Rockville, Dec. 14, 2022 (GLOBE NEWSWIRE) -- Currently, the oxygen scavengers market stands at a US$ 2.2 billion revenue valuation and is estimated to reach US$ 3.6 billion by the end of 2032.
Changing consumer preferences, increasing urbanization, and growing demand for packaged foods are expected to majorly boost oxygen scavenger sales over the coming years. The growing scope of application of oxygen scavengers in several industry verticals such as pharmaceuticals, chemicals, and oil & gas is also expected to drive market growth across the forecast period. Rising investments in the development of active packaging solutions are expected to create a highly opportune market scenario over the coming years.
Oxygen scavenger suppliers are launching new products to improve their revenue generation capacity and gain a competitive advantage over other market players.
- In September 2020, Avient, a specialized materials manufacturer introduced a new oxygen scavenger at Medtec China 2020. MEVOPUR ProTect oxygen scavenger limits oxygen degradation of nutraceuticals and drugs that are stored in PET bottles.
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Key Takeaways from Market Study
- The global oxygen scavengers market is valued at US$ 2.2 billion in 2022.
- Over the next ten years, demand for oxygen scavengers is predicted to rise at a 5% CAGR.
- By 2032-end, oxygen scavenger sales are slated to accumulate a revenue value of US$ 3.6 billion.
- Increasing investments in the oil & gas industry, rising demand for convenience foods, growing disposable income, increasing population, and changing consumer preferences are prime factors that boost market growth.
- The non-volatile nature of oxygen scavengers and health risks associated with prolonged exposure are expected to inhibit market growth in the coming years.
- Consumption of oxygen scavengers in China is forecasted to increase at a 6.7% CAGR through 2032.
- Sales of metallic oxygen scavengers are estimated to attain a value of US$ 1.8 billion by the end of 2032.
“Increasing investments in the expansion of the manufacturing sector in Asia Pacific are projected to provide lucrative opportunities for oxygen scavenger suppliers going forward,” says a Fact.MR analyst
Key Segments of Oxygen Scavengers Industry Research
- By Type:
- Organic
- Inorganic
- By Material:
- Metallic
- Non-metallic
- By End-use Industry:
- Food & Beverages
- Pharmaceuticals
- Power
- Oil & Gas
- Chemicals
- Pulp & Paper
- Other Industries
- By Region:
- North America
- Latin America
- Europe
- APAC
- MEA
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Winning Strategy
Oxygen scavenger manufacturers are investing in the research and development of novel products and increasing the frequency of product launches to cash in the rising demand from several industry verticals. Market players are also expected to eye collaborations, mergers, and partnerships to improve their market presence.
A comprehensive account of all strategies adopted by major and minor companies has been listed in this latest oxygen scavengers industry survey by Fact.MR, a market research and competitive intelligence provider.
Key Companies Profiled
- BASF SE
- Baker Hughes
- Innospec Inc.
- Arkema Group
- Clariant
- Solvay America Inc.
- Kemira
- Coventya
- Lubchem
- Mitsubishi Gas Chemical Company Inc.
- Solenis
- SUEZ
- Accepta Ltd.
- Sealed Air Corporation
- Ricmar Industries
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global oxygen scavengers market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
The study divulges essential insights on the market on the basis of material (metallic, non-metallic), type (organic, inorganic), and end-use industry (food & beverages, pharmaceuticals, power, oil & gas, chemicals, pulp & paper, other industries), across five major regions (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).
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