The latest study conducted by Market Research Future (MRFR) reveals that the Global Phenolic Antioxidant Market is poised to grow at a compound annual growth rate (CAGR) of 5.10% from 2016 to 2023. In addition, the market is expected to surpass a valuation of USD 1800 Mn towards the end of the forecast period. Demand for Phenolic Antioxidant has increase significantly in recent years. This can be attributed to several factors. Application of phenolic in the rubber and plastic industry has increased substantially. Furthermore, they are also increasingly used as preservatives that prevent oxidation of food products. Such factors are driving the growth of the Global Phenolic Antioxidant Market.
Competitive Landscape:
Oxiris Chemicals S. A. (Spain), DSM (Netherlands), Chitec Technology Co., Ltd. (Taiwan), Addivant (U.S.), Double Bond Chemical Ind., Co., Ltd. (Taiwan), Emerald Performance Materials LLC (U.S.), BASF SE (Germany), Sumitomo Chemical Company (Japan), Kumho Petrochemical Co., Ltd. (South Korea), and Mayzo Inc. (Georgia) are some of the reputable brands in the Global Phenolic Antioxidant Market.
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Industry News:
World’s largest chemical manufacturer BASF is reportedly expanding its production capacity for one of its antioxidant variants. This move is prompted by the growing demand in regions such as the Middle East, Africa, Europe and Asia.
SONGWON, a prominent chemical manufacturer has recently launched a new variant of antioxidant – SONGNOX 5057 to further boost it product portfolio. This new product will allow SONGWON to expand its range of stabilizers for polyurethane and polyols. The company already boast a broad range of phenolic, thioester, aminic, and phosphite antioxidants.
Segmental Overview:
The segmental analysis of the Global Phenolic Antioxidant Market is based on Application, Source and Region.
By Source, the market is segmented into synthetic and natural. In terms of revenue, the former holds a relatively higher market share. During the forecast period, the synthetic segment is projected to post a CAGR of 4.60%. Some of the common synthetic Phenolic Antioxidants include Butylated hydroxytoluene (BHT), Ethoxyquin, Butylated hydroxyanisole (BHA), and tert-Butylhydroquinone (TBHQ). Synthetic Phenolic Antioxidants find widespread application in fuel & lubricant and plastic & rubber processing.
On the basis of Application, the market has been segmented into fuel & lubricant, cosmetic, pharmaceutical, plastics & rubber and food. Of these, the food segment is expected to remain highly attractive in 2019 and beyond. Additionally, the segment is projected to witness highest CAGR during the forecast period and reach a market valuation of USD 433.95 Mn. Phenolic Antioxidants are used is various types of packaged food products. The plastic & rubber segment is also expected to witness an impressive growth during the review period.
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Global Phenolic Antioxidant Market: Regional Segmentation
The regions covered in report include Latin America, the Middle East & Africa (MEA), North America, Asia Pacific (APAC) and Europe. Asia Pacific is currently the largest market for Phenolic Antioxidant and the trend is like to continue for the next couple of years. The APAC Phenolic Antioxidant Market is projected to soar at 5.20% CAGR during the assessment period. Phenolic Antioxidant demand is concentrated in China, which represents more than two-third market share in APAC. Growth of the end-use industries remains the key force behind the growth of the market in the region. Sectors such as F&B, plastic and rubber have expanded many folds in APAC, which has reflected favourably on the market. Europe represents the second’s largest market for Phenolic Antioxidant. It is projected that the market value in Europe will surpass a valuation of USD 400 Mn by the year 2023. The market in Europe is led by Germany – the largest contributor in terms of revenue. APAC and Europe are followed by North America. IN 2016, North America led by the U.S. commanded for 20% market share in terms of revenue.
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