Odor Control Agent Market Size, Share, Growth, and Industry Analysis, By Type (Powder, Granular, Liquid, Other), By Application (Water Treatment, Air Purification, Food and Beverage, Other) and Regional Forecast to 2028

Updated On: 11 September 2023

REPORT OVERVIEW

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The global odor control agent market size was USD 2.73 billion in 2022. As per our research, the odor control agent market is expected to reach USD 3.07 billion by 2028, exhibiting a CAGR of 2.0% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, odor control agent experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The stench that is emitted by wastewater treatment facilities, oil refineries, and various manufacturing facilities has an impact on the environment, workplace productivity, and the health of the community. Many industries and manufacturing establishments are finding it more and more difficult to control odors and maintain the standards for air quality. A system for controlling odors involves using an odor control agent to eliminate or reduce the offensive smells left behind by different waste products and industrial processes.

The primary driver of market expansion is the rising demand for odor reduction across a range of end-use sectors. Aside from that, scents are produced via a variety of production processes, including the creation of chemical substances, oil refinement, microbial breakdown of natural compounds, and agricultural product processing. As a result, end-use industries, who are concerned about the remediation of odor because of its effect on the environment, are supporting odor control agent market growth. Improving air quality is the main goal of implementing odor control systems in end-use manufacturing facilities.

COVID-19 Impact: Interruption in Services to Deplete Market Growth

In 2020, the coronavirus pandemic had an impact on every industry. The odor control agent market was severely affected by the outbreak of the pandemic. Many companies across the nation experienced disruptions in their supply chains, a reduction in demand for their goods and services, shortages of materials and inputs, and closures that were ordered by the government. However, owing to the rapid advancements in the facilities the market will expand in the coming years. 

LATEST TRENDS 

"Increment in End-Use Industry Awareness to Stimulate Market Development  "

Additionally, the growing industrialisation of an array of developing and wealthy nations has significantly added to environmental pollution. Therefore, the expansion of manufacturing plants has led to the uncontrolled release of chemicals and gases into the environment. This admixture of several gases and chemicals causes an offensive odor to be released into the atmosphere. However, increasing end-use industry awareness of the utilization concerning odor control agent has opened up new market potential opportunities.

SEGMENTATION

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By Type

Based on type; the market is divided into powder, granular, liquid, other

Powder is the leading part of the type segment.

By Application

Based on the application; the market is divided into water treatment, air purification, food and beverage, other

Water treatment is the leading part of the application segment.

DRIVING FACTORS

"Activated Carbon to Aid Market Expansion  "

With a substantial odor control agent market share in terms of revenue in 2019, the activated carbon-based odor control agent topped the space. The high proportion is attributable to the low power consumption and excellent efficacy of odor elimination. Additionally, this control agent offers great efficiency and elimination of gas-phase pollutants including hydrogen sulfide, mercury, HCl, and various other gaseous pollutants that cause malodor.

"Utilization by Power and Energy Sector to Foster Industry Progress "

The power and energy end-use sector had a sizeable market share in 2019 and is anticipated to grow at a CAGR of more than 5.0% over the course of the forecast period. Energies and power plants burn biomass and fossil fuels to produce a variety of dangerous gases. The combustion of these fuels produces gases including sulfur dioxide (SO2), carbon dioxide (CO2) followed by nitrogen oxide (NOx). As a result, the presence of both of these gases together causes the atmosphere to smell bad, which in turn increases the demand for agent within the energy and power sectors. 

RESTRAINING FACTOR

"High Cost of the Chemical to Limit the Market Evolution  "

The market expansion is expected to be hampered by the high price of the odor control agent combined with high operational costs. Moreover, the requirement of experts to handle the chemical will hamper the market expansion.

REGIONAL INSIGHTS

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"Rapid Industrialization in Asia Pacific to Support Market Advancement "

In 2019, Asia Pacific held a substantial revenue share, dominating the market share. This can be attributed to the fast industrialization and rising demand for energy and power. Moreover, the region is seeing a huge need for odor control systems due to an increase in the discharge of harmful pollutants and exhaust gases. Furthermore, strict government laws for the production and release of harmful air pollutants in nations including India and Japan are creating further prospects for market expansion.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled 

• Ecolab (U.S.)
• Calgon Carbon (U.S.)
• Cabot (U.S.)
• Fujian Yuanli Active Carbon (China)
• Haycarb (India)
• Osaka (Japan)

REPORT COVERAGE

This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.

In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.