Oxalic acid serves almost all major end-use industries, including water treatment chemicals, petrochemicals, pharmaceuticals, and others. According to a recent Future Market Insights (FMI) study, the global oxalic acid is expected to reach the valuation of US$ 1,191.0 Mn by 2028.
The industrial sector in Asia Pacific is growing at a substantial rate, thereby increasing the demand for oxalic acid in the region. Moreover, increasing concerns related to water treatment are expected to fuel the growth of the global oxalic acid in the foreseeable future.
Oxalic acid is a colorless, crystalline organic acid with the chemical formula H2C2O4. It is a dicarboxylic acid, meaning it has two carboxylic acid functional groups (-COOH) on the same molecule.
Oxalic acid is found naturally in many plants, including spinach, rhubarb, and cocoa. It can also be synthesized from carbon monoxide and sodium hydroxide.
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The Potential Impact of COVID-19
The novel coronavirus outbreak has been sweeping across regions and the global economic order. In line with this, the oxalic acid market is expected to witness dip in value creation due to price volatility, short-term market uncertainties, and decreasing adoption in majority of key application areas. Travel restrictions imposed by governments worldwide will hamper the market growth, especially business activities that require face-to-face meetings. Furthermore, logistical hurdles will remain a challenge, considering short-term growth projection of the market.
“The global healthcare landscape is changing rapidly, and people are spending more on their health-related needs. Factors such as changing lifestyles, food habits, sleeping habits, etc., are contributing to this change. With people getting more health conscious, the demand for pharmaceuticals is increasing across the globe, in turn, leading to the high consumption of oxalic acid.”
Key Takeaways of Oxalic Acid Market Study
- Increasing concerns regarding the need for sterilization of pharmaceutical equipment is expected to propel the demand for technical/pharma grade oxalic acid over the forecast period. Standard grade holds a prominent share of the oxalic acid market; however, this share is expected to decline over the forecast period.
- The market in Asia Pacific is significantly diverse in terms of customer base, innovations, and geopolitical conditions, as well as regulatory scenario. The GDP of this region is expected to witness significant growth in the foreseeable future, and this is expected to propel the growth of the oxalic acid market.
- The oxalic acid market in Asia Pacific, including China, India, and Indonesia, is expected to gain traction in the foreseeable future, attributable to growing industrial activities and urbanization in the region.
Market Landscape: Fairly Fragmented
The global oxalic acid market is fairly fragmented, owing to a number of players holding small shares in the market space. The top ten established players account for more than half of the total supply. Manufacturers are focusing on strengthening their partnerships with end users and government entities. Key players such as Mudanjiang Fengda Chemical Co., Ltd., Oxaquim, Merck KGaA, UBE Industries Ltd., Clariant International Limited, Indian Oxalate Limited, Shijiazhuang Taihe Chemical Co., Ltd., Spectrum Chemical Manufacturing Corp., Shandong Fengyuan Chemical Co., Ltd., Penta s.r.o., and others, are also focusing on marking their direct presence in local markets.
What Does the Future Hold?
The global oxalic acid market is expected to grow at a moderate rate over the forecast period, on account of its increasing demand in the petrochemical industry in developing countries. Moreover, increasing awareness about the sterilization of medical equipment, in both, developed and developing countries, is further expected to fuel the growth in the market. Increasing awareness in these countries will help increase the adoption of the product in the foreseeable future.
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Want to Know More?
Future Market Insights has published a market research report on the oxalic acid market that contains global industry analysis of 2013-2021 and opportunity assessment for 2022–2028. The report provides insightful analysis of the oxalic acid market through four different segments – grade, application, end use, and region. The oxalic acid market report also provides demand trends of different types across industry verticals, a comprehensive list of service providers in the market, various projects around the world, and a detailed overview of the parent market.
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