Phenolic Antioxidants Market Size

Phenolic Antioxidants Market size was valued at USD 4.23 Billion in 2023 and is set to cross USD 8.8 Billion by 2036, registering more than 5.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of phenolic antioxidants is evaluated at USD 4.46 Billion.. This growth of the market is influenced by the growing production of plastic. Globally, every year about 399 tons of plastics are produced. Hence, with this growth, the adoption of phenolic antioxidants is also projected to grow. This is since, it possesses excellent properties which would prevent the oxidation of plastic. For instance, Bisphenol A (BPA) is a synthetic phenolic antioxidant that is often used to reduce the oxidative degradation of plastic items.

Moreover, the automotive sector also plays a crucial role in boosting the market demand over the coming years since plastics are extensively used in manufacturing automobiles. Initial interior finishing was the principal application for car plastics. However, in recent years, they are also used for exterior automotive elements including doors, fenders, bonnets, and even bumpers that were once reserved for sheet metal and steel. Moreover, the growing trend of light-weight vehicles is boosting the preference for large use of plastics in this sector further driving the market growth.