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Oxalic Acid Market Trends, Top Companies, Share, Growth And Forecast 2033
Oxalic Acid Market Trends
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According to The Business Research Company's, The oxalic acid market size has grown steadily in recent years. It will grow from $1.2 billion in 2023 to $1.26 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The growth in the historic period can be attributed to chemical manufacturing advancements, industrial revolution impact, textile industry growth, metal cleaning and rust removal, wood bleaching and stain removal.
The oxalic acid market size is expected to see steady growth in the next few years. It will grow to $1.5 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%. The growth in the forecast period can be attributed to pharmaceutical and medical applications expansion, renewable feedstocks, green cleaning solution, food industry innovation, water treatment solutions. Major trends in the forecast period include carbon capture and sequestration, selective oxidation processes, antibacterial and antiviral properties, nanostructured oxalic acid applications, biodegradable formulations.
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Market Drivers and Trends:
The rising concerns regarding the increase in surgical site infections will boost the oxalic acid market going forward. Surgical site infections (SSIs) refer to infections that occur at the site of a surgical incision or in the tissue layers affected by the surgical procedure. These infections can occur after any surgical procedure, ranging from minor outpatient to major surgeries. Oxalic acid has antimicrobial properties and potential antimicrobial activity against certain bacteria and fungi, which helps against surgical site infections. For instance, in January 2023, according to the Centers for Disease Control and Prevention, a US-based government agency, the SSI standardized infection ratio (SIR) associated with all operational procedure categories increased by around 3% in 2021 compared to the previous year. Therefore, rising concerns regarding the increase in surgical site infections will drive the oxalic acid market.
Increasing investments are a popular trend in the oxalic acid market. Major companies operating in the oxalic acid market are focused on increasing investments to meet demand and sustain their position in the market. For instance, in May 2022, Oxaquim S.A, a Spain-based oxalic acid producer company, stated that it would boost its annual production capacity from 20,000 to 25000 metric tons by investing 44 million euros ($47.05 million) in the expansion of its Alcaniz factory and the development of a new facility in Andorra. This expansion will meet the future demand for oxalic acid.
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Major Key Players of the Market:
Honeywell International Inc., Merck KGaA, Clariant AG, UBE Corporation, Sigma-Aldrich Co. LLC, PCC Rokita SA, Shandong Fengyuan Chemical Co. Ltd, Alfa Aesar, Spectrum Chemical Manufacturing Corp., Punjab Chemicals And Crop Protection Ltd., Chongqing Changyuan Group Limited, Gem Chemicals, Penta s.r.o, Chemtex Specialty Limited, Shijiazhuang Taihe Chemical Co. Ltd., Lab-Chem Corporation, Noah Chemicals, PANGEA CHEMICALS PRIVATE LIMITEDPangea Chemicals Pvt Ltd, Nanjing Jiayi Sunway Chemical Co. Ltd., TRInternational Inc., Oxaquim S.A., Uranus Chemicals Co. Ltd., Mudanjiang Hongli Chemicals Co. Ltd., Hibrett Puratex, Star Oxochem Private Limited, Shanghai Yixin Chemical Co. Ltd., Shijiazhuang Xinlongwei Chemical Co. Ltd., Shandong Baovi Energy Technology Co. Ltd., Hefei TNJ Chemical Industry Co. Ltd., Shandong Baoyuan Chemical Co. Ltd.
Oxalic Acid Market 2024 Key Insights:
• The oxalic acid market size is expected to see steady growth in the next few years. It will grow to $1.5 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%.
• Growing Concerns Over Surgical Site Infections To Propel Oxalic Acid Market
• Increasing Investments Drive Growth In The Oxalic Acid Market
• Asia-Pacific was the largest region in the oxalic acid market in 2023
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