Oxygen Scavenger Market worth $2.9 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Sept. 7, 2021 /PRNewswire/ -- According to the new 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", published by MarketsandMarkets™, 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 demand for oxygen scavenger from the processed food sector is driving the market. Also, increasing awareness around reducing food wastage due to unhygenic and improper packaging are also driving the oxygen scavenger market. The increase in demand for industrial process water from 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.
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Based on type, inorganic oxygen scavengers is estimated to be the largest market in the overall oxygen scavenger market in 2021
Inorganic oxygen scavengers are widely used in food & beverage industry. 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
Based on end-use industry, food & beverage is expected to be the largest oxygen scavenger segment in 2021
Food & beverage is the largest end-use industry of the oxygen scavengers market owing to the increased demand for better quality packaged food items, growth in demand for convenient foods, reduction in food wastage, and increasing urbanization in the emerging economies. These chemicals keep the processed foods fresh for a longer time and increase the shelf life of the products. In addition, 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.
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Based on region, 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 is mainly credited to 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. Additionally, increase in population and growing urbanization rate are also driving the market for quality processed food products and boosting oxygen scavenger consumption. In addition, progress 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
The key players in the oxygen scavenger market include 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).
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