The global oxalic acid market is poised for significant growth, with a projected valuation of US$ 960 million in 2023 and an anticipated increase to US$ 1550 million by 2033. This growth trajectory is forecasted to follow a Compound Annual Growth Rate (CAGR) of 4.9% during the specified period. The market’s expansion can be attributed to various factors, including increasing industrial applications and demand from end-use industries. As oxalic acid continues to find diverse uses across sectors, its market value is expected to experience a steady and substantial rise in the coming decade.
Oxalic acid plays a crucial role in various biological processes, impacting seed germination, calcium storage and regulation, iron balance, detoxification, structural strength, and insect repellency. Furthermore, there is a potential for oxalic acid to possess antioxidant properties and act as a pH regulator. Its occurrence in plants spans a wide range of concentrations, from 5 mg/kg to 200 g/kg in dry weight.
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Oxalic acid finds versatile applications in the industrial and domestic sectors, including its use as a cleanser, a bleaching and drying agent, and for various other purposes. Together, these factors collectively contribute to the driving force behind the oxalic acid market.
The exponential growth of the global pharmaceutical industry is the primary catalyst driving market growth. With a current valuation of around $5.4 trillion, the pharmaceutical industry ranks among the top five sectors in the global economy in terms of total value. Given the extensive applications of Oxalic acid within the pharmaceutical industry, the market for Oxalic acid is expected to expand in parallel with the growth of this industry.
The growing utilization of Oxalic Acid in bleaching and cleaning applications across various industrial and household sectors serves as another significant driver for the expansion of the oxalic acid market. Due to its unique properties and effectiveness in fulfilling household requirements that are not entirely met by alternative substances, the demand for Oxalic Acid is projected to increase in the coming years, further contributing to the growth of the market.
Extensive research has been conducted on Li-ion batteries, given the need for frequent recharging in smartphones, cars, and tablets. The disposal of old batteries in landfills or incinerators poses potential harm to the environment.
Researchers have explored an environment-friendly recycling process utilizing naturally occurring fungi to extract cobalt and lithium from discarded batteries, employing oxalic acid and citric acid in the extraction process. This ground-breaking research is expected to significantly enhance the utilization of oxalic acid in the battery industry, thereby driving market growth.
Key Takeaways
- The market in China is projected to expand with a promising CAGR of 5% during the forecast period.
- The sales of oxalic acid in the United States are expected to rise with a CAGR of 4.7% during the forecast period.
- By grade, the technical/pharma segment is expected to generate demand with a CAGR of 5.5% during the forecast period.
- By end use, the pharmaceutical segment is expected to generate demand with a CAGR of 5.9% during the forecast period.
“Increasing use of oxalic acid in bleaching and cleaning applications among various sectors is expected to fuel market expansion during the forecast period”- comments an FMI Analyst
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Competitive Landscape
The market for oxalic acid is characterized by extreme competition, as key industry players are making significant investments to improve their manufacturing capabilities.
The key industry players 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
Recent Developments in the Oxalic Acid Market
- In 2021, Oxaquim, the leading European and second-largest global producer of oxalic acid, expanded its production capacity at the Alcañiz facilities to meet the growing demand from various sectors, particularly the rare earth sector.
- Oxaquim made a commitment in December 2021 to supply its chemical, oxalic acid, to the European Union.
- In May 2022, Oxaquim revealed plans to invest EUR 44 million (USD 51.15 million) in expanding its Alcaiz factory and constructing a new facility in Andorra.
- In December 2022, UBE Corporation successfully acquired API Corporation (Life Science Institute, Inc., a Mitsubishi Chemical Group Company). This acquisition enables both companies to streamline their manufacturing and research and development capabilities for optimal efficiency.
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Key Segments Profiled in the Oxalic Acid Market Survey
By Grade:
- Standard Grade (Purity 96%-99%)
- Technical/ Pharma Grade (Purity 99%-99.9%)
- Electronic/ Food Grade (Purity 99.9%-99.999%)
By Application:
- Bleaching & Purifying Agents
- Reducing Agents
- Stain & Rust Removers
- Miticide
- Precipitation Agents
- Others
By End Use:
- Petrochemicals
- Water Treatment Chemicals
- Metallurgy
- Textiles & Leather
- Pharmaceuticals
- Electronics & Semiconductors
- Food
- Wood Pulp
- Bee-hiving
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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