PUNE, India, July 16, 2024 /PRNewswire/ -- The Oxalic Acid
Market size was valued at USD 638.76
Million in 2023 and the total Oxalic Acid Market revenue is
expected to grow at a CAGR of 4.22% from 2024 to 2030, reaching
nearly USD 853.12 Million.
Reports on competitive analyses encompass company overviews,
financial performances, product portfolios, and strategies of key
players in the Oxalic Acid market. To assess strengths and
weaknesses, a comprehensive SWOT analysis was conducted, while a
PESTLE analysis was carried out to understand the impact of
macroeconomic factors on the market. Also, the report includes
detailed analyses of investments made by market players to enhance
their global presence.
The research methodology utilized in analysing the Oxalic Acid
market encompasses a thorough approach that combines primary data
which is often collected through surveys, interviews, and focus
groups with industry experts and stakeholders such as
manufacturers, distributors and suppliers regulatory bodies,
research and development organizations, industry associations and
trade groups, and environmental and public health advocates. This
allows for firsthand insights into market trends, consumer
behaviour, and regulatory challenges and secondary research
utilizing reports from government sources, industry publications,
and financial statements. Market sizing and forecasting techniques
are employed alongside competitive analysis to provide valuable
insights into the market landscape. It also includes trade balance,
market entry strategies, costs in different region, technology
adoption, regulatory framework, compliance requirements and
customer demographics which makes it an investor's guide. The
report encompasses service outsourcing type, application,
organization size, ownership, end user, segments and their
analysis, which elucidates their influence on the market. The
estimation methodology often adopts a bottom-up approach to
accurately determine market sizes.
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Global Oxalic Acid Market 2023-2030: Key Highlights
Market Size in
2023:
|
USD 638.76
Mn
|
Market Size in
2030:
|
USD 853.12
Mn
|
CAGR:
|
4.22 %
|
Forecast
Period:
|
2024-2030
|
Base
Year:
|
2023
|
Number of
Pages:
|
229
|
No. of
Tables:
|
138
|
No. of Charts and
Figures:
|
193
|
Regional
Scope:
|
North America, Europe,
Asia Pacific, and Africa, South America
|
Report
Coverage:
|
Market Share, Size and
Forecast by Revenue | 2023−2030, Market Dynamics, Growth Drivers,
Restraints, Investment Opportunities, and Key Trends, Competitive
Landscape, Key Players Benchmarking, Competitive Analysis, MMR
Competition Matrix, Competitive Leadership Mapping, Global Key
Players' Market Ranking Analysis.
|
- Historic Market Size 2017-2023
- CAGR of the market during 2024-2030.
- Detailed information on factors that will assist Oxalic Acid
market growth during the next seven years.
- An estimation of the Oxalic Acid market size and the impact of
country's GDP on Oxalic Acid market.
- Forecasts on upcoming trends and changes in consumer
behaviour.
- The growth of the Oxalic Acid market
- Analysis of the competitive landscape and detailed information
on companies.
- Comprehensive details of factors that will impede the growth of
Oxalic Acid companies.
Competitive Landscape
The Oxalic Acid Market includes the presence of several global
as well as regional key players. A few prominent players that offer
Oxalic Acid in the market are Oxaquim S.A. (Spain),UBE Industries Ltd. (Japan), PCC Chemax Inc. (USA), Indian Oxalate Limited (India), Hummel Croton Inc. (USA), Shijiazhuang Taihe Chemical Co., Ltd.
(China), Raviraj Chemicals
(India), Shandong Fengyuan
Chemical Stock Co., Ltd. (China),
U.S. Chemicals LLC (USA) Rajiv
Traders (India) and others.
What's New: Recent Additions and Updates
- Fluctuations in the prices of Oxalic Acid.
- Demand and supply scenario for Oxalic Acid covering the
production.
- Analysis and forecast of Oxalic Acid market size.
- Segmentation and forecast Oxalic Acid market based on end-use
and regional division.
- Competing developments such as expansion, greenfield projects/
brownfield expansion, mergers and acquisitions.
Key Player Offerings
- BASF : Targeting the textile and metal processing
industries, BASF has introduced environmentally friendly oxalic
acid solutions. Sustainable production methods were used to reduce
waste and energy consumption.
- Clariant A.G .: High purity oxalic acid products were
mainly introduced for pharmaceutical purposes. Increased
manufacturing capacity in efficiently utilized facilities to meet
growing demand.
- Indian Oxalate Limited : They upgraded their
manufacturing facilities to improve productivity and increase
productivity. Focused on applying strict regulatory standards for
exports, ensuring compliant quality products.
- Major companies in the oxalic acid market are gradually
focusing on manufacturing herbicides for agriculture. Oxalic acid,
with its anti-nutrient properties, can be toxic to unwanted
vegetation. Such as, in January 2023,
ADAMA, an Israel-based herbicide
manufacturer, launched Acert, a new herbicide with oxalic acid as
its primary ingredient. This solution targets invasive red rice
(Oryza sativa) and other difficult-to-eradicate weeds such as
barnyard grass (Echinochloa crus-pavonis).
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Market Overview
The Oxalic Acid Market covers a wide range of applications owing
to the versatile nature of oxalic acid, a colourless, crystalline
organic compound with the chemical formula H2C2O4, also known as
ethanedioic acid. Found naturally in plants such as spinach,
rhubarb, and cocoa, and producible synthetically, oxalic acid is
highly valued across many industries. It serves as a potent
cleaning agent, effectively eliminating rust and stains from metal
surfaces and brightening wood decks and furniture stained by iron
or tannins. In the textile sector, oxalic acid functions as a
bleaching agent, increasing the colourfastness of fabrics and
Fibers.
Oxalic Acid Pricing Insights and Future Outlook from
June 2024 :
- North America: US$ 0.6/KG, 3.4% up
- Europe: US$ 0.58/KG, 1.8% up
- Northeast Asia: US$ 0.46/KG, unchanged
Oxalic acid is a key ingredient in the removal of rare earth
metals that are essential in modern technologies such as
electronics and renewable energy systems. As the demand for this
technology increases, so does the shortage of rare earth metals,
which subsequently leads to the expansion of the oxalic acid
industry. This trend highlights the critical importance of
oxalic acid in contributing to the application of advanced
industrial products and the development of green energy solutions.
Furthermore, oxalic acid is considered environmentally beneficial
due to its biodegradability and minimal adverse effects on living
organisms. With increasing emphasis on sustainability, companies
are increasingly adopting oxalic acid-based cleaning, stain
removing and surface treatments. This shift towards environmentally
friendly practices is increasing market expansion, as companies and
consumers alike seek products that align with environmental
goals.
Oxalic acid is a key ingredient in the removal of rare earth
metals that are essential in modern technologies such as
electronics and renewable energy systems. As the demand for this
technology increases, so does the shortage of rare earth metals,
which subsequently leads to the expansion of the oxalic acid
industry. This trend highlights the critical importance of oxalic
acid in contributing to the application of advanced industrial
products and the development of green energy solutions.
Furthermore, oxalic acid is considered environmentally beneficial
due to its biodegradability and minimal adverse effects on living
organisms. With increasing emphasis on sustainability, companies
are increasingly adopting oxalic acid-based cleaning, stain
removing and surface treatments. The growing awareness of
environmentally friendly solutions further boosts the adoption of
oxalic acid, given its lesser environmental impact compared to
other compounds.
The growing demand for oxalic acid in various industries in
Europe is expected to drive the
sales in the market. The shift towards sustainable practices and
improved environmental awareness increases the importance of oxalic
acid, especially in terms of its environmentally friendly
properties and potential uses in in green technology.
Similarly, the growing automotive, chemical and electrical
industries in Japan are expected
to drive the oxalic acid market. The Japanese government's
commitment to research and innovation in the physical sciences and
agriculture could open up new applications for oxalic acid.
In conclusion, the demand for oxalic acid is constantly
increasing worldwide, driven by factors such as the rising demand
in the petrochemical sector in emerging countries, the expanding
global pharmaceutical sector, and the increase in surgical site
infections. These factors are expected to further boost the demand
for oxalic acid-based cleaning and purifying products, accentuating
its critical role in maintaining medical hygiene. The
Maximize Market Research report captures these trends in detail
across various regions. It provides a comprehensive analysis of
market trends, consumer preferences and competitive landscape in
each category. This comprehensive perspective provides stakeholders
with valuable information to navigate opportunities and challenges,
and ensures strategic decisions for sustainable growth in the
global Oxalic Acid market.
Segment Overview
MMR has segmented the market based on
by Raw Material
- Dihydrate
- Anhydrous
- Solution
by Application
- Pharmaceutical
- Rare Earth Sampling
- Metal Processing
- Agriculture
- Chemicals
- Textile & Leather
- Others.
By Application, in 2023, the pharmaceutical and healthcare
segment dominated the oxalic acid market, accounting for 30% of
market share. Oxalic acid has gained significant market share in
this segment owing to its important role in the pharmaceutical
industry. As a key ingredient in the manufacture of some
pharmaceuticals, oxalic acid contributes significantly to the
development of the pharmaceutical industry. The demand for oxalic
acid in this segment continues to grow due to the constantly
advancing chemicals and increasing incidence of diseases,
positioning it as the leader and holding the largest market share
in the overall oxalic acid market.
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Detailed segmentation values for each segment and
explanations for growth are provided in the final report.
Geography Overview
Asia-Pacific region dominated
the market in 2023 with 48% of total shares and is expected to grow
at a CAGR of 4.65% during the forecast period. During the first
quarter of 2023, the China oxalic
acid market began with a subdued performance due to diminished
market demand and the observance of the Lunar New Year celebration.
In January 2023, the cost of oxalic
acid decreases in China. However,
in February 2023, prices began to
rise due to increased purchasing activities driven by strong demand
and favourable business conditions in Asian countries. The growth
in demand was driven by increased demand of the downstream
pharmaceutical industry and sufficient inventory to meet customer
demand, fuelled by increased demand in the Chinese market.
In the second quarter of 2023, despite increased demand from the
downstream organic synthesis sector, the oxalic acid market faced
subdued trading. Decline in demand from end-user industries,
especially pharmaceuticals and metal cleaners, coupled with
reckless purchasing has increased the demand for oxalic acid. Major
producers have adjusted prices to respond to reduced purchasing
interest, and new oxalic acid suppliers have provided plenty of new
supplies to meet dry demand and better supply at China market.
In the final report, past and future numbers and explanations
are incorporated seamlessly to provide a comprehensive
understanding of the Global Oxalic Acid market.
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