Oxalic Acid Market to USD 1412.25 Million by 2030 Owing to Increasing Demand from Pharmaceuticals

The oxalic acid market experiences significant growth due to rising demand from diverse industries and increasing awareness of sustainable cleaning agents, marking a shift towards environmentally friendly practices.

According to the SNS Insider report, the Oxalic Acid Market, valued at USD 978 million in 2022, is estimated to reach USD 1412.25 million by 2030, growing at a CAGR of 4.7% over 2023-2030.The oxalic acid market is witnessing steady growth owing to its diverse applications across several industries. Oxalic acid, a naturally occurring compound found in many plants and vegetables, is primarily used as a cleaning and bleaching agent, as well as a reducing agent in various industrial processes. Its high solubility in water and strong acidic properties make it an effective choice for rust and stain removal, especially in household cleaning products and industrial metal cleaning applications.

Moreover, oxalic acid is extensively utilized in the textile and leather industries for dyeing and tanning processes. It acts as a mordant in textile dyeing, facilitating the binding of dyes to fibers and enhancing colorfastness. In leather tanning, oxalic acid helps in the removal of hair and flesh residues from animal hides and skins, preparing them for further processing and treatment. The growing demand for textiles and leather products, driven by population growth and changing fashion trends, is expected to bolster the demand for oxalic acid in these sectors. Furthermore, oxalic acid finds applications in the pharmaceutical and agrochemical industries. In pharmaceuticals, it is used in the synthesis of various drugs and pharmaceutical intermediates. Additionally, oxalic acid is employed as a pesticide and herbicide in agriculture for controlling weeds and pests. Its eco-friendly nature and biodegradability make it a preferred choice for agricultural applications, aligning with the increasing emphasis on sustainable farming practices and environmental protection.

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Some of the Key Players Included are:

The major key players are Clariant International Ltd., UBE Industries Ltd., Indian Oxalate Ltd., Oxaquim S.A., Merck KGaA, Spectrum Chemical Manufacturing Corp., Mudanjiang Fengda Chemical Co. Ltd., Star Oxochem Pvt. Ltd., and other key players mentioned in the final report.

Market Report Scope:

Oxalic acid, a compound found in various plants, is extensively used across industries. Its applications in cleaning, metal polishing, textiles, and pharmaceuticals contribute to its growing demand. The compound's role in antibiotic production and advancements in graphene synthesis further fuel its market expansion. The pharmaceutical sector, driven by the global rise in healthcare demands, significantly boosts the oxalic acid market. The petrochemical sector's increasing use also contributes to the market's modest expansion. With applications in pharmaceuticals, oxalic acid is witnessing increased demand for antibiotics and antiseptics production.

Market Analysis:

Oxalic acid, a key component in pharmaceuticals, is witnessing heightened demand, especially in the healthcare industry. The pharmaceutical sector's expansion, coupled with the need for sterilizing equipment, propels the technical/pharma-grade oxalic acid segment. Its use in drugs and tooth-whitening products, coupled with applications in industries like petrochemicals, presents growth opportunities. However, health concerns related to oxalic acid toxicity and oxalic acid's impact on kidney stones pose challenges, hindering market growth.

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Segment Analysis:

By Grade, the Technical/Pharma grade segment dominated the oxalic acid market, driven by increased demand in the pharmaceutical industry, accounting for the highest CAGR of about 4.9%. In applications, the bleaching and purifying agent's category led due to the compound's bleach-like properties, extensively used in various industries.

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
Sterilization
Stain & Rust Removers
Reducing Agents
Precipitation Agents
Miticide
Others

By End-use

Pharmaceuticals
Metallurgy
Water Treatment Chemicals
Food & Beverage
Agriculture
Paints & Coatings
Textiles & Leathers
Electronics & Semiconductor
Plastics
Others
Regional Development:

The Asia Pacific dominated the market, with China as a major player, owing to its large-scale manufacturing capabilities and government policies favoring the industry. In North America, the United States contributes significantly, with a CAGR of 4.8%, driven by advanced manufacturing capabilities and increasing awareness of oxalic acid's benefits.

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Key Takeaways:

The oxalic acid market is poised to reach USD 1412.25 million by 2030, with a CAGR of 4.7%.
Technical/Pharma grade oxalic acid sees the highest growth, driven by pharmaceutical demands.
The bleaching and purifying agent's category leads in applications due to its versatile use across industries.
The Asia Pacific dominates with a 37.4% revenue share, led by China's manufacturing capabilities.
The United States contributes significantly to North America's growth, driven by various applications.
Recent Developments:

In 2021, Oxaquim, a leading European oxalic acid producer, increased production capacity at Alcañiz facilities, catering to rising demand, particularly in the rare earth industry.
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Table of Contents - Major Key Points

Introduction
Research Methodology
Market Dynamics
Impact Analysis
COVID-19 Impact Analysis
Impact of Ukraine- Russia war
Impact of ongoing Recession
Value Chain Analysis
Porter's 5 Forces Model
PEST Analysis
Oxalic Acid Market Segmentation, By Grade
Oxalic Acid Market Segmentation, By Application
Oxalic Acid Market Segmentation, By End-use
Regional Analysis
Company Profiles
Competitive Landscape
Use Case and Best Practices
Conclusion
 

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