately 274 thousand tons in 2018.
"As an industrialist, reliability of the products is highly important. It is because of this benefit, customers remain attached to a business. Since plastic antioxidants restricts the oxidation of plastic products, majority of the businesses in the domain are adopting these antioxidants. This hiked demand and highly accepted adoption by the players has become the prime factor responsible for the growth of global plastic antioxidants market during the tenure of 2019 to 2027" –Transparency Market Research.
Key Findings in the Plastic Antioxidants Market Study
Automotive industry is expected to emerge as the leading end-user in the global plastic antioxidants market. This dominance is the result of the growing demand for enhancing the polymers used in the manufacturing of the vehicles. Since, majority of the car interiors and exteriors are made by polymers these days, the manufacturers are in hot pursuit for a solution that can keep the vehicle in factory condition for a longer duration.
Application of PVC like stabilized propylene in construction industry is one of the largest grossing segment for the players of global plastic antioxidants market. This is because the construction industry is investing a massive amount in PVC for fitting pipes, ducts, and cables across the building. These investments are making PVC as the material of choice, when it comes to make higher profit in global plastic antioxidants market.
Explore the actionable insights from the report on global plastic antioxidants market available under the title: Plastic Antioxidants Market (Type: Phenolics, Phosphites, Amines, Thioesters, and Blends; Application: PP, PE, PVC, PS, ABS, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027 at https://www.transparencymarketresearch.com/plastic-antioxidants-market.html
Global Plastic Antioxidants Market: Key Drivers
As mentioned earlier, the global plastic antioxidants market is driven by myriad of factors. However, the major factors responsible for the growth of the market is the growing demand for antioxidants in polymer manufacturing industry. This demand is to cater to the growing need of enhancing the shelf life of the polymers. Moreover, extensive use of antioxidants in the production of propylene that is further used in manufacturing of housing lamps, car bumpers, hot-cases, and instrument panels, also propels the growth of the global plastic antioxidants market from 2019 to 2027 quotes the Transparency Market Research's report.
Some more drivers of the global plastic antioxidants market are:
Growing demand by automotive industry to protect the body and instrumental panels of the vehicles is projected to boost the growth.
Improving the quality of packaging products to develop a reliable packaging solution is also a major growth driving factor responsible for the escalated growth of global plastic antioxidants market during the estimated time-frame.
Major Challenges in Global Plastic Antioxidants Market
Although the report provides the readers with positive aspects of the global plastic antioxidants market, it also enlightens the businesses with the major challenges that can impede the growth of the market. The insights from the report can help the readers to understand the ongoing trends and help them derive strategies that can back their decision for a better future in the global plastic antioxidants market. Some of the major challenges that might impact the growth of market are mentioned below:
The global plastic antioxidants market is largely surrounded by the health hazards. There are reported cases of several respiratory issues that are the result of inhaling these antioxidants by the users. Moreover, there are numerous incidences where extensive exposure these chemicals have resulted in serious conditions such as pulmonary cancer, never damage, and several kidney diseases. As a result of these challenges the customers might shift towards non-plastic polymers which might impact the growth of global plastic antioxidants market adversely.
However, to overcome the above mentioned challenges, the players are putting a massive amount in research and development so as to develop an antioxidant that has less adverse effect on the users. This might help the global plastic antioxidants market to maintain the pace of its growth over the duration of 2019 to 2027.
Global Plastic Antioxidants Market: Regional Analysis
Europe shall continue to dominate the global plastic antioxidants market in terms of geography. The dominance is the result of proactive operations of several prominent players of the plastic antioxidants market in this regions. Germany in particular is expected to be the most lucrative country in Europe due to the presence of several automotive businesses.
Asia Pacific is expected to emerge as one of the most promising region in the global plastic antioxidants market due to extensive use of plastic products in countries like India, China, and Thailand. Moreover, stringent government regulations to ensure the reduction in the plastic waste in India is also making Asia Pacific as a promising region for the players of global plastic antioxidants market during the tenure of 2019 to 2029.
Analyze plastic antioxidants market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
The report by Transparency Market Research help the businesses to understand the dynamics of the global plastic antioxidants market. This insight help the player to ensure a sustainable future for the players and help them generate more profit in estimated time-frame. However, as per the report the global market for plastic antioxidants is moderately fragmented. This is because, the prominent players hold approximately 32% of total share of the global plastic antioxidants market.
However, this prominence of the established players can quite troublesome for the new players that are willing to enter the global plastic antioxidants market. To withstand this degree of the competition, the new players are adopting mergers, partnerships, and collaborations as their resort to have a sustainable future during the tenure of 2019 to 2027.
The global plastic antioxidants market is segmented on the basis of:
Plastic Antioxidants Market Type Outlook (Revenue, USD Million 2019-2027)
Plastic Antioxidants Market Application Outlook (Revenue, USD Million 2019-2027)
Plastic Antioxidants Market Regional Outlook (Revenue, USD Million 2019-2027)
Rest of Europe
Australia & New Zealand
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa
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