May 24, 2024
Global Oxygen Scavenger Market

Global Oxygen Scavenger Market Is Estimated To Witness High Growth Owing To Rising Demand Across Various End-Use Industries

Oxygen scavengers are chemical compounds that help remove dissolved oxygen from liquid mediums such as hydrocarbon-based fluids, adhesives, paints, coatings, and other applications. They are used to prevent oxidation and corrosion of substrates, equipment, and packaging materials by removing free dissolved oxygen. This helps increase the shelf-life and quality of various products. The growing industries such as chemical processing, oil & gas, food & beverage, and pharmaceutical are driving the demand for oxygen scavengers.

The Global Oxygen Scavenger Market Size Is Estimated To Be Valued At US$ 2.4 Bn In 2024 And Is Expected To Exhibit A CAGR Of 5.4% Over The Forecast Period 2024-2031.

Key Takeaways

Key players operating in the global oxygen scavenger market are Basf Se, Mitsubishi Gas Chemical Company, Inc., Ecolab Inc., Clariant Ltd., Kemira Oyj, Arkema Group, Baker Hughes Company, Sealed Air Corporation, Solenis Llc, Polyone Corporation, Avient, Cortec Corporation. These key players are focusing on new product developments and expansion strategies to gain a competitive advantage in the market.

The growing end-use industries offer significant growth opportunities for oxygen scavengers manufacturers. Rapid industrialization and increasing demand for packed foods and beverages are expected to drive the market. Moreover, growing oil & gas exploration activities are further expected to boost the consumption of oxygen scavengers.

The Asia Pacific region dominates the global market and is estimated to witness the fastest growth during the forecast period. This is attributed to the rising economy, growing food processing industry, and increasing industrialization in countries such as China, India, Japan, and South Korea. Extensive R&D investments by key players for development of innovative products are further expected to support the market growth.

Market Drivers

Rising demand from the packaging industry is one of the key drivers for the oxygen scavenger market growth. They are increasingly being used in the packaging of food & beverages, pharmaceuticals, and other products to increase shelf-life without refrigeration. Oxygen scavengers help protect the quality, aroma, taste and nutritional value of packaged products during transportation and storage. Their ability to efficiently remove oxygen prevents oxidation reactions and protects packaged contents.

Pest Analysis

Political: The oxygen scavenger market is influenced by government regulations regarding material usage in various industries like food & beverage, pharmaceuticals, and chemicals. Various regulations like REACH in Europe impact material selection and approvals.

Economic: The global economic conditions impact industrial production and trade, thereby influencing market demand. Regional economic growth rates impact sales across regions. Recycling policies also impact material choices.

Social: Growing awareness about product quality and safety is driving demand for materials that increase shelf-life without compromising safety. Customers prefer solutions that improve sustainability with reduced wastage.

Technological: Advancements in polymer chemistry help develop innovative oxygen scavenging formulations with tailored properties. Integration of sensing technologies aid in real-time oxygen monitoring. Smart packaging using indicators is a growing trend.

Geographical Regions Of Concentration

The Asia Pacific region holds the largest share of the global oxygen scavenger market in terms of value. This can be attributed to the huge manufacturing capacities and growing food processing industries in China and India. Rapid industrialization coupled with rising incomes is boosting product demand across end-use segments. North America and Europe are also major markets driven by strong consumer preference for high-quality packaged goods with enhanced shelf-life.

Fastest Growing Region

The Asia Pacific region is projected to be the fastest growing market during the forecast period. Rapid expansion of industries like food & beverage and pharmaceuticals is creating robust demand for oxygen scavengers to prevent deterioration. Rising exports of packaged foods from countries like India and China indicate strong growth potential. Additionally, improvements in living standards are raising health and quality expectations, thereby driving adoption of advanced packaging technologies using oxygen scavengers.

What are the key data covered in this Global Oxygen Scavenger Market report?

:- Market CAGR throughout the predicted period

:- Comprehensive information on the aspects that will drive the Global Oxygen Scavenger Market’s growth between 2024 and 2031.

:- Accurate calculation of the size of the Global Oxygen Scavenger  Market and its contribution to the market, with emphasis on the parent market

:- Realistic forecasts of future trends and changes in consumer behavior

:- Global Oxygen Scavenger  Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa

:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors

:- Detailed examination of the factors that will impede the expansion of Global Oxygen Scavenger  Market vendors

FAQ’s

Q.1 What are the main factors influencing the Global Oxygen Scavenger market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Global Oxygen Scavenger Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Global Oxygen Scavenger market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?

*Note:

  1. Source: CoherentMI, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it