Oxalic acid serves almost all major end-use industries, including water treatment chemicals, petrochemicals, pharmaceuticals, and others. According to a recent Future Market Insights (FMI) study, the global oxalic acid is expected to reach the valuation of US$ 1.19 Bn by 2028.
| Attribute | Details |
| Oxalic Acid Market Estimated Size in 2022 | US$ 945.3 Mn |
| Oxalic Acid Market Projected Size in 2028 | US$ 1,191.0 Mn |
| Oxalic Acid Market Historical CAGR (2013-2021) | 4.0% |
| Oxalic Acid Market Value-Based CAGR (2022-2028) | 3.9% |
The industrial sector in Asia Pacific is growing at a substantial rate, thereby increasing the demand for oxalic acid in the region. Moreover, increasing concerns related to water treatment are expected to fuel the growth of the global oxalic acid in the foreseeable future.
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The Potential Impact of COVID-19
The novel coronavirus outbreak has been sweeping across regions and the global economic order. In line with this, the oxalic acid market is expected to witness dip in value creation due to price volatility, short-term market uncertainties, and decreasing adoption in majority of key application areas.
Travel restrictions imposed by governments worldwide will hamper the market growth, especially business activities that require face-to-face meetings. Furthermore, logistical hurdles will remain a challenge, considering short-term growth projection of the market.
“The global healthcare landscape is changing rapidly, and people are spending more on their health-related needs. Factors such as changing lifestyles, food habits, sleeping habits, etc., are contributing to this change. With people getting more health conscious, the demand for pharmaceuticals is increasing across the globe, in turn, leading to the high consumption of oxalic acid.”
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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.
Key players such as 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., and others, are also focusing on marking their direct presence in local markets.
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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
Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
About FMI
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth.
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