Global Oxygen Scavenger market outlook 2024, Forecast To 2033
7 Feb, 2024
The oxygen scavenger market has demonstrated robust growth, increasing from $2.42 billion in 2023 to $2.62 billion in 2024, with a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period is attributed to applications in food preservation, pharmaceuticals, beverages, chemicals, and compliance with environmental regulations. Expecting continued strong growth in the next few years, the market is projected to reach $3.6 billion in 2028, reflecting a CAGR of 8.3%. The anticipated growth is driven by factors such as increased adoption in aerospace and defense, expansion of e-commerce, oil and gas exploration, industrial automation, the electronics industry, and medical devices and diagnostics. Major trends in the forecast period include a focus on sustainability and green packaging, water treatment applications, increased adoption in industrial automation, advancements in packaging materials, and the prevention of corrosion.
Global Oxygen Scavenger Market Key Driver
The oxygen scavengers market is poised for growth due to increased demand from the food and beverage industry. The entire food production chain, from processing to packaging, benefits from oxygen scavengers that extend shelf life by reducing dissolved oxygen. Statistics Sweden reported a 2.9% growth in food and beverage sales revenue, reaching $29.85 billion (SEK 334 billion) in September 2022. This growth, attributed to higher sales volume and prices, underscores the positive impact on the oxygen scavengers market. The heightened demand from the food and beverage sector is a driving force behind the market's expansion, indicating sustained growth in the coming years.
Get A Free Sample Of The Global Oxygen Scavenger Market ReportGlobal Oxygen Scavenger Market Segments
The global oxygen scavenger market covered in this report is segmented –
1) By Type: Metallic, Non-Metallic
2) By Composition: Organic, Inorganic
3) By Form: Sachets, Canisters, Bottle Caps And Labels, OS Films And Pet Bottles, Liquid, Powder
4) By End-User Industry: Food And Beverage, Pharmaceutical, Power, Oil And gas, Chemical, Pulp And Paper
By Geography: The regions covered in the Oxygen Scavenger market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North Americawas the largest region in the oxygen scavenger market in 2023. Asia-Pacificis expected to be the fastest-growing region in the forecast period. The regions covered in the oxygen scavenger market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Major Oxygen Scavenger Industry Players
Mitsubishi Gas Chemical Company Inc., BASF SE, Clariant AG, Ecolab Inc., Accepta Ltd., Arkema Group, Eastman Chemical Company, Henkel AG & Co. KGaA, Aditya Birla Chemicals, Esseco Ltd., Kuraray Co. Ltd., DOW Chemical Company, Conventya Inc., Chemco Industries Inc., Kemira Oyj, Hydrite Chemical Co., Kurita Water Industries Ltd., Baker Hughes, Innospec Inc., GE Water & Process Technologies, Veolia Water Technologies, Nalco Water, ChemTreat Inc., Italmatch Chemicals S.p.A., BWA Water Additives US LLC, Carus Corporation, SNF Group, Buckman Laboratories International Inc., Solvay SA, Lubrizol Corporation, Huntsman Corporation, AkzoNobel N.V., Evonik Industries AG, Calgon Carbon Corporation, Sumitomo Chemical Co. Ltd., Tosoh Corporation, Weifang Yaxing Chemical Co.Ltd., Chemworld Overseas Private Limited
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Oxygen Scavenger Market Overview
Oxygen scavengers, also known as oxygen absorbers, are a chemical substance used as a corrosion inhibitor in packaging, production separation, seawater injection systems, and oil and gas production facilities to reduce or completely remove oxygen from fluids and enclosed spaces. This prevents oxygen-induced corrosion.
Oxygen Scavenger Global Market Report 2023 provides data on the global oxygen scavenger market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The oxygen scavenger market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.