Oxalic Acid Market

Oxalic Acid Market Outlook

As per rigorous research by ChemView Consulting, our analysts believe that the global oxalic acid market will grow at a 4.4% CAGR during the period 2023–2033 to reach a valuation of US $1,383 million by 2033.

Key Findings on the Oxalic Acid Market

1. Which is the largest market for oxalic acid?

The biggest market for oxalic acid is East Asia. As per our analysis, East Asia holds nearly 32.9% share of the oxalic acid market.

2. What is the largest application segment within the oxalic acid market?

As per ChemView Consulting, the largest segment by application is bleaching & purifying agent. As per our analysis, this segment accounts for nearly 39.2% of total revenues.

3. At what rate is the oxalic acid market expected to grow?

The oxalic acid market is expected to grow at a CAGR of 4.4% during the period 2023–2033.

4. What are the major trends influencing the oxalic acid market?

• Expanding Industrial Applications: The textile, pharmaceutical, and metal cleaning industries are all using oxalic acid in diverse procedures. Its use in textile dyeing and finishing, as well as medicinal production, has increased its application range.
• Research and Innovation: Ongoing research into new oxalic acid production processes, formulations, and applications drives market innovation. Researchers are looking for ways to improve production efficiency and find new applications for the molecule.

5. Who are the leading players in the oxalic acid market?

The key companies in the oxalic acid market are Star Oxochem Pvt. Ltd., Merck KGaA, UBE Corporation, Adama, Mudanjiang Fengda Chemical Co., Ltd., Honeywell International Inc., Oxaquim, Indian Oxalate Limited, Clariant AG, and Spectrum Chemical.

Key Drivers for Oxalic Acid Demand

• Oxalic acid is an important component in the extraction of rare earth metals, which are essential in modern technology such as electronics and renewable energy systems. As demand for these technologies grows, so does demand for rare earth metals, which drives the expansion of the oxalic acid industry.
• In addition, oxalic acid is considered an environmentally beneficial substance because it is biodegradable and has few negative effects on ecosystems. With a growing emphasis on sustainability, businesses are shifting towards oxalic acid-based solutions for cleaning, stain removal, and surface treatment, boosting market expansion.
• Furthermore, trade liberalisation and globalisation have made the transportation of goods and services across borders easier. This tendency expands the oxalic acid market, allowing manufacturers to reach new clients and geographies, supporting growth.

Key Challenges Inhibiting Demand for Oxalic Acid

• Oxalic acid is toxic in high quantities and is dangerous if swallowed, breathed in, or comes into contact with the skin. This creates concerns about worker safety and the impact on the environment, which could lead to higher regulatory scrutiny and compliance costs.
• Moreover, alternative compounds that can perform similar activities to oxalic acid exist in various applications. Thus, the need for oxalic acid may decrease as companies look for more economical and environmentally friendly substitutes.

Key Challenges & Opportunities for Oxalic Acid Manufacturers

• Oxalic acid can be obtained from a variety of sources, such as rhubarb, sorrel, and ethylene glycol. Price fluctuations in these raw materials can have an effect on the overall manufacturing cost of oxalic acid, affecting its market pricing and competitiveness.
• However, offering customised formulations and value-added services can help companies stand out in a competitive industry. Customizing oxalic acid products to satisfy unique industrial needs can help attract new customers and develop long-term relationships.

Country/Region-wise Insights

US Oxalic Acid Market Forecast

• The rising use of oxalic acid as a versatile component in cleaning products, rust removal solutions, and industrial operations in the US market is projected to observe significant growth in the estimated period.
• In addition, the growing awareness about environmentally friendly solutions has led to an increase in the adoption of oxalic acid, given that it has a less detrimental effect on the environment than other compounds.

Europe Oxalic Acid Market Outlook 

• The growing demand for oxalic acid across various industries in the Europe market is anticipated to drive sales in the market over the assessment period.
• Moreover, increased environmental awareness and a shift towards more sustainable practises have increased the importance of oxalic acid, given its eco-friendly attributes and potential applications in green technologies.

Japan Oxalic Acid Market Forecast

• The flourishing automotive, pharmaceutical, and electronics industries in the Japan market are anticipated to drive the market over the forecasted period.
• In addition, Japan’s government’s dedication to research and innovation in areas such as material science and agriculture is likely to open up new avenues for oxalic acid usage.

China & India Oxalic Acid Market Forecast

• A thriving industrial landscape and a growing manufacturing sector in the China & India markets are anticipated to fuel the market over the forecast period. China & India oxalic acid markets are likely to account for a leading share of the global oxalic acid market.
• Moreover, the growing awareness of oxalic acid’s diverse qualities, which range from its usage as a cleaning agent to its application in metal polishing and as a reducing agent in many chemical processes, is boosting its demand.

Oxalic Acid Market Outlook & Forecast by Segmentation

By Product Grade

Based on product grade, the standard grade (Purity 96%-99%) segment is expected to remain at the forefront of oxalic acid market share over the assessment period. The growth is mainly because standard grade oxalic acid is used in a variety of industries such as textiles, pharmaceuticals, automotive, metal cleaning, and electronics. The ability to serve as a chelating agent, reducing agent, and pH adjuster makes it essential for a variety of manufacturing and production operations.

Furthermore, one of the important applications of standard grade oxalic acid is metal cleaning and surface treatment. It efficiently removes stains, rust, and mineral deposits from metal surfaces, making it crucial in industries that use metal components and equipment.

By Application

Based on application, the bleaching & purifying agent segment is set to account for 39.2% of the oxalic acid market share over the assessment period. The growth is mainly because oxalic acid is widely used in the textile industry for bleaching and dye removal. It effectively removes colour and stains from fabrics, allowing them to be processed and dyed further. The demand for textiles remains constant, resulting in the continued usage of oxalic acid in this industry.

Furthermore, the capacity of oxalic acid to remove mineral deposits and stains makes it beneficial in a variety of industrial cleaning applications. It is used to clean surfaces and equipment, which helps with maintenance and efficiency across sectors.

Which Company Owns the Largest Share in the Oxalic Acid Market?

The key companies in the oxalic acid market are Star Oxochem Pvt. Ltd., Merck KGaA, UBE Corporation, Adama, Mudanjiang Fengda Chemical Co., Ltd., Honeywell International Inc., Oxaquim, Indian Oxalate Limited, Clariant AG, and Spectrum Chemical.

Recent Developments:

• In January 2023, Adama, a major worldwide crop protection company, revealed exclusively to AgroPages the Brazilian launch of the new herbicide Acert, developed in collaboration with RiceTec and including the active component oxalic acid.

• In May 2022, Oxaquim, a leading producer of oxalic acid, announced that it would boost its manufacturing capacity from 20,000 to 25000 metric tons per year by investing EUR 44 million (USD 51.15 million) in the development of the Alcaiz factory and the construction of a new facility in Andorra. This expansion will meet the future demand for oxalic acid.

• In December 2022, UBE Corporation, a Japanese chemical firm, formally announced that it had acquired API Corporation. This merger allows both organisations to streamline their manufacturing and research and development capabilities for maximum efficiency.

As per our analysis, the companies that hold the largest share in the market are

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Clariant AG

Founded in 1995 and with headquarters in Muttenz, Switzerland, it is a global specialty chemical corporation.

Honeywell International, Inc.

Founded in 1906 and with headquarters in Charlotte, North Carolina, United States, it is a publicly traded international conglomerate corporation.

Merck KGaA

Established in 1668 and with headquarters in Darmstadt, Germany, it is a multinational scientific and technological corporation.

Spectrum Chemical

Founded in 1971 and with headquarters in the United States, it is an excellent chemical manufacturing firm.

Indian Oxalate Limited

Established in 1989 and located in Mumbai, Maharashtra, it is a major producer of oxalic acid and diethyl oxalate.

What Makes this Report More Insightful than Others?

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