Oxygen Scavengers Market

Market Overview:

The global oxygen scavengers market size reached US$ 2.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 3.3 Billion by 2032, exhibiting a growth rate (CAGR) of 3.62% during 2024-2032. The significant growth in the F&B industry, widespread product application in the pharmaceutical and healthcare industries, and the introduction of bio-based oxygen scavengers represent some of the key factors driving the market.

Oxygen scavengers refer to substances that can remove or reduce the oxygen level in a particular environment. They are manufactured using various metallic and non-metallic raw materials, such as iron, zinc, copper, sodium sulfite, ascorbic acid, activated carbon, hydrazine, and polymers. They are widely used in food preservation, water treatment, pharmaceutical packaging, pipelines, storage tanks, electronic components, and medical equipment. Oxygen scavengers aid in increasing product shelf-life, preventing spoilage, improving quality, maintaining efficacy, and preserving the tastes, flavors, and aroma of edible goods. They also exhibit corrosion-inhibiting properties that extend equipment lifespan, prevent failure, improve reliability, and minimize the risks of leakage, explosions, and other accidents. As a result, oxygen scavengers find extensive applications across the food and beverage (F&B), oil and gas, pharmaceutical, electronics, power generation, textile, and chemical industries.

Oxygen Scavengers Market Trends:

The rising product utilization in the F&B industry is one of the primary factors driving the market growth. Oxygen scavengers are widely used in the packaging of fresh fruits, meat, poultry, snacks, sauces, condiments, bakery products, beer, wines, and other beverages, to extend shelf life, minimize the oxidation of oils and fats, reduce wastage, preserve taste, and prevent spoilage, discoloration, and rancidity. In addition to this, the growing demand for convenience food, such as ready-to-eat (RTE) meals and on-the-go (OTG) food products due to changing consumer lifestyles and hectic schedules, is acting as another growth-inducing factor. Furthermore, the widespread product application in the pharmaceutical and healthcare industries to preserve the quality and potency of drugs, tablets, capsules, vaccines, biological samples, diagnostic kits, and medical devices is providing an impetus to the market growth. Additionally, the introduction of bio-based oxygen scavengers that are cost-effective, non-toxic, eco-friendly, and manufactured using various natural and biodegradable materials, such as chitosan, cellulose, and lignin, is positively influencing the market growth. Apart from this, the integration of nanotechnology to develop advanced oxygen scavengers that offer improved efficiency, excellent compatibility, and targeted delivery capabilities is creating a positive outlook for market growth. Moreover, the increasing product adoption in the oil and gas industry to prevent corrosion in pipelines, storage tanks, and refining equipment is facilitating the market growth. Other factors, including the significant growth in the packaging industry, increasing investment in the research and development (R&D) of advanced products, and the rising product adoption in water treatment processes, are anticipated to drive the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global oxygen scavengers market report, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on type and end use.

Type Insights:

• Metallic
• Non-Metallic
   

The report has provided a detailed breakup and analysis of the oxygen scavengers market based on the type. This includes metallic and non-metallic. According to the report, metallic represented the largest segment.

End Use Insights:

• Food and Beverage
• Pharmaceuticals
• Chemicals
• Oil and Gas
• Others
   

A detailed breakup and analysis of the oxygen scavengers market based on the end use has also been provided in the report. This includes food and beverage, pharmaceuticals, chemicals, oil and gas, and others. According to the report, food and beverage accounted for the largest market share.

Regional Insights:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest market for oxygen scavengers. Some of the factors driving the North America oxygen scavengers market included rising demand for convenience food, significant growth in the packaging industry, and various technological advancements.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global oxygen scavengers market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Accepta Ltd, Arkema Group, Baker Hughes Company, BASF SE, Chemfax Products Ltd., Clariant AG, Eastman Chemical Company, Ecolab Inc., Esseco Ltd, Mitsubishi Gas Chemical Company Inc., Solvay, Suez SA (Veolia Environnement S.A), Thermax Ltd., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Oxygen Scavengers Market Report Scope:

Key Questions Answered in This Report:

• How has the global oxygen scavengers market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global oxygen scavengers market?
• What is the impact of each driver, restraint, and opportunity on the global oxygen scavengers market?
• What are the key regional markets?
• Which countries represent the most attractive oxygen scavengers market?
• What is the breakup of the market based on the type?
• Which is the most attractive type in the oxygen scavengers market?
• What is the breakup of the market based on the end use?
• Which is the most attractive end use in the oxygen scavengers market?
• What is the competitive structure of the global oxygen scavengers market?
• Who are the key players/companies in the global oxygen scavengers market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the oxygen scavengers market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global oxygen scavengers market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the oxygen scavengers industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.