Global Oxalic Acid Market - 2023-2030

Global Oxalic Acid Market - 2023-2030

Global Oxalic Acid Market reached US$ 1.5 billion in 2022 and is expected to reach US$ 2.0 billion by 2030, growing with a CAGR of 4.3% during the forecast period 2023-2030.

The demand for sustainable manufacturing methods is a new trend in the oxalic acid industry. Producers are aiming for cleaner and more beneficial manufacturing processes in order to lessen the carbon footprint associated with the manufacture of oxalic acid. The pattern is in line with the principles of sustainable development and is driven by customer demand for ecologically friendly items as well as governmental requirements.

There is an important quantity of oxalic acid in many household and cleaning products. Because of its effectiveness in removing rust, stains and mineral deposits, it is used in rust removers, stain removers and wood cleaners. The need for effective cleaning solutions has increased due to the global trend towards preserving cleanliness and hygiene, particularly in reaction to current health concerns. As a result, oxalic acid usage in cleaning products keeps growing and is fueling market expansion.

Asia-Pacific is among the growing regions in the global oxalic acid market covering more than 1/3rd of the market. The need for oxalic acid, which is utilized in several production processes including those for textiles, medicines and metallurgy, is fueled by this industrial expansion. Oxalic acid demand as a chemical reagent and cleaner is rising as these sectors develop, which is fueling market expansion. In addition in countries like China and India, the Asia-Pacific is undergoing tremendous industrialization.

Dynamics

Rising Concerns of Increase in Surgical Site Infections

The market for oxalic acid will grow as a result of growing concern regarding the rise in surgical site infections. Infections at the site of a surgical incision or in the tissue layers that the surgical operation has damaged are referred to as surgical site infections (SSIS). The infections can develop following any surgical operation, from routine outpatient to major procedures. Oxalic acid contains antibacterial qualities and may have antimicrobial effects against certain bacteria and fungi, which helps prevent surgical site infections.

For instance, in January 2023, US government's Centres for Disease Control and Prevention announced that the SSI standardized infection ratio (SIR) associated with all operative procedure categories had grown by almost 3% from the year before. As a result, the market for oxalic acid will be driven by growing worries over the rise in surgical site infections.

Increasing Investments in Oxalic Acids

The global market for oxalic acid is being majorly driven by rising investments. The operations included by these expenditures include R&D, production capacity growth and the creation of cutting-edge technology for the oxalic acid sector. There are many applications for oxalic acid and as more companies learn about these applications, the need for innovation and breakthroughs in production procedures to meet the growing demand grows.

Because of the increased focus on research and development, it is predicted that the market will be driven by better oxalic acid production quality and efficiency. The market for oxalic acid is now defined by rising investment. To satisfy demand and maintain their market share, the largest companies that deal in oxalic acid are concentrating on boosting investments.

For instance, Oxaquim S.A., a producer of oxalic acid with headquarters in Spain, announced in May 2022 that it would increase 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 creation of a new facility in Andorra. Future oxalic acid demand will be satisfied with this growth.

Increasing Use of Oxalic Acid in the Pharmaceutical Industry

The pharmaceutical industry's increasing expenditure is expected to increase the oxalic acid market going forward. The development, manufacturing and distribution of medicinal products are within the authority of the pharmaceutical business. In the pharmaceutical sector, oxalic acid is used as an intermediary in the synthesis of several medications and compounds.

According to a report from the European Federation of Pharmaceutical Industries and Associations, a trade association for the pharmaceutical industry based in Belgium, the European health sectors will invest €188.7 billion or US$206 billion, in research and development (R&D) in the pharmaceutical industry in 2021. It was the leading industry in terms of investment when compared to the other sectors, which constituted 20.8% of all company R&D spending world.

The ability to use oxalic acid to discover new treatments is made simpler by investing more money. It may also enhance productivity and creativity. Therefore, the oxalic acid market is being driven by the rising expenditure on the pharmaceutical industry.

Environmental Concerns

Oxalic acid's market is severely limited by environmental concerns. The production of oxalic acid creates issues with the environment since it has a high carbon footprint and releases greenhouse gases like carbon dioxide (CO2). As the spotlight on global climate change and sustainability programs increases, businesses are coming under increased scrutiny and pressure to cut their carbon emissions and embrace beneficial ecological practices.

Additionally, manufacturers of oxalic acid must thus address these environmental issues by creating cleaner and more healthy production techniques. Transitioning to healthier processes could come with extra expenses and difficulties, such as the creation of new technology and adherence to tougher environmental standards. The elements may have an effect on the price and supply of oxalic acid, thereby providing difficulties for market expansion.

Health Concerns of Oxalic Acid

Oxalic acid toxicity issues are becoming a growing source of public health concerns, which is reviving industry growth. Oxalic acid has been shown to be dangerous therefore concerns about its safety have acquired relevance increasingly. Due to growing scrutiny from government agencies and health-conscious consumers, its use and safety precautions have been reevaluated.

The demand for safer processes for handling and more responsible usage of oxalic acid across numerous sectors is rising as health concerns persist. Manufacturers are putting more of an emphasis on creating better safety processes and looking into less hazardous chemicals for some uses. In addition to addressing health issues, this increased focus on safety and a move towards more ecologically friendly options are spurring innovation in the oxalic acid sector.

Segment Analysis

The global oxalic acid market is segmented based on product, grade, application, end-user and region.

Rising Use of Oxalic Acid in the Expansion of Pharmaceutical Industry

Pharmaceuticals segment is among the growing regions in the global oxalic acid market covering more than 1/3rd of the market. Oxalic acid producers now have a booming market because of the global expansion of the pharmaceutical and healthcare industries. Drugs like borneol, tetracycline and antibiotics are produced by the pharmaceutical industry using oxalic acid. Oxalic acid is an additional component used in tooth-whitening preparations.

According to the IFPMA, global biopharmaceutical companies will invest US$US 182 billion in 2021, which is the greatest amount ever and that amount will rise at a CAGR of 4.2% during the ensuing five years. As a result, the oxalic acid market will see burgeoning opportunities due to the pharmaceutical industries' increasing adoption of research and development.

The rising use of antibiotics is one of oxalic acid's key benefits. Oxalic acid is also used to deproteinize and dechelate medications, as well as to inhibit the growth of naturally occurring microbes. The market for oxalic acid is therefore anticipated to have considerable growth in the pharmaceutical application segment during the forecast period, taking into account the aforementioned aspects.

Geographical Penetration

Rising Demand for Oxalic Acid in the Pharmaceutical Sector in North America

Asia-Pacific has been a dominant force in the global oxalic acid market and increased demand for oxalic acid from the pharmaceutical industry across Asia, including India, China and Japan. Asia-Pacific has been a prominent force in the globally oxalic acid market. The majority of the oxalic acid used in Asia-Pacific is consumed by China, one of the top manufacturers in the world.

The India Brand Equity Foundation projects that by 2022, the Indian healthcare industry will be valued at $US 372 billion. The main factors driving this expansion include growing income levels, more health awareness, an increase in the prevalence of lifestyle illnesses and easier access to insurance.

Oxalic acid is also used in the manufacturing of salts, esters, fine chemicals, industrial chemicals, catalysts phenol resin and other chemicals. Oxalic acid is in high demand in Asia-Pacific nations as a result of increased investment in the chemical manufacturing industry.

Furthermore. After spending US$US 8 billion on the region, the Chinese government plans to use Xinjiang as a center for the production of clothing and textiles. The northwest of China is projected to take control as the country's major textile production base by 2030. The is yet another factor contributing to the booming oxalic acid business in the region.

COVID-19 Impact Analysis

The global market for oxalic acid was significantly impacted by the COVID-19 pandemic lockdowns and interruptions in production and logistics caused by the virus's global spread posed problems for the supply chain. Oxalic acid manufacturing and delivery were hampered, which had an effect on the industries that used the chemical.

Reduced demand from certain industries was another effect of the economic crisis brought on by the epidemic, which further impacted the market. Additionally, the pandemic had various effects on different oxalic acid market categories. Demand for cleaning solutions containing oxalic acid developed as a result of the increased focus on hygiene and disinfection to stop the virus' transmission.

The market therefore saw a spike in demand from the cleaning and sanitation industry. Oppositely, oxalic acid use in industries like textiles and pharmaceuticals, which are major consumers, fell as a result of supply chain disruptions and economic volatility. The pandemic also made supply chain resilience and diversity more apparent.

In addition, businesses in the oxalic acid industry started looking for alternate sources and suppliers to reduce future interruptions, concentrating on maintaining a consistent supply of this essential ingredient. While COVID-19's immediate effects posed difficulties, they also gave the industry the opportunity to improve its supply chain strategy for better resilience in the face of future shocks.

Russia-Ukraine War Impact Analysis

The war between Russia and Ukraine has had a substantial effect on the oxalic acid market. Ukraine is one of the main producers of oxalic acid and the instability brought on by the ongoing conflict has hampered supply chains and increased market volatility. Oxalic acid, which is utilized in several sectors, including medicines, textiles and metal-cleaning procedures, has raised worries about probable shortages and rising prices.

Businesses that depend on a consistent supply of oxalic acid have thus had to adjust to the difficulties presented by the geopolitical tensions in the area, including looking for alternate suppliers and changing their procurement practices. The war between Russia and Ukraine has also highlighted the larger effects of geopolitical crises on the world supply chains for chemicals like oxalic acid.

That serves as a reminder of the need for supply chain resilience and diversity as firms explore methods to lessen their reliance on certain locations that are impacted by geopolitical upheaval. Stakeholders in the global oxalic acid market will continue to keep an eye on developments as the situation changes and will modify their plans as necessary to deal with the difficulties these geopolitical dynamics provide.

By Product
• Anhydrous
• Dihydrate
• Aqueous Solution

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
• Reducing Agents
• Stain & Rust Removers
• Miticide
• Precipitation Agents
• Others

By End-User
• Petrochemicals
• Water Treatment Chemicals
• Metallurgy
• Textiles & Leather
• Pharmaceuticals
• Electronics & Semiconductors
• Food & Beverages
• Wood Pulp
• Others

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
UK
France
Italy
Russia
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Key Developments
• On April 22, 2021, the demand for oxalic acid has risen and Oxaquim, the first European manufacturer and second in the world, increased production between 2.021 and 2.022 at its Alcaiz facilities in response to this demand growth and to solidify its position as a crucial firm for some nations, particularly in the rare earth sector.
• On August 05, 2022, UBE Corporation has officially finalized its acquisition of API Corporation, a subsidiary of the Mitsubishi Chemical Group (Life Science Institute, Inc.). The strategic move aims to enable both entities to streamline their manufacturing and research and development assets for mutual benefit.

Competitive Landscape

The major global players in the market include Mudanjiang Fengda Chemical Co., Ltd., Oxaquim, Merck KGaA, UBE Industries Ltd., Clariant International Limited, Indian Oxalate Limited, Spectrum Chemical Manufacturing Corp., PENTA s.r.o, Honeywell International Inc. and Sigma-Aldrich.

Why Purchase the Report?
• To visualize the global oxalic acid market segmentation based on product, grade, application, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of oxalic acid market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global oxalic acid market report would provide approximately 69 tables, 76 figures and 201 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies