Oxygen Scavengers Market Size, Share, Growth Analysis, By Type(Metallic oxygen scavengers, non-metallic oxygen scavengers, and enzymatic oxygen scavengers), By Application(Food and beverage, pharmaceuticals, oil and gas, and others), By Region - Industry Forecast 2024-2031

Oxygen Scavengers Market size was valued at USD 2.26 billion in 2021 and is poised to grow from USD 2.36 billion in 2022 to USD 3.69 billion by 2030, growing at a CAGR of 6% in the forecast period (2023-2030).

The Oxygen Scavengers Market is highly competitive, with a large number of players operating in the market. The market players are focusing on innovation, product development, and expansion to gain a competitive edge in the market. The key strategies adopted by these companies to stay competitive in the market are mergers and acquisitions, product launches, partnerships, and collaborations. Additionally, companies are also investing in R&D to develop new and innovative oxygen scavengers that can offer better performance, cost-effectiveness, and sustainability. The market is also witnessing increased competition from regional players, who are offering lower-priced products and targeting niche applications in the market. Overall, the market is expected to remain highly competitive in the coming years, with a focus on innovation and sustainability. 'Mitsubishi Gas Chemical Company, Inc.', 'Ecolab Inc.', 'Solenis LLC', 'BASF SE', 'Sealed Air Corporation', 'Arkema S.A.', 'Clariant AG', 'Henkel AG & Co. KGaA', 'Kemira Oyj', 'Kurita Water Industries Ltd.', 'Accepta Ltd.', 'Baker Hughes Company', 'Innospec Inc.', 'Italmatch Chemicals S.p.A.', 'Lonza Group AG', 'Sigma-Aldrich Co. LLC', 'SUEZ S.A.', 'Dow Chemical Company', 'SNF Floerger Group', 'Buckman Laboratories International, Inc.', 'In August 2022, Solenis, a manufacturer of specialty chemicals, announced that it had made an agreement to acquire Clearon, a company that produces disinfectants and sanitizers. This acquisition has enabled Solenis to enhance its position in the water treatment sector.', 'In May 2021, Mitsubishi Gas Chemical Company announced that it had developed a new type of oxygen scavenger material that can be used in the packaging of food and pharmaceutical products. The new material is said to be more effective at removing oxygen from packaging than existing solutions, which could lead to longer shelf life for products and reduced waste.', 'In July 2021, Clariant, a Swiss specialty chemical company, announced that it had expanded its line of oxygen scavenger products with the launch of a new masterbatch solution. The new masterbatch is designed to be added to plastic packaging materials to improve their oxygen-scavenging capabilities, helping to extend the shelf life of packaged products.'

Oxygen scavengers are widely used in the packaging industry to extend the shelf life of food and beverage products. The growing demand for packaged and processed foods, coupled with the increasing need to minimize food waste, is driving the demand for oxygen scavengers in the packaging industry. Manufacturers are developing new oxygen scavengers that are more efficient and cost-effective to cater to the growing demand from the packaging industry.

Increasing demand for food preservation: The food and beverage industry is a major end-user of oxygen scavengers. Oxygen scavengers help to extend the shelf life of food products by preventing the growth of aerobic bacteria, which can spoil the food. With the increasing demand for packaged and processed foods, the demand for oxygen scavengers in the food and beverage industry is growing. Manufacturers are developing new oxygen scavengers that are more effective, cost-efficient, and environmentally friendly, to cater to the growing demand for food preservation solutions.

North America dominated the oxygen scavengers market, with high adoption in the food and beverage industry. The region is characterized by strict food safety regulations, which have increased the demand for oxygen scavengers to extend the shelf life of food products. The market is expected to grow at a steady rate due to the growth of the food and beverage industry, as well as the increasing demand for eco-friendly and biodegradable oxygen scavengers. In the United States, the largest market for oxygen scavengers in North America, the food and beverage industry accounts for the majority of the market demand. The country is home to several major players in the oxygen scavengers market, such as Mitsubishi Gas Chemical Company, Ecolab Inc., and BASF SE. The pharmaceutical industry is also a growing consumer of oxygen scavengers in the US, driven by the increasing demand for packaging materials that can extend the shelf life of drugs. Canada is another significant market for oxygen scavengers in North America, driven by the growth of the food and beverage industry in the country. The Canadian government has implemented several food safety regulations, which are driving the adoption of oxygen scavengers in the country. The country is also witnessing increasing demand for sustainable and biodegradable oxygen scavengers.