The global oxalic acid market is projected to attain a valuation of USD 960 million in 2023 and is expected to reach USD 1550 million by 2033, trailing a CAGR of 4.9% during the forecast period.
Future Market Insights presents a comparison and review analysis of the market dynamics and market trends for oxalic acid. Rising demand for oxalic acid across diverse industries such as pharmaceuticals, petrochemicals, water treatment chemicals, and electronics are key driving factors of the oxalic acid market.
Further, People are increasing their expenditure on pharmaceuticals and medicine to counter the risk of diseases and allergies and the use of oxalic acid as an ingredient in tooth whitening powder.
Some of the key trends witnessed in the market include new product development, expansion of production capacities & merger activities which are likely to affect the market. Further, key players are collaborating to enhance the applications of oxalic acid and to enhance the technological base.
According to FMI analysis, the variation between the BPS values observed in the oxalic acid market in H1, 2023 - Outlook over H1, 2023 Projected reflects a gain of 30 units, compared to H1, 2022, the market is expected to spike by 20 BPS in H1 -2023.
Key reasons for this change in growth rate are attributed to the expansion of the pharmaceutical industry all over the world and the increasing use of oxalic acid in smelting rare earth elements bolstering the demand during the first half of the forecast period.
Despite these prospects, there are some likely challenges that stay ahead for the industry, which include the toxicity of oxalic acid higher consumption results in kidney stones, further increase in raw materials pricing, and commodity pricing are expected to hinder the growth outlook of the market to a certain extent.
| Attribute | Details |
|---|---|
| Expected Market Value (2023) | USD 960 million |
| Anticipated Forecast Value (2033) | USD 1550 million |
| Projected Growth Rate (2023 to 2033) | CAGR 4.9% |
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As per Future Market Insights, the overall sales of the oxalic acid market are expected to increase at a CAGR of 4.9% between 2023 and 2033. Rising demand for oxalic acid across diverse industries such as pharmaceuticals, petrochemicals, water treatment chemicals, and electronics is estimated to drive the oxalic acid market.
Oxalic acid is a colorless, crystalline toxic organic compound belonging to the carboxylic acids family. It has gained immense popularity as an ideal bleaching and cleaning agent across multiple industries.
It is also extensively used for removing rust or other stains due to its ability to convert most insoluble iron compounds into soluble complexions. Increasing usage of oxalic acid for bleaching and cleaning purposes is expected to augment the growth in the oxalic acid market during the forecast period.
Oxalic acid is being extensively used for the recovery (smelting) of rare earth elements. Consequently, growing demand for rare earth metals across various industries such as automotive is boosting the oxalic acid market.
Further, oxalic acid is used for disinfecting healthcare equipment and for manufacturing a variety of medicines like borneol. Hence, rising concerns regarding industrial and household sterilization are anticipated to boost the oxalic acids market.
Subsequently, oxalic acid is also being employed for killing mites that disrupt or meddle with the growth of honey bees. To capitalize on this, manufacturers are introducing new products to help beekeepers in reducing the threat of varroa destructors.
For instance, in 2018, Veto-pharma launched a new innovative, economical, and easy-to-use anti-Varroa treatment called Oxybee. The new product is aimed at helping beekeepers to restrict the growth of varroa mites.
A slew of such developments is expected to positively impact the growth in the oxalic acid market. Hence, surging demand for oxalic acid within the chemical industry is another factor driving the market.
Oxalic acid is being used for the production of various industrial chemicals, salts, oxalates, etc. In addition, increasing usage of oxalic acid as a mordant in the dying process is anticipated to further accelerate the growth in the market during the forecast period.
On the back of these aforementioned factors, the sales in the oxalic acid market are set to increase by 1.26X through 2033.
Surging Application of Oxalic Acid in Pharmaceutical Industry to Create New Growth Avenues
Growing expansion of pharmaceutical industry across the world is creating new growth opportunities within the oxalic acid market. People are spending a large amount of their income on pharmaceuticals to counter the risk of diseases and allergies.
Oxalic acid is being increasingly utilized for developing myriads of medicines, such as borneol, terramcyin, and tetracycline.
It has become an essential ingredient in some tooth whitening products. Hence, increasing awareness regarding oral care and demand for these medical products is boosting the sales of oxalic acid.
Moreover, rising concerns regarding the increase in surgical site infections worldwide is anticipated to fuel the demand for cleaning/purifying agents such as oxalic acid.
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High Toxicity of Oxalic Acid Limiting the Sales in the Market
Despite increasing usage of oxalic acid in a multitude of applications, it remains one of the most toxic chemicals in the world. Oxalic acid toxicity causes kidney failure, which is caused by precipitation of solid calcium oxalate.
Oxalic acid has the tendency to bind with minerals in the gut and prevent the body from absorbing them. Hence, increasing concentration of oxalic acid or oxalate can lead to the formation of kidney stones as it binds with calcium and forms crystals.
Rising health concerns regarding the toxicity of oxalic acid is restarting the growth in the market.
Rising Demand for Rare Earth Elements across Diverse Industries to Boost Oxalic Acid Sales
As per FMI, China is expected to continue to dominate the global oxalic acid market during the forecast period. Growth in the market is driven by rapid urbanization, presence of leading market players, and favorable regulatory norms regarding the use of oxalic acid. The market in this region is expected to grow with a CAGR of 5% during the forecast period.
China is among one of the leading producers and exporters of oxalic acid in the world. The country supplies a large quantity of oxalic acid to different regions of the world. Hence, rapid penetration of industrialization across China is expected to create lucrative growth opportunities for the key market players.
Further, demand for rare metal elements is surging across end-use industries such as automotive and electronics. According to the World Atlas, China remains the undisputed leader in rare earth elements production, accounting for around 86% (125, 000 tons) of the world's total production in 2016.
Manufacturers are increasingly utilizing oxalic acid for extracting rare earth elements. This is aiding the growth in the China oxalic acid market. Moreover, the growing adoption of oxalic acid in industries such as pharmaceuticals, water treatment, petrochemicals, and electrical & electronics is projected to boost the oxalic acid market in China.
On the back of these factors, over 42.6% of oxalic acid sales are contributed by East Asia, with China spearheading the growth in 2023.
Growing Usage of Oxalic Acid in Disinfectant and Cleaning Products to Augment the Growth
As per FMI, the United States is projected to emerge as an attractive market for oxalic acid due to the heavy presence of leading industries. The demand for oxalic acid in the region is expected to rise with a CAGR of 4.7% during the forecast period.
The expansion of the pharmaceutical industry, coupled with the rising incidence of surgical site infections (SSIs) is one of the factors driving the oxalic acid market. Leading pharmaceutical companies are adopting oxalic acid for developing a variety of medicines, such as borneol, terramcyin, and tetracycline.
Furthermore, healthcare workers utilize oxalic acid along with other disinfectants for sterilizing surgical equipment. Subsequently, various household cleaning products are manufactured by using oxalic acid due to its disinfecting properties. Hence, increasing usage of these household cleaning products is anticipated to boost the sales of oxalic acid.
FMI opines, nearly 19.8% of oxalic acid sales are expected to be contributed by North America in 2023.
Application of Oxalic Acid as a Bleaching Agent to Propel the Sales in the Market
The United Kingdom’s oxalic acid market is poised to exhibit strong growth owing to the rising demand for rare earth metals and the growing adoption of oxalic acid in bleaching agents. The sales of oxalic acid in the region are expected to rise with a CAGR of 4.4% during the forecast period.
Oxalic acid has become an ideal bleaching and cleaning agent in both industrial and household applications. Consumers are showing a keen interest in utilizing this acid for bleaching purposes due to its highly effective nature.
Moreover, the United Kingdom is home to one of the leading textiles & clothing industries in the world. Oxalic acid finds its usage for bleaching a variety of textiles in the industry. This, in turn, is triggering the growth in the market.
Additionally, there has been a substantial increase in the number of new entrants in the United Kingdom’s oxalic acid market. These players are using various strategies to address the rising demand from various industries in the region.
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The Growing Need for Sterilizing Medical Equipment is Expected to Bolster the Sales of Oxalic Acid
By grade, the global oxalic acid market is categorized into standard grade, technical/ pharma grade, and electronic/ food grade.
Among these, standard grade holds a prominent market share while as technical/pharma segment is anticipated to exhibit significant growth over the forecast period. The demand for technical/pharma-grade oxalic acid is expected to rise with a CAGR of 5.5% during the forecast period.
Increasing concerns regarding the need for sterilization of pharmaceutical equipment are propelling the demand for technical/pharma-grade oxalic acid. Healthcare workers are increasing the use of cleaning/disinfecting agents such as oxalic acid for sterilizing medical equipment.
Hence, demand for pharma oxalic acid in order to eliminate the threat of cross-contamination in healthcare settings is increasing, accelerating sales in the market.
Oxalic Acid Application as Bleaching & Purifying Agent in Pharmaceutical Industry to Boost the Market
As per FMI, the bleaching & purifying agents segment is expected to account for the largest revenue share in 2023 and is likely to grow at a significant pace over the forecast period. The sales of oxalic acid for bleaching & purifying agents is projected to increase with a CAGR of 5.3% during the forecast period.
Oxalic acid possesses bleach-like properties due to which it is being increasingly used as a bleaching agent for leather, hats, wood, straw, etc. It is mostly used to clean the toughest surfaces, especially across industrial and healthcare sectors.
Hence, end users are increasing the adoption of oxalic acid in several cleaning products, detergents, and bleaches. With the growing popularity of oxalic acid in the healthcare industry, it has become one of the most commonly used purifying agents in the manufacturing of pharmaceuticals.
Oxalic Acid Consumption as Purifying Agents and Precipitation Agents in the Pharmaceuticals Industry will Improve Sales
Based on end use, the petrochemicals segment is expected to account for the largest revenue share in 2023 while the pharmaceuticals segment is forecast to expand at a significant CAGR of 5.9% during the forecast period.
A substantial increase in the adoption of oxalic acid in the healthcare industry as a bleaching and purifying agent is likely to increase sales. It is also being used for developing various medicines such as borneol and terramcyin.
Start-ups are crucial in identifying growth prospects and fostering industry growth, thanks to their ability to efficiently convert inputs into outputs and adapt to volatile market conditions. Within the oxalic acid market, numerous start-ups are actively involved in manufacturing and offering related services.
The market for oxalic acid is characterized by extreme competition, as key industry players are making significant investments to improve their manufacturing capabilities.
The key industry players are 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
Some recent developments in the oxalic acid market are:
| Attribute | Details |
|---|---|
| Market Value in 2023 | USD 960 million |
| Market Value in 2033 | USD 1550 million |
| Growth Rate | CAGR of 4.9% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | By grade, By application, By end-use, By region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East and Africa |
| Key Countries Profiled | The United States of America, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, India, China, Japan, Malaysia, Singapore, Thailand, South Korea, Australia, New Zealand, South Africa, Israel |
| Key Companies Profiled | 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 |
| Customization | Available Upon Request |
The market is anticipated to reach USD 960 million in 2023.
In 2033, sales are expected to reach USD 1,550 million.
The market is expected to evolve at a CAGR of 4.9% through 2033.
Oxalic acid is anticipated to develop with a CAGR of 5.5% over the forecast period.
East Asia contributes to 42.6% of global oxalic acid sales, with China dominating expansion in 2023.
The market recorded a CAGR of 4.9% from 2018 to 2022.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Grade 5.1. Standard Grade (Purity 96%-99%) 5.2. Technical/Pharma Grade (Purity 99%-99.9%) 5.3. Electronic/Food Grade (Purity 99.9%-99.999%) 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Bleaching & Purifying Agents 6.2. Reducing Agents 6.3. Stain & Rust Removers 6.4. Miticide 6.5. Precipitation Agents 6.6. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use 7.1. Petrochemicals 7.2. Water Treatment Chemicals 7.3. Metallurgy 7.4. Textiles & Leather 7.5. Pharmaceuticals 7.6. Electronics & Semiconductors 7.7. Food 7.8. Wood Pulp 7.9. Bee-hiving 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Mudanjiang Fengda Chemical Co., Ltd. 18.2. Oxaquim 18.3. Merck KGaA 18.4. UBE Industries Ltd. 18.5. Clariant International Limited 18.6. Indian Oxalate Limited 18.7. Shijiazhuang Taihe Chemical Co., Ltd. 18.8. Spectrum Chemical Manufacturing Corp. 18.9. Shandong Fengyuan Chemical Co., Ltd. 18.10. Penta s.r.o 19. Assumptions & Acronyms Used 20. Research Methodology
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Oxalic Acid Market
