Growth of end use industries of phenolic antioxidants has sparked a high rate of growth in the industry. Market Research Future which specializes in market reports related to the chemicals and material sector amongst others lately issued a report on this industry. The market is estimated to develop at CAGR of 5.10% to attain a USD 1830.05 million in revenues till 2023.
The expansion of the market has gained dominance primarily due to the increased demand being observed from its end use industries. Its end use industries like fuel and lubricants, cosmetics and pharmaceutical have rapidly increased the scope of applications for the market.
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The international industry for phenolic antioxidant is categorized on the base of application, source and region. The source segmentation of the market is into synthetic and natural. The application category of the market includes plastics & rubber, food, cosmetic, pharmaceutical, and lubricant & fuel. The regional division of the phenolic antioxidant market includes Latin America, Europe, North America, Asia Pacific, and the Middle East & Africa.
Detailed Regional Analysis
The international Phenolic Antioxidant industry is segmented into regions such as Latin America, Asia Pacific, Europe, North America and the Middle East & Africa. The Asia Pacific region registered the main market share in the year 2016, and is expected to develop at a maximum CAGR of 5.20% approx during the forecast period. The power of the Asia Pacific region is primarily because of the mounting demand for food from escalating population along with rising use of rubber and plastic in this region. The European region follows Asia Pacific, which is the second major market share and it is anticipated by 2023 to reach USD 420.47 million. Germany is the main market share of the European region and is estimated to remain principal to the region’s growth throughout the forecast period due to better penetration of end user industries in the country. The North American market is a noteworthy region in the global market for phenolic antioxidant. It has a considerable market share of 20%, as of the year 2016. The US dictates the North American market‘s share on the basis of volume and value due to growing demand of packaged, preserved and processed food in the country.
Global Competitive Analysis
The players of this market are looking to gain an extensive share of the market segment by the successful use of their primary resources to commence expansion changes which is long lasting. This attitude has set off trends which are related to development which is especially volume driven. This has effectually led to amplification in diverse ranges of product forms. The sector’s extensive change due to the accelerated expansion pace has led to experimentation with many benefit points. The industry’s long term progress can be capitalized upon by constant continuing process improvements and maintaining financial fluidity to invest in the most advantageous strategies when they are on hand.
The vital players in the global market for phenolic antioxidant are DSM (Netherlands), BASF SE (Germany), Sumitomo Chemical Company (Japan), Oxiris Chemicals S. A. (Spain) and Chitec Technology Co., Ltd.
Feb 2018 SONGWON has in full swing started production of SONGNOX 5650 in Gujarat, India at its Panoli plant to ensure worldwide availability of SONGNOX 5650 to its worldwide markets. The product SONGNOX 5650 is high in molecular weight and is a multifunctional phenolic antioxidant chiefly used as a post- process stabilizer for polymerization of unsaturated elastomers. The company has always placed solid emphasis on dependable supply. This added, in-house manufacturing capacity allows SONGWON to guarantee dependable supply of SONGNOX 5650 internationally.
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