The high demand for phenolic antioxidants in the plastics sector, the market for phenolic compounds is likely to rise at a rapid pace during the forecast period
The size of the global market for Phenolic Compounds Antioxidant is expected to reach US$ 2.52 Bn. by 2027, expanding at a compound annual growth rate (CAGR) of 5.1%.
Covid-19 Impact & Market Status
Due to travel prohibitions and business closures, the COVID-19 has had a negative impact on economies and businesses in a number of countries. The closure of various plants and factories has had a severe influence on global supply chains, negatively affecting manufacturing, delivery schedules, and product sales in the worldwide market. Most sectors, with the exception of medical supplies and life support items, had been severely hit, and phenolic compounds antioxidant market had also been severely impacted and the growth of the market was hampered due to the reduced demand for phenolic compounds antioxidants during this period.
Natural Antioxidants in High Demand
During the analysis period, demand for natural antioxidants to prevent oxidation damage is predicted to increase significantly, notably in the meat sector. Furthermore, synthetic antioxidants are a source of impending doubt, owing to their disastrous impact on human health.
Natural antioxidants are being researched and developed using herbs, spices, fruits, vegetable extracts, and other natural ingredients, particularly in the meat sector. While the usage of antioxidants in food and food additives is predicted to increase significantly, the demand for antioxidants in other applications is expected to remain stable.
Pharmaceuticals & Personal Care Products segment to earn Highest Revenue
Stakeholders in the current antioxidant market environment are predicted to focus on the pharmaceutical and personal care goods application segment for opportunities. Antioxidants have long been regarded as one of the most important cosmeceuticals for their ability to prevent cellular damage. Furthermore, antioxidants are gaining recognition as an important ingredient with a track record of decreasing skin ageing and offering protection against harmful free radicals.
Asia-Pacific expected to Dominate
In the next few years, Asia-Pacific will lead the worldwide phenolic antioxidants market. This is mostly owing to the presence of major corporations in the area. These countries' earnings are a significant component that will likely drive the global market for phenolic antioxidants in the coming years.
North America also earns a significant revenue share in the phenolic compounds antioxidant market and it is predicted to rise rapidly during the analysis period due to strong demand for antioxidants across the country, the United States accounted for a substantial proportion of the antioxidants market in North America. An increase in demand for antioxidants among additives, adhesives, and sealants makers in the United States is a major factor driving the antioxidants market in the United States.
Rising disposable income, fast industrialization, and the booming sales and manufacture of automobiles are some of the reasons expected to propel the phenolic antioxidant market forward.
Owing to benefits such as potential antioxidants, resistance to damage from free-radical oxidation reactions, anti-inflammatory and anti-aging capacity, enhanced skin health, the phenolic compounds are experiencing rapid demand thus fostering remarkable progress in global phenolic compounds market.
phenolic compounds work for precursors of other significant bioactive molecules highly required for therapeutic, cosmetics, and food industries. Thus the demand for phenolic compounds is very high in industries furthering the development of global phenolic compounds antioxidant market.
Phenolic antioxidants are substances that prevent autoxidation by preventing the generation of free radicals or delaying their spread by donating an electron or hydrogen atom. These antioxidants contain a hydroxyl group and an aromatic ring structure. Phenolic antioxidants scavenge free radicals, slowing the rate of oxidation and extending the shelf life of organic compounds.
The phenolic compounds antioxidant market is predicted to grow from USD 1460.54 million in 2020 to about USD 2357.19 million by 2029 at a Compound Annual Growth Rate (CAGR) of 3.9 percent during the forecast period 2019-2029.
The market for phenolic antioxidants is predicted to grow at a rapid pace due to the phenolic antioxidants' superior workability and potency under adverse conditions, such as high pressure and temperature. Furthermore, factors such as the increased use of polymers in the automotive sector help to lower total weight. As a result, demand for phenolic antioxidants will rise in the next years, resulting in a profitable gain in the plastic additives industry.
Furthermore, the increased use of phenolic antioxidants in the production of plastic and rubber compounds is boosting the market for phenolic antioxidants. This is because it has greater characteristics and is less expensive than other composite materials.
However, rigorous government regulations, the negative influence of plastics on the environment, and the growing practise of plastic recycling are projected to stifle the phenolic compounds antioxidant market.
Furthermore, growing healthcare awareness, changing lifestyle and consumer preferences, research & development and technology innovation leading to development of new applications in different industries is anticipated to be a growth opportunity to the global phenolic compounds antioxidant market.
The major players in global phenolic compounds antioxidant market BASF SE, SI Group, SONGWON, Lanxess AG, Dorf Ketal, Adeka Corporation, Addivant, Mitsui Chemicals, SABIC, DOMO CHEMICAL, Hexion, Automatic Control Department, Altivia, Taiwan Prosperity Chemical, Versalis S.p.A., Chang Chun Group, Borealis AG, Axiall, IMEXBB, allnex, Novapex, Solvay, PTT Global Chemical Public Company Limited, KUMHO PETROCHEMICAL, LG Chem, Honeywell, CEPSA, INEOS, and Dow among others.
Latest Innovations in the Phenolic Compounds Antioxidant Market: A Snapshot
- On 25th April 2022 SI Group announced the REZICURETM HYDRO T8-7900, a phenol modified bio-based tackifier for use in water-based polychloroprene adhesives to help speed up film formation and adhesive set up. The substance was able to increase wood bond strength while also improving high-temperature resistance.
Phenolic Compounds Antioxidant Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 2357.19 million.|
|Growth Rate||CAGR of 3.9% during 2021-2028|
|Segment Covered||Source, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and South Africa|
|Key Players Profiled||The top companies that hold the market share in phenolic compounds antioxidant market are BASF SE, SI Group, SONGWON, Lanxess AG, Dorf Ketal, Adeka Corporation, Addivant, Mitsui Chemicals, SABIC, DOMO CHEMICAL, Hexion, Automatic Control Department, Altivia, Taiwan Prosperity Chemical.|
Key Segments of the Phenolic Compounds Antioxidant Market
Source Overview, 2019-2029 (USD Million)
Application Overview, 2019-2029 (USD Million)
- Plastics & Rubber
- Pharmaceuticals & Personal Care Products
- Fuel & Lubricant
Regional Overview, 2019-2029 (USD Million)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa