The Phenolic Antioxidant Market is estimated to be valued at USD 1830.05 million by 2023 and expected to grow at a CAGR of 5.10% during the forecast period. Application of Phenolic Antioxidant in food industry accounted for the largest market share. It has been projected to grow at the highest CAGR on account of increasing demand for food preservation and prevention of food products from oxidation. Plastic and rubber industry is the second major consumer of Phenolic Antioxidants. Growth of food industry owing to increasing demand from growing population and expansion of rubber & plastic industry are the major factors driving growth of the global phenolic antioxidants market. In addition to this, pharmaceutical industry is growing on account of rising prevalence of diseases, which is expected to push growth of the market during the forecast period. However, the only bottleneck in a growth trajectory of the global phenolic antioxidants market is the threat of carcinogenic nature of synthetic phenolic based antioxidants. Nevertheless, in coming years, the use of phenolic antioxidant is anticipated grow in the fuel & lubricant industry to help the market overcome existing growth constrains.
Segment Analysis:
Global Phenolic Antioxidant Market has been segmented on the basis of source, application, and region. On the basis of source, the market has been divided into natural and synthetic phenolic antioxidant. Natural Phenolic Antioxidants includes flavonoids, anthocyanins, stilbenes, tanins, and phenolic acids. The natural phenolic antioxidants occur naturally in food and feed ingredients. Their major application can be seen in cosmetic and other personal care products. It holds the least number of share in the Global Phenolic Antioxidants Market. The synthetic Phenolic Antioxidants are holding the major share of overall demand of Phenolic Antioxidants. It has been estimated that the synthetic Phenolic Antioxidant would grow at a CAGR of 4.60%. This is attributed to the easy availability and their major applications in stabilizing oils & fat and lipids. The synthetic phenolic antioxidant includes Butylated hydroxyanisole (BHA), Butylated hydroxytoluene (BHT), tert-Butylhydroquinone (TBHQ), and Ethoxyquin, among others.
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Based on applications, the Global Phenolic Antioxidants Market is segmented into food, plastics & rubber, pharmaceutical, cosmetic, and fuel & lubricant, among others. Among these segments, the consumption of phenolic antioxidant in food industry accounts for the largest market share owing to increasing uses of Phenolic Antioxidant in food preservation and inhibiting oxidation of food products. During the forecast period, the food industry segment is estimated grow at a higher CAGR as to reach USD 433.95 million by the end of 2023. Plastic & rubber industry is the second major consumer of phenolic antioxidants, wherein they are used as an additive to prevent oxidation of natural rubber when it comes in contact with air. Other important applications of phenolic antioxidants can be found in pharmaceuticals & personal care, in which both natural and synthetic Phenolic Antioxidants penetrated equally.
Regional Analysis:
Geographically, the Global Phenolic Antioxidant Market is segmented into Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa. As per MRFR analysis, Asia Pacific dominated the market, accounted for the largest share of the market in 2016, and expected to grow at a CAGR of 5.20%. Asia Pacific market is followed by Europe, which is accounted for the second largest number of shares in the Global Phenolic Antioxidants Market, as of 2016. Europe is estimated to reach USD 420.47 million by the end of 2023. North America is a substantial region in the market, which accounts for 20% share of market as of 2016. Country wise, China is the leading market, in terms of value and volume, followed by the US.
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