The global tris nonylphenyl phosphite (TNPP) market is projected to reach USD 309.8 Million by 2021, at a CAGR of 5.6% from 2016 to 2021. The key factors driving the global tris nonylphenyl phosphite market is the rising demand for phosphite antioxidants from the petrochemical and plastic industries.
The major applications of tris nonylphenyl phosphite are stabilizers, petrochemicals and rubber. Tris nonylphenyl phosphite is one of the most preferred phosphite stabilizers due to its inherent properties. The phosphite stabilizer helps in preserving the color and melt flow during polymer processing. In addition to this, phosphite stabilizers offer better hydrolytic stability which prevents chemical decomposition during transportation and shipping. These product attributes make it a widely preferred material in different applications like petrochemicals, food packaging and hygiene products.
The tris nonylphenyl phosphite market in the Asia-Pacific region is anticipated to grow at the highest CAGR from 2016 to 2021. South Korea and China have witnessed stable economic growth, and the growth of the TNPP market is expected to be higher in these two countries. Moreover, the rising demand from the plastics and rubber based industries is driving the demand for TNPP in the Asia-Pacific region.
The future demand for tris nonylphenyl phosphite is expected to be hampered due to certain regulatory challenges, concerned with the use of phenyl based phosphite antioxidants. Some of the phenyl based antioxidants are not preferred for use in the food packaging industry and this has led to concerns for some of the manufacturers who are now investing in the development of new non-toxic products that can be used in the food packaging industry.
Key companies operating in the global tris nonylphenyl phosphite market include Addivant USA, LLC (U.S.), Galata Chemicals Holding GMBH (Germany), Dover Chemical Corporation (U.S), Sterling Auxiliaries Pvt. Ltd. (India), Songwon Industrial Co., Ltd (Korea), Gulf Stabilizers Industries (Saudi Arabia) and the Sandhya Group (India).
These players are engaged in the supply of phosphite antioxidants and have a strong global presence. Companies in North America and Europe are focusing on the addition of capacities and new product developments to meet the growing demand from end-use industries.
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SOURCE Research and Markets