Business
Newly released data on the market reveals that revenue from global consumption is expected to reach US$ 3.69 Bn in 2024, registering a Y-o-Y growth of 4.2%. Worldwide demand for antioxidants is projected to register a CAGR of 4.5% during the forecast period of 2024 to 2032.
According to Persistence Market Research, global antioxidant consumption is expected to reach US$ 5.7 Bn by the end of 2032. East Asia and North America are expected to remain key regional markets in the antioxidants business, expanding at CAGRs of 5.1% and 4.3%, respectively, over the same period.
Antioxidants are compounds utilized for the decrease in the oxidation process in a substrate to increase product life. These compounds adsorb and neutralize free radicals and decompose oxygen or peroxides.
The market has witnessed considerable growth due to increased demand from various end-use industries such as plastics, polyolefin production, hot melt adhesives, synthetic rubber, fuel & lubricants, styrene elastomers, and many others. The COVID-19 pandemic impacted the global economy and industrial performance; lockdowns and restrictions affected the value chain, manufacturing, and demand, which resulted in the flattened curve of economies