Plastic Antioxidants Market Share, Size, Expected Growth Opportunities and Forecast by 2029 | Is Plastic Antioxidants Industry Hit Worst due to Russia-Ukraine War Impact?
The growing demand for plastic is predicted to drive the plastic antioxidants market during the forecast period, states Fortune Business Insights in a report, titled “Plastic Antioxidants Market Size, Share & Industry Analysis, By Type (Phenolic, Phosphite, Antioxidant Blend, Others), By Polymer Resin (Polypropylene, Polyethylene, Polyvinyl Chloride, Acrylonitrile Butadiene Styrene, Polystyrene) Others and Regional Forecast, 2022-2029 ” the growing shift from metal to plastic is expected to spur business opportunities for the market in the forthcoming years.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Plastic Antioxidants Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Plastic Antioxidants Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.
The coronavirus incident has brought the world to an unexpected halt. We understand that this health disaster has negatively impacted various sectors across the globe. Rising support from governments and several companies can help in the fight against this highly infectious virus. There are some industries that are struggling and some are thriving. More or less, nearly every sector is estimated to be impacted by this pandemic.
The report on the plastic antioxidants market includes:
- Superior insights into the latest developments
- Systematic data with thorough research
- Market driver and growth exhibitors
- Comprehensive information about eminent players
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Expansion of BASF’s Production Capacity to Augment Market Growth
BASF, a German chemical company announced its plans to increase its global production capacity in plastic antioxidant Irganox 1010 40% with expansion projects in Juron, Singapore, Switzerland, and Kaisten. The new development will help the company to cater to the market in Asia, Europe, and Middle East & Africa. The growing inclination to replace metal components with plastic components by manufacturers owing to its superior advantages is predicted to enable speedy expansion of the market in the forthcoming years. Antioxidants obstruct the autoxidation of plastics with atmospheric oxygen. The changes occur as a result of oxidative degradation and can severely affect the properties and service life of the polymers.
Thus, the increasing demand for plastic antioxidants among manufacturers is likely to bolster the healthy growth of the market in the foreseeable future. The growing awareness regarding the advantages of plastic such as its lightweight properties is expected to create lucrative growth opportunities for the market. However, the health effects of plastic antioxidants are predicted to hamper the growth of the market in the forthcoming years. The antioxidants present in plastics can cause severe damage if it comes in contact with food or during recycling and recovery processes, which, in turn, is likely to dampen the growth of the market.
The Report Lists the Main Companies in the Plastic Antioxidants Market:
- BASF SE
- LANXESS A.G.
- Solvay S.A.
- Adeka Polymer Additives
- OMNOVA Solutions Inc.
- SI Group
- Sumitomo Chemical
- Dover Chemical Corporation
- Everspring Chemical Co., Ltd.
- 3V Sigma USA Inc.
- Trigon Antioxidants Pvt. Ltd.
- Krishna Antioxidants Pvt. Ltd.
- other key players.
Developing Packaging Industry to Boost Market in North America
Geographically, the global plastic antioxidants market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The growing demand for plastic antioxidants is likely to aid expansion in North America. The growing application of polyethylene and polypropylene resins from the packaging and food & beverage industry is predicted to augur well for the market in the region. The growing awareness and regulations imposed by the government is predicted to create lucrative opportunities for the market in the forthcoming years.
The rising use of polymers for automotive applications is expected to enable the speedy expansion of the market in Europe. The growing demand for plastics from building & construction and the electrical & electronics industry is expected to dampen the growth of the market. The Asia Pacific is expected to witness a high growth rate owing to the rising demand for plastic in the building and construction industry.
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