The global oxalic acid market is expected to achieve a valuation of USD 960 million in 2023 and reach USD 1,550 million by 2033, marking a compound annual growth rate (CAGR) of 4.9% during the forecast period.
Oxalic acid plays a critical role in various biological functions, influencing seed germination, calcium regulation, iron balance, detoxification processes, structural strength, and insect repellency. Additionally, it is known for its antioxidant properties and serves as a pH regulator in different applications. Its concentration in plants varies widely, ranging from 5 mg/kg to 200 g/kg in dry weight.
The versatile applications of oxalic acid across industrial and domestic sectors, including its use as a cleanser, bleaching agent, and drying agent, among others, are key drivers propelling the growth of the oxalic acid market.
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The rapid expansion of the global pharmaceutical industry is a primary growth catalyst. With a current valuation exceeding USD 5.4 trillion, the pharmaceutical sector ranks among the top global industries by total value. Oxalic acid finds extensive applications within pharmaceuticals, aligning its market growth with the robust expansion of this sector.
Furthermore, the increasing adoption of oxalic acid in industrial and household cleaning and bleaching applications is another significant driver for market expansion. Its unique properties and effectiveness in meeting specific household and industrial needs contribute to rising demand for oxalic acid in diverse applications.
Significant advancements in research focusing on Li-ion batteries have also contributed to market growth. Researchers have developed environmentally friendly recycling processes utilizing natural fungi to extract cobalt and lithium from discarded batteries, employing oxalic acid and citric acid in the extraction process. These innovations are expected to further enhance the utilization of oxalic acid in the battery industry, thereby driving market expansion.
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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Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global oxalic acid market, providing historical data from 2018 to 2022 and forecast statistics from 2023 to 2033. To understand opportunities in the oxalic acid market, the market is segmented based on grade, application, end use, and region.
Key Segments Profiled in the Oxalic Acid Market Industry 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
About Future Market Insights (FMI)
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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