Just one spoon of the substance is enough to absorb all the oxygen in a room, said researchers from the University of Southern Denmark.
The new material is crystalline, and using x-ray diffraction the researchers have studied the arrangement of atoms inside the material when it was filled with oxygen, and when it was emptied of oxygen.
"An important aspect of this new material is that it does not react irreversibly with oxygen - even though it absorbs oxygen in a so-called selective chemisorptive process," said researcher Christine McKenzie.
The researchers' work indicates that the substance can absorb and bind oxygen in a concentration 160 times larger than the concentration in the air around us.
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"It is also interesting that the material can absorb and release oxygen many times without losing the ability. It is like dipping a sponge in water, squeezing the water out of it and repeating the process over and over again," McKenzie said.
Once the oxygen has been absorbed it can be stored in the material until it has to be released. The oxygen can be released by gently heating the material or subjecting it to low oxygen pressures.
The key component of the new material is the element cobalt, which is bound in a specially designed organic molecule.
Depending on the atmospheric oxygen content, temperature, pressure, etc it takes seconds, minutes, hours or days for the substance to absorb oxygen from its surroundings. Different versions of the substance can bind oxygen at different speeds.
"When the substance is saturated with oxygen, it can be compared to an oxygen tank containing pure oxygen under pressure - the difference is that this material can hold three times as much oxygen," said McKenzie.
"This could be valuable for lung patients who today must carry heavy oxygen tanks with them. But also divers may one day be able to leave the oxygen tanks at home and instead get oxygen from this material as it 'filters' and concentrates oxygen from surrounding air or water," McKenzie said.