Oxalic Acid Market: Major Players Expand Capacities Amid Growing Demand in Pharmaceuticals and Green Technologies, Finds Maximize Market Research

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

• 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 :

1. North America: US$ 0.6/KG, 3.4% up
2. Europe: US$ 0.58/KG, 1.8% up
3. 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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