PUNE, India, July 28, 2017 /PRNewswire/ --
The report "Oxygen Scavengers Market by Type (Metallic, and Non-Metallic), End-use Industry (Food & Beverage, Pharmaceutical, Power, Oil & Gas, Chemical, Pulp & Paper), and Region - Global Forecast to 2022" published by MarketsandMarkets™, the market was valued at USD 1.80 Billion in 2016 and is projected to reach USD 2.41 Billion by 2022, at a CAGR of 5.1% from 2017 to 2022.
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The increasing demand for high-quality packaged food is one the major drivers for the growth of oxygen scavengers market. Factors, such as increasing disposable income and changing lifestyle of the middle-class population in emerging countries are expected to fuel the demand for packaged food. This increase in demand is consequently expected to drive the growth of the oxygen scavengers market in the coming years. The growing awareness regarding the reduction of food wastage and the increased demand for advanced packaging among consumers are expected to further aid the growth of the market during the forecast period.
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Based on type, the metallic segment is projected to be a larger segment of the market during the forecast period.
Based on type, the metallic segment is projected to be a larger segment of the oxygen scavengers market during the forecast period. Iron oxide is widely used as an oxygen scavenger in the food & beverage and pharmaceutical industries, owing to its ease of handling and faster reaction, as compared to non-metallic oxygen scavengers, such as ascorbic acids, glucose oxidase. Sulfites are majorly used in the water treatment application, as they are comparatively less expensive than non-metallic scavengers.
The food & beverage segment of the market is projected to the largest segment of the market from 2017 to 2022.
The food & beverage segment is expected to be the largest segment of the oxygen scavengers market during the forecast period. These scavengers are used to extend the shelf life and maintain the natural efficacy of food products. Oxygen scavengers protect food products against oxygen degradation, thus increasing the shelf life, customer acceptability, and safety of the food products. The use of oxygen scavengers in packaging eliminates the need for preservatives, thereby improving the quality of product offered to the consumer.
The Asia Pacific oxygen scavengers market is projected to witness the highest growth from 2017 to 2022.
The Asia Pacific Oxygen Scavengers Market is projected to witness the highest growth in the coming years, owing to factors such as increasing demand for packaged food and growing urbanization in the region. China, Japan, India, and South Korea are some of the key countries in the region contributing to the growth of the oxygen scavengers market in Asia Pacific.
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Some of the key players in the oxygen scavengers market are Mitsubishi Gas Chemical Company (Japan), BASF SE (Germany), Ecolab Inc. (US), Clariant Ltd. (Switzerland), and Kemira OYJ (Finland). New product developments/product showcases and mergers & acquisitions were the major growth strategies adopted by the market players between 2012 and 2017 to cater to the demand for oxygen scavengers in emerging economies.
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