Press release
Oxalic Acid Industry Set to Achieve $1.57 Billion Milestone by 2029 | Steady 5.1% CAGR
Oxalic Acid
What Is the Long-Term Growth Forecast for the Oxalic Acid Market Size 2025?
There's been a consistent expansion in the size of the oxalic acid market over the previous years. The market is projected to increase from $1.25 billion in 2024 to $1.28 billion in 2025, with a compound annual growth rate (CAGR) of 2.5%. The observed growth during the historical era can be credited to advances in chemical manufacturing, the effects of the industrial revolution, expansion in the textile industry, and increased use in applications like metal cleaning, rust removal, and wood bleaching and stain removal.
What CAGR is Forecasted for the Oxalic Acid Market Through 2029?
Expectations are high for substantial growth in the oxalic acid market in the coming years, with a projected rise to $1.57 billion in 2029, indicating a compound annual growth rate (CAGR) of 5.1%. This predicted growth within the forecasted period can be explained by the expansion of pharmaceutical and medical applications, the introduction of renewable feedstocks, the creation of environmentally friendly cleaning solutions, innovative developments in the food industry, and treatments for water. The forecast period is also expected to witness major trends like carbon capture and sequestration, selective oxidation processes, antibacterial and antiviral attributes, applications of nanostructured oxalic acid, and biodegradable formulas.
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What Are the Critical Factors Driving Oxalic Acid Market Development?
The growing apprehension over the rise in surgical site infections is anticipated to stimulate the oxalic acid market's progress. Surgical site infections (SSIs) are infections that develop at the location of a surgical cut or in the impacted tissue layers of the surgical process. These infections are possible following any surgical operation, from minor outpatient procedures to major surgeries. Oxalic acid offers antimicrobial characteristics and potential antimicrobial activity against specific bacteria and fungi, aiding in the prevention of surgical site infections. For example, in January 2024, the Centers for Disease Control and Prevention, a US government agency, reported an approximately 4% rise in the standardized infection ratio (SIR) for SSIs across all combined NHSN operative procedure categories compared to the previous year. As a result, the oxalic acid market will be driven by the increasing apprehension about the rise in surgical site infections.
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How Does the Oxalic Acid Market Break Down Across Major Segments?
The oxalic acid market covered in this report is segmented -
1) By Product Grade: Anhydrous, Dihydrate, Aqueous Solution
2) By Process: Oxidation Of Carbohydrates, CO Coupling Reaction, Oxidation Of Propylene, Sodium Formate Process
3) By Application: Bleaching And Purifying Agents, Reducing Agents, Stain And Rust Removers, Miticide, Precipitation Agents, Other Applications
4) By End Use: Petrochemicals, Water Treatment Chemicals, Metallurgy, Textiles And Leather, Pharmaceuticals, Electronics And Semiconductors, Wood Pulp, Bee-Hiving
Subsegments:
1) By Anhydrous: Technical Grade, Pharmaceutical Grade
2) By Dihydrate: Technical Grade, Pharmaceutical Grade
3) By Aqueous Solution: Industrial Grade, Laboratory Grade
What Are the Major Trends Transforming the Oxalic Acid Industry?
There has been a noticeable trend of escalating investments in the oxalic acid market. Key enterprises involved in the sector are concentrating their resources on augmenting their investments, aiming to fulfill the demand and maintain their market competitive advantage. For instance, in May 2022, Oxaquim S.A, a company based in Spain that produces oxalic acid, announced plans to expand its annual production capacity from 20,000 to 25000 metric tons by injecting 44 million euros ($47.05 million) into the enhancement of its Alcaniz factory and the foundation of a new plant in Andorra. Such growth is anticipated to cater to the future need for oxalic acid.
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Which Players Are Driving Innovation in the Oxalic Acid Market?
Major companies operating in the oxalic acid market include 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., 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.
Which Regions Are Driving Global Oxalic Acid Market Expansion?
Asia-Pacific was the largest region in the oxalic acid market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the oxalic acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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