Market Research Report
Oxygen Scavenger Market by Type (Inorganic oxygen scavengers, Organic oxygen scavengers), by End-use Industry (Food &Beverage, Pharmaceutical, Power, Oil &Gas, Chemical, Pulp & paper), and Region - Global Forecast to 2026
|Oxygen Scavenger Market by Type (Inorganic oxygen scavengers, Organic oxygen scavengers), by End-use Industry (Food &Beverage, Pharmaceutical, Power, Oil &Gas, Chemical, Pulp & paper), and Region - Global Forecast to 2026|
Published: September 7, 2021
Content info: 215 Pages
Delivery time: 1-2 business days
The global oxygen scavenger market size is projected to reach USD 2.9 billion by 2026 from USD 2.2 billion in 2021, at a CAGR of 5.5% during the forecast period. The growing need for oxygen scavenger from the processed food sector is driving the market. In addition, increasing awareness around reducing food wastage due to unhygenic and improper packaging are also driving the oxygen scavenger market. The increase in demand for water from industrial processes employed in various industries such as food & beverage, power, oil & gas, chemical, and pulp & paper and growth in urbanization in the emerging economies, such as APAC, Middle East & Africa, and South America, are also driving the market.
Inorganic oxygen scavenger accounted for the largest share amongst other types in the oxygen scavenger market
Inorganic oxygen scavengers are extensively used in food & beverage and water treatment applications. The inorganic oxygen scavengers segment is the largest, which is projected to continue till 2026. The key growth driver of the high consumption of these oxygen scavengers is their use by the food & beverage industry in packaging applications to achieve better quality and longer shelf life. Inorganic oxygen scavengers are also used in water handling equipments such as boiler water systems, and feedwater systems for reducing dissolved oxygen for safeguarding equipments from corrosion which drive their use in industries such as power, oil & gas, chemical, and others.
Food & beverage accounted for the largest market share amongst other end-use industry in the oxygen scavenger market
Food & beverage is the largest end-use industry of the oxygen scavengers market owing to the enhanced requirement for better quality packaged food items, growth in demand for convenient foods, reduction in food wastage, and rising urbanization in the emerging economies. These chemicals keep the processed foods fresh for a longer time and increase the shelf life of the products. Additionally, the rise in income levels and the growth of the middle-class population are also driving demand for oxygen scavengers in the food & beverage industry.
APAC is projected to grow the fastest in the oxygen scavenger market during the forecast period.
APAC is the fastest-growing market for oxygen scavengers. This growth is mainly owing to economic advancement of emerging economies, such as India, China, Indonesia, Malaysia, Singapore, Vietnam, and Thailand, in the region, where consumption for packaged and convenient food products are growing annually. Furthermore, increase in population and growing urbanization rate are also driving the market for quality processed food products and boosting oxygen scavenger consumption. In addition, growth in industrialization, increasing demand due to changing demographics, such as improving living standards, rising disposable incomes, and government initiatives to attract business investments in industries such as power, oil & gas, and chemical are also driving the market for oxygen scavengers in the region.
Extensive primary interviews were conducted in the process of determining and verifying sizes of several segments and subsegments of the oxygen scavenger market gathered through secondary research.
The breakdown of primary interviews has been given below.
The key players in this market are Mitsubishi Gas Chemical Company, Inc. (Japan), BASF SE (Germany), Clariant AG (Switzerland), Ecolab Inc. (US), SUEZ Water Technologies & Solutions (US), Accepta (UK), and Arkema Group (France). These players have established a strong foothold in the market by adopting strategies, such as new product launches, and mergers & acquisitions.
This report covers the oxygen scavenger market and forecasts its market size until 2026. The market has been segmented based on type, end-use industry, and region. The report also provides detailed information on company profiles and competitive strategies adopted by the key players to strengthen their positions in the market. The report also provides insights into the driving and restraining factors in the oxygen scavenger market, along with opportunities and challenges across these industries. It also includes profiles for top manufacturers in the market.
Reasons to Buy the Report
1. This report segments the oxygen scavenger market and provides the closest approximations of overall market size for its segments across different verticals and regions.
2. This report is expected to help stakeholders understand the pulse of the market and provide information on key drivers, restraints, challenges, and opportunities influencing the growth of the market.
3. This report is expected to help stakeholders obtain an in-depth understanding of the competitive landscape of the market and gain insights to improve the position of their businesses. The competitive landscape section includes detailed information on strategies, such as new product launches, and mergers & acquisitions.