New York, United States , Jan. 31, 2024 (GLOBE NEWSWIRE) -- The Global Oxygen Scavengers Market Size to Grow from USD 3.3 Billion in 2023 to USD 4.7 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 3.60% during the Forecast Period.
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The expansion of the oxygen scavenger market is influenced by a number of factors. The increased demand for packaged food and beverages, combined with a growing awareness of the need of product preservation, is a significant driver. Additionally, industries like pharmaceuticals and healthcare rely on oxygen scavengers to keep their products safe. As emerging nations industrialise and manufacturing activity rises, the market is expected to expand further. With these advancements, the demand for effective oxygen scavenging systems is projected to grow. It is a dynamic workplace with several opportunities for innovation and growth.
Oxygen Scavengers Market Value Chain Analysis
The value chain begins with suppliers who supply raw materials for the manufacture of oxygen scavengers. Other typical additives include iron powder, activated carbon, sodium sulfite, and others. Oxygen scavenger manufacturers obtain basic materials and utilise various chemical techniques to generate scavenger goods. This stage comprises research and development to improve the efficacy and environmental sustainability of the scavengers. Some oxygen scavengers are directly included into packing materials. Manufacturers design packaging materials with oxygen-scavenging characteristics at this stage. Packaging providers provide the oxygen scavenger-embedded components, which are subsequently used to construct packaging solutions. Oxygen scavengers are used in packaging solutions for the food and beverage, pharmaceutical, and other industries. End users incorporate scavengers into products to extend shelf life and maintain product quality.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Oxygen Scavengers Market Size By Type (Metallic & Non-metallic), By End-use (Food & Beverage, Pharmaceutical, Chemicals, Oil & Gas), By Region, And Segment Forecasts, By Geographic Scope And Forecast to 2033."
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Insights by Type
The metallic oxygen absorbers segment accounted for the largest market share over the forecast period 2023 to 2033. Metallic oxygen absorbers, which typically contain iron powder, have been shown to be quite effective at removing oxygen from sealed environments. Their propensity to absorb oxygen quickly aids in the preservation of numerous objects. Metallic oxygen absorbers are utilised in a range of industries, including food and beverages, pharmaceuticals, and electronics. Because of their versatility, they are suitable for a wide range of packaging requirements, contributing to the segment's growth. Metallic oxygen absorbers often have a longer shelf life, providing companies with a dependable and sturdy solution. This feature is essential for ensuring that oxygen scavengers function consistently throughout the product life cycle. The global expansion in packaged products demand, particularly in the food and pharmaceutical sectors, has increased need for effective oxygen scavengers such as metallic absorbers.
Insights by End Use
The food and beverage segment accounted for the largest market share over the forecast period 2023 to 2033. The worldwide trend towards convenience and on-the-go eating has resulted in a significant increase in packaged food demand. This development creates a huge market for oxygen scavengers, which are essential for preserving the freshness and quality of packaged food commodities. Consumer demand for minimally processed and fresh food products is growing as a result of health and wellness trends. Oxygen scavengers aid in the preservation of nutritional and sensory characteristics in such meals. Rapid urbanisation and the expansion of middle-class populations in emerging economies all contribute to increased consumption of packaged food and beverages. This demographic shift raises the demand for oxygen scavengers, which are required to keep these products in good condition.
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Insights by Region
North America is anticipated to dominate the Oxygen Scavengers Market from 2023 to 2033. North America's packaged food demand has steadily increased due to shifting lifestyles and preferences. As a result, powerful oxygen scavengers are essential to keep packed food fresh and of high quality. North America is a hotbed of technological innovation and creativity. Companies in the region invest much in R&D to improve the efficiency and sustainability of oxygen scavenger systems. North America is home to a number of prominent packaging industry players, including those specialising in oxygen scavengers. The presence of these industry leaders adds to the overall growth and competitiveness of the market. With the advent of e-commerce, there is an increased demand for efficient packaging solutions to ensure the safe shipment of goods.
Asia Pacific is witnessing the fastest market growth between 2023 to 2033. The Asia-Pacific region is seeing fast industrialization and economic growth. This has increased the demand for oxygen scavengers, particularly in the food & beverage, pharmaceutical, and electronics industries. With the growth of e-commerce platforms in Asia-Pacific, there is a larger demand for efficient packing solutions. Scavengers of oxygen contribute in the preservation of product quality during travel and storage. Because of the vast geographical scope of the APAC region, good supply chain management is crucial. Oxygen scavengers must be seamlessly integrated into packaging materials to ensure product integrity throughout the supply chain.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major Key players in the Global Oxygen Scavengers Market Size Include Accepta Ltd., Angus Chemical Company, Arkema, Baker Hughes, BASF SE, Clariant Inc., Desiccare, Inc., Eastman Chemical Company, Ecolab Inc., Henkel AG & Co. KGaA, Innospec Inc., Kemira, Multisorb Technologies Inc., Plastichem (PTY) LTD, PolyOne Corporation, Sealed Air Corporation, Solenis, Solvay America Inc., SUEZ Water Technologies & Solutions, Tetra Technologies, Inc., and Others
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Recent Market Developments
- In September 2017, BASF acquired Thermotek, a Mexican manufacturer of waterproofing systems, to expand its Construction Chemicals division.
Market Segmentation
This study forecasts revenue at global, regional, and country levels from 2023 to 2033.
Oxygen Scavengers Market, Type Analysis
- Metallic
- Non-metallic
Oxygen Scavengers Market, End Use Analysis
- Food & Beverage
- Pharmaceutical
- Chemicals
- Oil & Gas
Oxygen Scavengers Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
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