Market Trends of Tris Nonylphenyl Phosphite Industry
This section covers the major market trends shaping the Tris Nonylphenyl Phosphite Market according to our research experts:
Growing Demand from the Plastics Industry
- During plastics manufacturing, oxidation leads to discoloration and general disorientation. This can either be caused by oxidation and free radical generation. Free radicals are generated due to heat, mechanical stress, and radiation. Antioxidants react with free radicals and prevent degradation of plastics. Whereas stabilizers, improve stability to heat and prevent a chain reaction of decomposition. The growing plastics industry is expected to drive the market.
- Moreover, Europe is home for the second largest packaging industry after China and accounts for a global share of about 20% in 2018. The European packaging industry was valued at EUR 195 billion in 2018 and is expected to grow during the forecast period owing to the increasing use of food packaging and the e-commerce industry.
- The growing demand for plastics from various industries such as automotive, packaging, electronics, etc., are expected to drive the market for tris nonylphenyl phosphite during the forecast period.
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Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to dominate the market for tris nonylphenyl phosphite during the forecast period due to the increasing demand from countries like India and China.
- The growing plastics industry in countries like India and China are expected to drive the market during the forecast period. In 2019, China produced about 75 million tons of plastic which are about 20% of the total world's plastic production. Plastic is mainly used in the packaging industry for its lightweight and durability. The increasing e-commerce market is expected to drive the demand for plastics which accounts for around 30% of total plastics consumption.
- Moreover, India's packaging industry is the fifth-largest in the world and is growing at about 22-25% per year as per the Plastics Industry Association of India. Costs of packaging and processes food can be lower compared to other countries because of highly skilled labor and cheap labor costs. The growing population and increasing demand for packaging are expected to drive the market for plastics during the forecast period.
- The aforementioned factors, coupled with government support, are contributing to the increasing demand for tris nonylphenyl phosphite in the Asia-Pacific region during the forecast period.
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