Reports and Data has recently published a novel research report on global Oxygen Scavengers market, forecast to 2027. The report provides detailed insights of market revenue trends, industry trends, market size, market share, market revenue growth drivers, restraints, limitations and top companies. The report emphasizes on current competitive landscape, profiles of key companies in the market, strategies employed such as mergers, acquisitions, contracts, recent developments, agreements, new product development and launches.
The global Oxygen Scavengers Market is forecast to reach USD 2.78 Billion by 2027, according to a new report by Reports and Data. Growing demand for packaged new, nutritious, and premium products is expected to fuel the market development. The properties of oxygen absorption provided by scavengers help to preserve the consistency of different consumables. Demand for oxygen scavengers in the food and beverage industry is increasing since they protect from external micro-organisms, spoilage, loss of color and nutrients, and rancidity of food. Food goods are perishable and need protection from ambient oxygen, such as potatoes, nuts, dairy products, and refined grains. Many food goods like nuts, baking objects, and some drinks often need safety to prolong their shelf life and avoid food wastage. Rising demand from the chemical processing industry is also anticipated to accelerate the market. Increasing R&D operations and numerous government regulations are likely to cause production, boosting consumer demand.
Key participants include SUEZ Water Technologies & Solutions, Mitsubishi Gas Chemical Company Inc., Henkel AG & Co. KGaA, Multisorb Technologies Inc., Clariant International Ltd., Angus Chemical Company, Sealed Air Corporation, Tetra Technologies Inc., BASF SE, and Arkema Group, among others.
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In an effort to remain profitable, owing to the growing applications of oxygen scavengers, a substantial number of producers are oriented towards the demand for producing less harmful scavengers. Metallic oxygen scavengers made up 62.99% of the market in 2019. The market can be due to these scavengers' widespread usage, quick response, increased efficiency, and cost-effectiveness. Where metal detecting presents an issue, non-metallic scavengers are likely to be required. The hunters are used for dietary products that involve iron contact avoidance. Market technological innovations to develop advanced packaging solutions will likely fuel market share over the forecast period. North America is the leading oxygen scavengers market due to growing consumer concerns about food safety and waste.
Extensive research & development carried out in various countries by leading manufacturers to develop packaging techniques to offer protection against outside oxygen. Oxidative loss is one of the troubling challenges many drug makers face in the pharmaceutical industry. The product prevents the permeation of oxygen by packaging and preserves the potency of pharmaceutical products for a more extended period. It also assists in cost optimization during the manufacture and distribution of medications. Increasing R&D activities underpinned by huge financial investments will soon accelerate the pace of the pharmaceutical packaging sector. Such patterns pointed to above are expected to fuel demand development during the forecast era. The market food & beverage sector will increase exponentially as the product is being used for the active packaging of various foods and beverages, which helps to increase their shelf life and preserve nutritional value. However, the low level of consumer acceptance for oxygen scavengers available in sachet form that impede market development.
For the purpose of this report, Reports and Data have segmented into the global Oxygen Scavengers Market on the basis of type, form, application, and region:
Type Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
Form Outlook (Volume, Kilotons; 2017-2027, Revenue, USD Billion; 2017-2027)
- Sachets/Canisters/Bottle Caps & Labels
- OS Films & PET Bottles
Application Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Food & Beverage
- Oil & Gas
- Power Generation
Regional Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- North America
- Asia Pacific
- Latin America
Additionally, the oxygen scavenger used in the treatment of boiler feed water, such as hydrazine hydrate, is dangerous to human health. The Asia Pacific would be a significant area in need of oxygen scavengers. With the presence of a substantial number of end-user sectors, the regional industry shows positive developments in the future. Growing competition from the food & beverage and pharmaceutical packaging industries would likewise fuel business development.
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Further key findings from the report suggest
- Based on the type, non-metallic generated a revenue of USD 709.25 Million in 2019 and believed to grow considerably with a CAGR of 4.5% in the forecast period due to the less hazardous environment and improved usage of scavengers in food packages.
- The liquid form expected to grow with a CAGR of 4.9% in the forecasted period due to the effectively eliminate residual oxygen in boilers, thereby preventing degradation in various sections.
- The food and beverage application is the major contributor to the Oxygen Scavengers Market. The food and beverage sectors of the North America region are the major shareholder of the market and held around 27.3% of the market in the year 2019, owing to the growing usage of oxygen scavengers in food items to prolong their shelf-life and to avoid rancidity and nutrient loss.
- North America dominated the market for Oxygen Scavengers in 2019, due to the growing demand from the pharmaceutical packaging and oil & gas industries coupled with the increasing substance retention procedures. North America region held approximately 33.3% of the market, followed by the Asia Pacific, which contains around 28.6% market in the year 2019.
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