Oxygen Scavenger Market worth $2.9 billion by 2026 | Key players Mitsubishi Gas Chemical Company, Inc. (Japan), BASF SE (Germany), Clariant AG (Switzerland), Ecolab Inc. (US).

According to recent market research the "Oxygen Scavenger Market by Type (Inorganic oxygen scavengers, Organic oxygen scavengers), by End-use Industry (Food &Beverage, Pharmaceutical, Power, Oil &Gas, Chemical, Pulp & paper), and Region - Global Forecast to 2026" 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 growing demand for oxygen scavenger from the processed food sector is driving the market. Also, increasing awareness around reducing food wastage due to unhygienic and improper packaging are also driving the oxygen scavenger market. The increase in demand for industrial process water from various industries such as food & beverage, power, oil & gas, chemical, and pulp & paper and growth in urbanization in the emerging economies, such as APAC, Middle East & Africa, and South America, are also driving the market.

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Inorganic oxygen scavengers are widely used in food & beverage industry. The inorganic oxygen scavengers' segment is the largest, which is projected to continue till 2026. The key growth driver of the high consumption of these oxygen scavengers is their use by the food & beverage industry in packaging applications to achieve better quality and longer shelf life. Inorganic oxygen scavengers are also used in water handling equipment such as boiler water systems, and feedwater systems for reducing dissolved oxygen for safeguarding equipment from corrosion.

Food & beverage is the largest end-use industry of the oxygen scavengers market owing to the increased demand for better quality packaged food items, growth in demand for convenient foods, reduction in food wastage, and increasing urbanization in the emerging economies. These chemicals keep the processed foods fresh for a longer time and increase the shelf life of the products. In addition, the rise in income levels and the growth of the middle-class population are also driving demand for oxygen scavengers in the food & beverage industry.

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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.

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). These players have established a strong foothold in the market by adopting strategies, such as new product launches, and mergers & acquisitions.

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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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