Synthetic antioxidants are chemically synthesized petroleum-based food additives, which prevent rancidity of food due to auto-oxidation of lipid, which in turn increases the shelf-life of the food products. Synthetic antioxidants also find applications in pharmaceutical, cosmetics, plastic, and polymer industry. Limited and legislated use of synthetic antioxidants not only maintain texture but also increase shelf-life of processed food products.
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A major driver promoting growth of the global synthetic antioxidants market is growing oncology therapeutic industry. Synthetic antioxidants have anti-carcinogenic and anti-mutagenic properties, which are used in treatment of disease such as cancer, diabetes, and heart diseases. Rising oncology therapeutic market is expected to propel demand for synthetic antioxidants. According to Community Oncology Alliance (COA), global oncology therapeutic medicine market is expected to reach US$ 200 billion by 2022.
Major restraint to growth of synthetic antioxidants market is growing awareness among people regarding natural antioxidants like polyphenols, flavonoids etc. especially in developed economies. Japan and some European economies banned application of few synthetic antioxidants such as BHA & BHT, as they adversely affect human health like cardiovascular disease, arthritis, ED etc.
According to Coherent Market Insights analysis, North America has been the major consumer of synthetic antioxidants due to higher consumption of processed food in 2017. However, due to rising population and increasing disposable income, Asia Pacific region is expected to dominate the market in consumption of synthetic antioxidant attributed to rise in consumption of processed food. China and India are major growth engines in this region. According to India Brand Equity Foundation (IBEF), India’s contribution in global food consumption will be doubled by 2020, as compared to 2017, with the share of 5.8%.
Synthetic antioxidants are witnessing high demand, as it is used as an additive in rubber and polymers, especially in the Asia Pacific region, where rubber industry is growing at fastest rate. Automobile industry contributes around 70% in the total rubber consumption. According to Automotive Mission Plan 2026, Indian automotive industry is expected to reach US$ 300 billion from US$ 74 billion in 2016, which will definitely increase the rubber consumption and thereby, synthetic antioxidants.
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Key Players in the Global Synthetic antioxidants Market
Key players in the synthetic antioxidants market include BASF S.E., Kemin Industries, Cargill Inc., Naturex S.A., Dow Chemicals, Clariant, Songwon, Lubrizol, Akrochem, Eastman, Baker Hughes, Addivant, Evonik, Double Bond Chemical, Akzonobel, Chemtura, Kalsek Inc., Barentz International BV, DuPont, Yasho Industries Ltd., Krishna Antioxidants Pvt. Ltd., Frutarom, and Camlin Fine Sciences Ltd.
Many players in synthetic antioxidants market are undergoing merger and acquisitions as a part of their strategic planning. For instance, in July 2017, Camelin Fine Sciences acquired 51% stake of a Chinese vanillin manufacturer, Wanglong Tech Company along with its CFS Europe Spa, Italy.
On the basis of Product type, the global synthetic antioxidants market is segmented into:
Propyl Galate (E-310)
On the basis of end-use industry, the global synthetic antioxidants market is segmented into:
Food preservative industry
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