Phenolic Antioxidant Market Demand | Analysis by Opportunities, Size, Share, Future Scope, Revenue and Forecast 2027
Market – Overview
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.
Industry
Segments
The international
industry for Phenolic Antioxidant Market Demand 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 Demand 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.
Industry
Updates:
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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