The plastic antioxidants market is valued at USD 2.2 billion in 2021 and is poised to grow at a significant CAGR of 6.6% over 2022–2028. Plastic antioxidants are chemicals that are included in the manufacturing process of plastic to prevent thermal and oxidative degradation and to lengthen the shelf life of goods. Due to the rising use of polypropylene in packaging applications, which is expected to drive the plastic antioxidant market. Heavy-duty sacks, hygiene films, compounding, and other products all require polypropylene resins, which raises the need for polypropylene and, as a result, for plastic antioxidants. The market for plastic antioxidants has plenty of attractive potential in the automobile sector. After 2020, the automotive industry is forecast to undergo considerable change because electric vehicles are anticipated to make up most of the new vehicle production. By maximizing the ability of polymers to degrade, plastic antioxidant compounds improve resistance to oxidation for the production of automobile components. Due to the growth in traffic accidents worldwide, there has also been an increase in vehicle restoration. Global demand for polymers is rising and, as a result, fueling the demand for plastic antioxidants. In the agricultural industry, plastics are utilized in netting, silage strap wrap, mulch films, greenhouse film covers, and blinds high light transmission from the plastics used in agriculture aids plants’ growth. Increased solar radiation and mechanical stress must be able to handle agricultural plastics. Antioxidants are therefore employed to give agricultural plastics processing, thermal, and discoloration resistance. India is one nation that hasn’t looked at the advantages of plastics in agriculture. Furthermore, to sustain competitiveness in the industry, the big players are putting various methods into practice, such as agreements, corporate expansion, and product launches. The manufacturer of plastic antioxidants, BASF, has implemented different growth strategies, including development in the plastic antioxidants industry. The business just launched a new antioxidant production facility in Shanghai. The company has also increased its production capacity for Irganox 1010 globally. The corporation wants to meet the rising demand from clients in the Middle East, Africa, Asia, and Europe from its regional supply locations.
Recent Market Developments:
In December 2019, BASF launched a new antioxidant manufacturing plant in Shanghai, China.