The global oxygen scavenger market size is projected to reach USD 2.9 billion by 2026 from USD 2.2 billion in 2021, at a CAGR of 5.5% during the forecast period. The increasing demand for oxygen scavenger from the packaged and convenient food sector is driving the market. In addition, increasing demand from end-use industries such as food & beverage, power, oil & gas, chemical, and pulp & paper as well as decreasing food wastage due to unhygenic and improper packaging are also driving the oxygen scavenger market.
Growth in the demand for water from industrial boilers and feedwater systems used in various industries and growth in urbanization in the emerging economies, such as APAC, Middle East & Africa, and South America, are also driving the market.
APAC is the fastest-growing market for oxygen scavengers. This is mainly credited to emerging economies, such as India, China, Indonesia, Malaysia, Singapore, Vietnam, and Thailand, in the region, where consumption for packaged and convenient food products are growing annually. Additionally, increase in population and growing urbanization rate are also driving the market for quality processed food products and boosting oxygen scavenger consumption. In addition, progress in industrialization, increasing demand due to changing demographics, such as improving living standards, rising disposable incomes, and government initiatives to attract business investments in industries such as power, oil & gas, and chemical are also driving the market for oxygen scavengers in the region.
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The key players in the oxygen scavenger market include Mitsubishi Gas Chemical Company, Inc. (Japan), BASF SE (Germany), Clariant AG (Switzerland), Ecolab Inc. (US), SUEZ Water Technologies & Solutions (US), Accepta (UK), and Arkema Group (France). The oxygen scavenger market report analyzes the key growth strategies, such as new product launches, and mergers & acquisitions adopted by the leading market players between 2019 and 2021.
Mitsubishi Gas Chemical Company, Inc. is one of the largest producers of oxygen scavengers globally. It caters to the needs of various industries such as automobiles, electronics, life sciences, environment, and pharmaceuticals. The company has its manufacturing facilities in Japan, America, Singapore, Thailand, and Europe and has three R&D facilities in Japan. Mitsubishi Gas Chemical Company, Inc. has a strong emphasis on R&D. The company is well focused on research and development and has three R&D centers in Japan. The R&D efforts create high-end solutions critical to the functionality of water purification systems, boilers, and other equipment. The company intends to cater to the needs of customers by increasing customization to enhance its product portfolio. The company has focused on marketing and sales of its existing product portfolio, used by the pharmaceuticals, clothing, medical devices industries. The company plans to increase its geographical foothold by increasing product sales in untapped markets in the oxygen scavenger market.
BASF SE is a leading player in the chemical industry. BASF SE has manufacturing facilities in Geismar, Freeport, Ludwigshafen, Antwerp, Kuantan, and Nanjing. BASF SE has a strong foothold in Europe and offers a comprehensive product portfolio through the PuriStar series for industrial usage. The company is enhancing its R&D capability to increase growth in its oxygen scavenger business. The company is also focusing on less captured regions such as APAC and North America. BASF SE has focused on launching new products to capture the global oxygen scavenger market. The company emphasizes R&D and has invested significant amounts in R&D activities. The company is currently focusing on improving its growth by continually evolving its business portfolio and offering high value to the market.
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