Plastic Antioxidants Market Drivers: The Role of Sustainability in Industry Growth

The global plastic antioxidants market size is anticipated to reach USD 7.74 billion by 2030 and is projected to grow at a CAGR of 5.5% from 2024 to 2030, according to a new report by Grand View Research, Inc. The use of plastic antioxidants in automotive parts helps reduce fuel consumption owing to their low weight. Increasing awareness about consumer safety and health risks across various industries such as construction, pharmaceutical, and automobile is expected to boost the global demand for plastic antioxidants during the forecast period.

The increased usage of resins and antioxidants in emerging economies, coupled with expenditures in R&D activities, is expected to further fuel market expansion. The rising use of polypropylene in packaging applicationsowing to their thermal and oxidation resistance properties is expected to drive the market growth.

Increasing effort to manufacture antioxidants globally has resulted in development of the product by market players. For instance, in December 2023, BASF introduced a cutting-edge antioxidant Irgastab PUR 71, that enhances regulatory compliance and performance in polyols and polyurethane foams. With its superior environmental, health, and safety profile, this solution addresses the industry’s growing regulatory pressure on substance classification and sustainability.

Gather more insights about the market drivers, restrains and growth of the Global Plastic Antioxidants Market

Plastic Antioxidants Market Report Highlights

• Based on resin type, the polyethylene segment held the market with the largest revenue share of 34.7% in 2023

• Based on application, the food & beverage segment led the market with the largest revenue share of 37.04% in 2023

• Asia Pacific accounted for the revenue share of 35.25% in 2023, due to growing food & beverage, automotive, and construction industry especially in India, Japan, and Australia

• Germany was the leading manufacturer of plastic antioxidants in Europe and captured around 38% of the revenue market share in 2023

Regional Insights

North America dominated the plastic antioxidants market with the largest revenue share of 26.32% in 2023. The increased awareness and regulations imposed by the government are expected to drive the inhibitors market throughout the forecast period. The expanding need for protective coatings in the aerospace and electronics industries has spurred countries such as the United States, Canada, and Mexico to achieve astonishing market growth.

Key Plastic Antioxidants Company Insights

Key companies are adopting several organic and inorganic expansion strategies, such as mergers & acquisitions, new product launches, capacity expansion, mergers & acquisitions, and joint ventures, to maintain and expand their market share.

List of Key Players in the Plastic Antioxidants Market

• BASF SE
• Lanxess AG
• Syensqo
• Clariant AG.
• SI Group
• Astra Polymers
• Dover Chemical Corporation
• Tosaf Compounds Ltd.
• 3V Sigma USA
• Avient Corporation
• Eastman Chemical Company

Order a free sample PDF of the Plastic Antioxidants Market Intelligence Study, published by Grand View Research.