The market for tris nonylphenyl phosphite is expected to grow at a CAGR of 3% globally during the forecast period. Growing demand from the plastics industry along with increasing demand from the rubber industry are driving the market growth. On the flip side, stringent environmental regulations coupled with unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.
– The tris nonylphenyl phosphite market is expected to grow during the forecast period owing to the growing demand from the plastics industry.
– Asia-Pacific region to dominate the market across the globe with the largest consumption from countries such as India and China.
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Key Market Trends
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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