ID: MRFR/CnM/2635-CR | September 2017 | Region: Global | 123 pages
Market Synopsis of Global Phenolic Antioxidant Market
Phenolic compounds are primary antioxidants, which are mainly free radical scavengers (FRS) that delay or inhibit the initiation step or interrupt the propagation step of lipid oxidation, thus, decreasing the formation of volatile decomposition products (e.g., aldehydes and ketones) that cause rancidity. The Global Phenolic Antioxidant Market is expected to grow at a CAGR of 4% to reach USD 1830.05 million till 2027. This is attributed to the growth of food and plastic & rubber industry. By source, phenolic antioxidant are characterized into natural and synthetic Phenolic Antioxidants. Among them, synthetic Phenolic Antioxidant accounts for the largest market share and it is estimated to grow at a higher CAGR of 4.60% during the forecast period. The synthetic Phenolic Antioxidants includes Butylated hydroxyanisole (BHA), Butylated hydroxytoluene (BHT), tert-Butylhydroquinone (TBHQ), and Ethoxyquin, among others. In coming years, the synthetic Phenolic Antioxidants is poised to retain dominance due to the growing demand as an additive in plastic & rubber, fuel & lubricant industry. Natural Phenolic Antioxidants are holding the least share in the Global Phenolic Antioxidant Market. The natural Phenolic Antioxidant includes flavonoids, anthocyanins, stilbenes, tanins, and phenolic acids. Phenolic Antioxidants are primarily used as preservatives and helps to prevent the oxidation of the product. Depending upon applications, the Global Phenolic Antioxidant Market is segmented into food, plastics & rubber, pharmaceutical, cosmetic, fuel & lubricant, and other industry. Food industry is the leading segment, which is growing at the highest CAGR to reach USD 433.95 million by the end of 2027. This industry is the key consumer of Phenolic Antioxidants, which is accounted for major share of the overall demand for the product. Application of Phenolic Antioxidant in the food industry for prevention of oxidation of food products is the most common among its other applications. Plastic & rubber industry is closely following the leading segment, that is food industry, wherein Phenolic Antioxidant is majorly used as an additive.
Global Phenolic Antioxidant Market Share, by Application, 2019 (%):
The Global Phenolic Antioxidant Market is segmented on the basis of source, application, and region. On the basis of source, market is segmented into natural and synthetic. By application, the market is divided into food, plastics & rubber, pharmaceutical, cosmetic, and fuel & lubricant. Geographically, the global phenolic antioxidant market is segmented into Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
The prominent players in the Global Phenolic Antioxidant Market are DSM (Netherlands), BASF SE (Germany), Oxiris Chemicals S. A. (Spain), Sumitomo Chemical Company (Japan), Chitec Technology Co., Ltd. (Taiwan), Mayzo Inc. (Georgia), Addivant (U.S.) Double Bond Chemical Ind., Co., Ltd. (Taiwan), Kumho Petrochemical Co., Ltd. (South Korea), Emerald Performance Materials LLC (U.S.), and others.
The Global Phenolic Antioxidant Market is projected to reach USD 1830.05 million by 2027 at a CAGR of 4%. Asia Pacific is accounted for the largest share due to high penetration of food & beverages and plastic industries in the region. China is the largest market not only in Asia Pacific but also in the global market. Synthetic Phenolic Antioxidant is holding the largest share of 79% in the market. Food industry is expected to be the dominant end-user for Phenolic Antioxidant Market across all regional segments during forecast period. Pharmaceutical industry is projected to grow at a significant CAGR during the forecast period 2019-2027.
Frequently Asked Questions (FAQ) :
The global phenolic antioxidant market is estimated to create a valuation of USD 1830.05 MN by 2023, registering 5.10% CAGR throughout the assessment period (2016-2023).
Asia Pacific is the largest region in the global phenolic antioxidant market. The region is estimated to retain its leading position throughout the assessment period (2016-2023), holding the largest share.
Rising demand as an additive in plastic & rubber and fuel & lubricant manufacturing industry
The sub segment – Food by applications is the largest segment in the in the global phenolic antioxidant market. The sub segment is projected to reach a valuation of USD 433.95 MN by the end of 2023.
BASF SE (Germany), DSM (Netherlands), Oxiris Chemicals S A (Spain), Chitec Technology Co., Ltd. (Taiwan), Sumitomo Chemical Company (Japan), Mayzo Inc. (US), Double Bond Chemical Ind., Co., Ltd. (Taiwan), Addivant (US), Emerald Performance Materials LLC (US), and Kumho Petrochemical Co., Ltd. (South Korea), are some of the leading players in the global phenolic antioxidant market.