In 2022, the oxalic acid market is expected to be valued over US$ 945.3 Million. Oxalic acid is increasingly being used for a variety of purposes, and the market as a whole is expected to develop at a moderate CAGR of 3.9% and surpass US$ 1.19 Billion by 2028.
Oxalic acid is a dicarboxylic acid with the chemical formula C2H2O4. It is a colorless crystalline solid that occurs naturally in many plants, including rhubarb, spinach, and beets. Oxalic acid is also produced industrially through the oxidation of carbohydrates or by the reaction of carbon monoxide and oxygen.
Oxalic acid finds numerous applications in various industries. It is widely used as a reducing agent and a complexing agent in textile, metal cleaning, and bleaching processes. It is also employed in the production of pharmaceuticals, dyes, and in the synthesis of other organic compounds. Additionally, oxalic acid serves as a rust and stain remover, as well as a household cleaning agent.
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Key Takeaways of Oxalic Acid Market Study
- Increasing concerns regarding the need for sterilization of pharmaceutical equipment is expected to propel the demand for technical/pharma grade oxalic acid over the forecast period. Standard grade holds a prominent share of the oxalic acid market; however, this share is expected to decline over the forecast period.
- The market in Asia Pacific is significantly diverse in terms of customer base, innovations, and geopolitical conditions, as well as regulatory scenario. The GDP of this region is expected to witness significant growth in the foreseeable future, and this is expected to propel the growth of the oxalic acid market.
- The oxalic acid market in Asia Pacific, including China, India, and Indonesia, is expected to gain traction in the foreseeable future, attributable to growing industrial activities and urbanization in the region.
Market Landscape: Fairly Fragmented
The global oxalic acid market is fairly fragmented, owing to a number of players holding small shares in the market space. The top ten established players account for more than half of the total supply. Manufacturers are focusing on strengthening their partnerships with end users and government entities.
List Of Key Players Covered in Oxalic Acid Market are:
- Mudanjiang Fengda Chemical Co., Ltd.
- Oxaquim
- Merck KGaA
- UBE Industries Ltd.
- Clariant International Limited
- Indian Oxalate Limited
- Shijiazhuang Taihe Chemical Co., Ltd.
- Spectrum Chemical Manufacturing Corp.
- Shandong Fengyuan Chemical Co., Ltd.
- Penta s.r.o
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Oxalic Acid Market By Category
Grade :
- Standard Grade (Purity 96%-99%)
- Technical/ Pharma Grade (Purity 99%-99.9%)
- Electronic/ Food Grade (Purity 99.9%-99.999%)
Application :
- Bleaching & Purifying Agents
- Reducing Agents
- Stain & Rust Removers
- Miticide
- Precipitation Agents
- Others
End Use :
- Petrochemicals
- Water Treatment Chemicals
- Metallurgy
- Textiles & Leather
- Pharmaceuticals
- Electronics & Semiconductors
- Food
- Wood Pulp
- Bee-hiving
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