Rising Demand from the Food and Beverage Industry: A Key Driver Transforming the Oxygen Scavenger Market 2024
Oxygen Scavenger Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The oxygen scavenger market is forecasted to grow, increasing from $2.42 billion in 2023 to $2.62 billion in 2024, at a CAGR of 8.2%. The market growth is driven by the need for food preservation, applications in the pharmaceutical, beverage, and chemical industries, and increasing environmental regulations.
How Much Will the Global Oxygen Scavenger Market Grow, and What Is the Predicted Annual Growth Rate?
The market is expected to see strong growth, reaching $3.6 billion by 2028 at a CAGR of 8.3%. The growth is driven by demand in aerospace, defense, e-commerce, oil and gas exploration, industrial automation, and medical devices. Key trends include sustainability in packaging, water treatment, advanced packaging materials, and corrosion prevention.
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What Are The Top Drivers Contributing To The Growth Of The Oxygen Scavenger Market?
The rising demand from the food and beverage industry is expected to propel the growth of the oxygen scavengers market. These scavengers help preserve food quality by reducing oxygen levels. A report by Statistics Sweden shows that food and beverage sales grew by 2.9% in 2022, indicating increased demand and contributing to the growth of the market.
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Which Companies Are Leading Growth in the Oxygen Scavenger Market?3
Major companies operating in the market include 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
What Are the Key Trends Defining the Oxygen Scavenger Market Size?
Companies in the market are creating innovative products, such as non-nylon oxygen scavenger additives, to increase sales and meet customer demands. These additives help reduce oxygen in sealed environments. For instance, in May 2021, Avient Corporation, a US-based plastics manufacturer, introduced ColorMatrix Amosorb 4020R, a nylon-free oxygen scavenger additive. This additive supports up to 100% recycled PET (rPET) content, improving plastic packaging recyclability and visual quality. It also helps reduce haze and yellowing, making it an attractive choice for brands focused on sustainability.
Global Oxygen Scavenger Market Segmentation
The 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
Geographical Highlights: North America Leading Oxygen Scavenger Market
North America was the largest region in the market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Oxygen Scavenger Market Overview: Definition and Scope
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.
The Oxygen Scavenger Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Oxygen Scavenger Market Report: Trends, Opportunities, Strategies, and More
The Oxygen Scavenger Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into oxygen scavenger market size, oxygen scavenger market drivers and trends, oxygen scavenger market major players, oxygen scavenger competitors' revenues, oxygen scavenger market positioning, and oxygen scavenger market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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