Oxygen Scavengers Market to Grow Rapidly Owing to High Demand for Excellent Quality Packaged Food and Rising Awareness Regarding Reduction of Food Wastage Till 2025 | Million Insights
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.
FELTON, California, Aug. 13, 2019 /PRNewswire/ -- 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. 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.
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.
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.
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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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Market Segment:
- Type Outlook (Revenue, USD Million; 2014 - 2025)
- Metallic
- Non-metallic
- End-use Outlook (Revenue, USD Million; 2014 - 2025)
- Food & Beverage
- Pharmaceuticals
- Chemicals
- Oil & Gas
- Others
- Regional Outlook (Revenue, USD Million; 2014 - 2025)
- North America
- U.S.
- Rest of North America
- Europe
- Germany
- France
- UK
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia Pacific
- South & Central America
- The Middle East and Africa
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