Global Oxalic Acid Market: Overview
Oxalic acid is an organic compound that exists as a crystalline solid and forms a colorless solution in water. It is extensively used as a bleaching agent and in the dying process. Moreover, it finds several applications in the pharmaceutical industries for the purification process. The global oxalic acid market is expected to grow exponentially during the forecast period owing to numerous commercial applications.
Global Oxalic Acid Market: Notable Developments
Below are a few notable developments in the global oxalic acid market:
- Oxybee, a new solution for varroa treatment that uses new oxalic acid formulation is a major breakthrough in the global oxalic acid market. It is available in powder and liquid form and is used to prepare bee-hive dispersion. It effectively kills the mites that come in its contact with it and offers a higher efficacy as compared to other oxalic acid solutions.
- The development of new carbon dioxide scrubber has paved new opportunities for the global oxalic acid market. It converts captured CO2 into oxalic acid. Producing oxalic acid domestically allows effective extraction of rare earth elements. Moreover, it reduces the concentration of carbon dioxide in flue gas from 8% to 4%. Researchers are aiming at reducing it to 2%.
Prominent companies in the global oxalic acid market comprise Clariant, Shanxi Province Yuanping Chemicals Co., Ltd., Shanxi Province Yuanping Chemicals Co., Oxaquim S.A., Mudanjiang Hongli, and Ube industries.
Global Oxalic Acid Market: Key Growth Dynamics
Oxalic acid widely used in the pharmaceutical industry for the production of medicines such as terramycin, borneol, tetracycline, and other antibiotics. Therefore, an expansion of the pharmaceutical industry has highly contributed to the growth of global oxalic acid market. Additionally, it has been increasingly used to smelt real earth. Consequently, a surge in the rare earths industry has propelled the market’s growth. The new technological advancements in the rare earths industry such as the CO2 scrubber have further propelled the market’s growth.
Furthermore, the use of oxalic acid as a flavoring agent in ice-creams, beverages, and bakery products has provided thrust to the global oxalic acid market. In addition to this, it has been extensively adopted in the metal polishing industry for applications such as rust removal, alumite film processing, surface polishing, and metal purification. This has played a prominent role in driving the expansion of the global oxalic acid market.
Chemical manufacturing is another industry that has highly contributed to the growth of the oxalic acid market. In the chemical industries, oxalic acid is used to produce industrial chemicals, salts, oxalates, and other compounds. Further, an expansion in the textile industry has facilitated the market’s growth.
However, along with the numerous drivers, there are a few bottlenecks in the growth of global oxalic acid market. Factors such as corrosive nature of the chemical and safety issues related to household use may cause a shortfall in the market. Nonetheless, increasing awareness regarding sterilization in several industries and research and development activities may offset the effects of the restraints.
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Global Oxalic Acid Market: Regional Outlook
Europe is expected to witness promising growth in the global oxalic acid market during the forecast period owing to the entry of new players in the market. Additionally, effective mergers and acquisitions have contributed to the market’s growth in this region. Asia Pacific is also perceived to serve as one of the major oxalic acid markets. The growth in this region is mainly driven by China as it is a major producer of oxalic acid.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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