Currently, global sales of oxygen scavengers are $2.2 billion and are expected to exceed $3.6 billion by the end of 2032. Over the next ten years, the market for oxygen scavengers is expected to grow at a 5% CAGR.
Changing consumer preferences, increased urbanisation, and rising demand for packaged foods are projected to drive up oxygen scavenger sales in the future years. The expanding range of applications for oxygen scavengers in various industrial verticals such as pharmaceuticals, chemicals, and oil and gas is also likely to fuel market expansion over the forecast period. Rising investments in the development of active packaging solutions are projected to result in a highly favourable market scenario in the coming years.
- Oxygen scavenger suppliers are introducing new goods to increase income creation and get a competitive advantage over other market players.
- In September 2020, Avient, a specialized materials manufacturer introduced a new oxygen scavenger at Medtec China 2020. MEVOPUR ProTect oxygen scavenger limits oxygen degradation of nutraceuticals and drugs that are stored in PET bottles.
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Key Takeaways from Market Study:
- The global oxygen scavengers market is valued at US$ 2.2 billion in 2022.
- Over the next ten years, demand for oxygen scavengers is predicted to rise at a 5% CAGR.
- By 2032-end, oxygen scavenger sales are slated to accumulate a revenue value of US$ 3.6 billion.
- Increasing investments in the oil & gas industry, rising demand for convenience foods, growing disposable income, increasing population, and changing consumer preferences are prime factors that boost market growth.
- The non-volatile nature of oxygen scavengers and health risks associated with prolonged exposure are expected to inhibit market growth in the coming years.
- Consumption of oxygen scavengers in China is forecasted to increase at a 6.7% CAGR through 2032.
- Sales of metallic oxygen scavengers are estimated to attain a value of US$ 1.8 billion by the end of 2032.
“Increasing investments in the expansion of the manufacturing sector in Asia Pacific are projected to provide lucrative opportunities for oxygen scavenger suppliers going forward,” says a Fact.MR analyst
Winning Strategy
Oxygen scavenger producers are investing in research & development of new goods, as well as increasing the frequency of product launches, in order to capitalise on expanding demand across many industrial verticals. Market companies are also expected to consider collaborations, mergers, and partnerships to strengthen their market position.
Fact.MR, a market research and competitive intelligence supplier, has published the most recent oxygen scavengers industry study, which includes a thorough list of all techniques used by major and minor organisations.
More Valuable Insights on Offer:
Fact.MR's new service provides an independent analysis of the global oxygen scavengers market, including historical demand data (2017-2021) and projected figures for the period 2022-2032.
The study provides critical market insights based on material (metallic, non-metallic), type (organic, inorganic), and end-use industry (food and beverages, pharmaceuticals, power, oil and gas, chemicals, pulp and paper, other industries) across five major regions (North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa).
Old Source: https://finance.yahoo.com/news/sales-oxygen-scavenger-market-anticipated-180000751.html
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