Oxygen Scavenger Markets: Inorganic Oxygen Scavengers, Organic Oxygen Scavengers - Global Forecast to 2026 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Dec 20, 2021--
The “Global 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 - Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.
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 unhygienic 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.
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.
- Growing Demand for Oxygen Scavengers in Emerging Economies to Drive Market
- Inorganic Oxygen Scavenger to be Larger Segment
- Food & Beverage to be Largest End-Use Industry
- India to Record Highest CAGR During Forecast Period
- Food & Beverage Segment and China Accounted for Largest Shares
- Increasing Demand for Fresh and Quality Packaged Food
- Increasing Demand for Process Water from End-Use Industries
- Growing Consumer Concern Over Food Wastage Reduction and Demand for Advanced Packaging
- Growing Demand for Packaged Food and Increasing Disposable Incomes in Emerging Economies
- Non-Volatile Nature of Oxygen Scavengers
- Requirement of Technical Expertise for Handling Certain Oxygen Scavengers
- Aditya Birla Chemicals
- Angus Chemical Company
- Arkema Group
- Basf Se
- Chemco Industries Inc.
- Chemtex Specialty Limited
- Clariant Ag
- Coventya Water Care
- Eastman Chemical Company
- Esseco UK
- Guardian Chemicals Inc.
- Hydrite Chemicals
- Mitsubishi Gas Chemical Company, Inc.
- Saes Getters
- Schlumberger Limited
- Suez Water Technologies & Solutions
- Thermax Ltd.
- Water Treatment Products Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/jc2o2x
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INDUSTRY KEYWORD: CHEMICALS/PLASTICS MANUFACTURING
SOURCE: Research and Markets
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PUB: 12/20/2021 09:40 AM/DISC: 12/20/2021 09:41 AM