17th September 2019 – The Oxygen Scavengers Market is estimated to grow at a significant
CAGR of 4.9% over the forecast period as the scope and its applications are
rising enormously across the globe.
Global Oxygen
Scavengers Market is expected to reach USD 2.67 billion by 2025. Oxygen
Scavengers are also termed, as oxygen absorbers are the agents that decreases
the concentration of oxygen by constraining several oxidative reactions that
could depreciate the quality of food. It increases the service life or shelf
life of the components under protection. It is exclusively used as a corrosion
inhibitor in seawater injection systems, oil & gas production
installations, and packaging.
High demand for excellent quality
packaged food, increasing awareness among populace regarding reduction of food
wastage, and high demand for enhanced packaging among customers are documented
as major factors of Oxygen Scavengers Market that are estimated to enhance the
growth in the years to come. However, its hazardous effect on health caused due
to iron oxides and hydrazine may restrain overall market growth in the coming
years. Oxygen Scavengers industry is segmented based on type, end users, and
region.
Non-metallic oxygen scavengers and
Metallic oxygen scavengers are the key types of Oxygen Scavengers that could be
explored in the forecast period. The metallic sector accounted for the largest
market share and is estimated to lead the overall market in the coming years.
This may be because of high demand from packaging industry as it helps to
prevent spoilage, color change, rancidity, mold growth, and loss of nutritive
value of products.
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The market may be categorized based on
end users like pulp & paper, food & beverage, chemical, pharmaceutical,
oil & gas, power, and others that could be explored in the forecast period.
The food & beverage sector accounted for the largest market share and is
estimated to remain dominant in the coming years. This may be because of high
demand for oxygen scavengers in this industry, as it helps to increase shelf
life of products.
Globally, North America accounted for
the largest market share of Oxygen Scavengers and is estimated to lead the
overall market in the coming years. The reason behind the overall market growth
could be presence of large customer base of pharmaceutical and packaged food
products, changing lifestyle, high disposable income, and enhanced industrial
infrastructure. The United States is a major consumer of Oxygen Scavengers in
the region.
Instead, Europe and the Asia Pacific are
also estimated to have a positive influence on the future growth. Europe is the
second largest region with significant market share. However, Asia Pacific is
estimated to grow at fastest pace with the highest CAGR in the foremost period.
The aspects that may be ascribed to the growth comprise growing standard of
living in developing countries and government creativity and strategy to
attract investment from several international industries. The developing
countries like India and China are the major consumers of Oxygen Scavengers in
the region.
The key players of Oxygen Scavengers
Market are Kemira OYJ, Mitsubishi Gas Chemical Company, Clariant Ltd., BASF SE,
and Ecolab Inc. These players are concentrating on inorganic growth to sustain
themselves amongst fierce competition. As companies all over the world have to
believe that alliance with a market would permit them proportional market
existence and authority to declare the leadership position.
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