Phenolic Antioxidant Market to grow at CAGR of ~5.20% owing to increasing demand from food industry in the region

“Phenolic Antioxidant Market”
Global Phenolic Antioxidant Market Information: by Source (Natural and Synthetic), by Application (Food, Plastics & Rubber, Pharmaceutical, Cosmetic, Fuel & Lubricant and Other), and by Region (Asia Pacific, Europe, North America, Latin America, and Middle East &Africa,) – Forecast till 2023

Based on geography, the Phenolic Antioxidant Market is divided into five key regions: Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa. Among the mentioned regions, Asia pacific market has acquired more than one-third of the market share in terms of value and volume, and expected to grow at a CAGR of 5.20% to reach USD 817.90 million by 2023.

Asia Pacific Phenolic Antioxidant Market is consists of China, Japan, India, and other Asia Pacific countries. Comparatively, China dominates the market over other countries in the region. China’s market is projected to grow at the highest CAGR, during the forecast period. Some of the substantial factors attributed to the market growth in China are huge end-use industry penetration in the region along with the presence of considerable number of producers coupled with cheap production cost. India and Japan trail behind the Chinese market in terms of consumption demand for Phenolic Antioxidants. India accounted for the second largest market in terms of value in Asia Pacific region. The demand for Phenolic Antioxidants in India is predominantly based on increasing demand from food, and pharmaceutical industry along with the rubber industry. In terms of production, India is expected to lead the market by surpassing China during forecast period due to the growing population in coming years.

Asia Pacific market is followed by Europe and North America. Europe accounted the second largest share in the global phenolic antioxidant market. In terms of value, the regional market is estimated to reach USD 420.47 million by 2023 growing at a considerable CAGR. Germany accounted for the largest market share in Europe and is expected to grow at the highest CAGR among the other countries in this region, during the forecast period. North America is also an important region in the global phenolic antioxidant market, holding 20% share of the market. The US is the largest market in North America and estimated to be the second largest country in the global phenolic antioxidant market, growing at a CAGR of 5.22% throughout the forecast period. Moreover, Asia Pacific market will witness growth above average throughout the forecast period owing to strong growth in food and pharmaceuticals industry in this region.

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The key players of Phenolic Antioxidant Market Report includes 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. 

Industry/ Innovation/ Related News:

May 2016- Songwon Industrial Co Ltd will be going to spread its phenolic product offering to meet the growing need of industrial lubricants market. The new product will be sold under the brand name SONGNOX. With this product launch the company strengthen its market in lubricant segment. 

April 2016- Oxiris Chemicals has launched a high grade purity BHT to supplement the existing product portfolio. Product representation is in form of flakes along with two grades: BHT Technical Flakes and Ionol® CPF. Apart from it, new Flaker installation has been recently succesfully commissioned. 

September 2016- An Australian scientist has developed a natural method to extract the “holy grail” of antioxidants from apples to provide a potent dietary supplement. With this innovation the demand for Phenolic Antioxidant is expected to fuel in the upcoming years. 

March 2015:- The Spanish Center for Industrial Technological Development (CDTI) permitted the project under the tagline “Research And Development Of A New Route Of Synthesis Of 2,6-Di-Tert-Butil-P-Cresol From Phenol” which is filed by Oxiris Chemicals, SA (IDI-20150198). The project aimed to research and manufacture a new synthesis route for BHT, resulting in a new quality of BHT, and a sustainable process, sinking wastes production and raw material consumption for its production. 

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