Oxygen Scavengers - Global Market Outlook (2020-2028)
According to Stratistics MRC, the Global Oxygen Scavengers Market is accounted for $2.38 billion in 2020 and is expected to reach $4.15 billion by 2028 growing at a CAGR of 7.2% during the forecast period. Factors such as increasing demand for fresh and quality packaged food, increasing disposable income of middle-class in emerging countries, rising demand from the end-use industries such as pharmaceuticals, oil & gas, and chemical industries, and gradual revival of the oil & gas sector are driving the market growth. However, non-volatile nature of oxygen scavengers may hamper the market growth.
Oxygen scavengers are irreversible absorbers for oxygen, which are used to prevent corrosion of metal and alloy equipment caused by dissolved oxygen. Oxygen scavengers help maintain the quality of the product by ensuring its safety and extending its life. Components of oxygen scavengers such as iron powder, ascorbic acid, photosensitive polymers, enzymes, etc. are treated with feed water to absorb oxygen from it. Oxygen scavengers are extensively used in many industries such as food & beverages, pharmaceutical, power generation, oil & gas, chemical, and pulp & paper to improve shelf-life and safety of products.
Based on the type, metallic oxygen scavengers segment is going to have lucrative growth during the forecast period, due to the better efficiency in providing extended shelf life to products. Metallic oxygen scavengers are mainly used in the packaging application to prevent spoilage, mold growth, color change, rancidity, loss of nutritive values, and loss of overall product quality. Furthermore, metallic oxygen scavengers are easy to handle and provide a fast reaction, as compared to non-metallic oxygen scavengers such as ascorbic acids and glucose oxidase. Sulfites, a type of metallic scavengers, are majorly used in the water treatment application, as they are comparatively less expensive than non-metallic oxygen scavengers.
By geography, the Asia Pacific region is expected to have considerable market growth during the forecast period, owing to increasing demand for packaged food, growing urbanization in the region, and rising standard of living. In addition, government initiatives and policies to attract investments from various international companies will boost the growth of various end-use industries of oxygen scavengers and support the growth of the market in the region. Moreover, China, Japan, India, and South Korea are some of the key countries in the region contributing to the growth of the oxygen scavengers market in Asia Pacific.
Some of the key players profiled in the Oxygen Scavengers Market include DOW Chemical Company, Mitsubishi Gas Chemical Company, Ecolab Inc, Kemira OYJ, BASF SE, Clariant AG, Arkema Group, Solenis LLC, Aditya Birla Chemicals, Henkel AG & Co. KGaA, Tetra Technologies, Inc., Sealed Air Corporation, Baker Hughes Incorporated, Veolia Water Technologies, Eastman Chemical Company, Lonza AG, GE Water & Process Technologies, and Thermax Ltd.
• Non-Metallic Oxygen Scavengers
• Metallic Oxygen Scavengers
• Methyl Cyanoacrylate
• Ethyl Cyanoacrylate
• Oxygen Scavenging (OS) Films & Polyethylene Terephthalate (PET) Bottles
• Sachets/Canisters/Bottle Caps & Labels
• Food Products
• Boiler Feed Water
• Processed Food
• Rigid Packaging
• Flexible Packaging
End Users Covered:
• Oil & Gas
• Pulp & Paper
• Food & Beverage
• Power Generation
• Other End Users
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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