Pune, India -- (SBWire) -- 05/22/2018 --Market Synopsis:
Plastic Antioxidants protect plastics from thermally and chemically induced oxidation. The Global Plastic Antioxidants Market is expected to generate a CAGR growth of 4.2 % over the review period of 2017 to 2023.
Restraints
The growing concerns over plastic waste, environmental regulations and the fragmentation of the industry are the restraints on the market.
Regional Analysis:
The Asia Pacific is expected to generate the largest market share owing to popularity and growing demand in automotive, electrical & electronics, and petrochemical industries. Countries such as China, Japan and India are the dominant regions in the market due to their large economies, high growth and larger population and consecutive demand.
North America accounts for the second largest share due to increasing demand in construction and automobile sectors. The growing demand for protection coatings in aerospace, electronics and allied industries is further charging the market.
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Europe market is led by countries such as the U.K., Germany, France and others. The high adoption of plastics in medical sectors are driving the growth of the European markets. The large medical devices industry of Germany makes it the largest market in the European region.
The Middle East and Africa are expected to generate moderate growth skewed in favor of Gulf Economies of Saudi Arabia, UAE and others on account of their high wealth and greater consumption per capita of plastics. Latin America is expected to generate faster growth skewed in favor of Brazil, Argentina, Mexico and Chile.
Segmental Analysis:
To gain a better understanding of the market the Global Plastic Antioxidants Market is segmented into polymer resin, antioxidants type, and regions.
Polymer Resin – polyethylene, polypropylene, polyvinylchloride, polystyrene, and acrylonitrile butadiene styrene. The acrylic resin segment accounts for the majority market share owing to desirable features such as tensile strength, stiffness, ductility etc. However the polyethylene and polypropylene segments are expected to generate fastest growth.
Antioxidants Type – phenolic, phosphite & phosphonite, antioxidant blends. The phosphite & phosphonite segment accounted for largest market share owing to its high temperature resistance. However the phenolic antioxidants segment is expected to generate fastest market growth.
End-Use – food, plastics & rubber, pharmaceutical, and others.
Regions – North America, Europe, Latin America, Asia Pacific, Middle East and Africa.
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Plastic Antioxidants Market: Business Opportunities, Current Trends, Market Challenges & Global Industry Analysis by 2023