Global Oxalic Acid Market Growth Rate 2024, Forecast To 2033
8 Mar, 2024
The oxalic acid market has demonstrated steady growth, increasing from $1.2 billion in 2023 to $1.26 billion in 2024, with a compound annual growth rate (CAGR) of 4.5%. This growth is attributed to factors such as chemical manufacturing advancements and industrial applications. Looking forward, the market is projected to continue its steady growth, reaching $1.5 billion by 2028, with a CAGR of 4.4%. Emerging trends such as carbon capture and sequestration are expected to drive this growth, alongside major trends including renewable feedstocks and biodegradable formulations.
Global Oxalic Acid Market Key Driver
Concerns regarding the rise in surgical site infections (SSIs) are set to drive the oxalic acid market forward. SSIs pose a risk following surgical procedures, and oxalic acid, with its antimicrobial properties, offers a potential solution. According to the Centers for Disease Control and Prevention, the SSI standardized infection ratio increased by approximately 3% in 2021 compared to the previous year. Thus, the heightened concern over SSIs is expected to fuel demand for oxalic acid, driving market growth.
Get A Free Sample Of The Global Oxalic Acid Market ReportGlobal Oxalic Acid Market Segments
The oxalic acid market covered in this report is segmented –
1) Product Grade:Anhydrous, Dihydrate, Aqueous Solution
2) Process:Oxidation Of Carbohydrates, CO Coupling Reaction, Oxidation Of Propylene, Sodium Formate Process
3) Application:Bleaching And Purifying Agents, Reducing Agents, Stain And Rust Removers, Miticide, Precipitation Agents, Other Applications
4) End Use:Petrochemicals, Water Treatment Chemicals, Metallurgy, Textiles And Leather, Pharmaceuticals, Electronics And Semiconductors, Wood Pulp, Bee-Hiving
By Geography: The countries covered in the oxalic acid market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the oxalic acid market in 2023. 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.
Major Oxalic Acid Industry Players
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.; Hibrett Puratex; 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.
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Oxalic Acid Market Overview
Oxalic acid is a chemical compound with the formula C2H2O4 and is used as a cleaning agent and rust remover. Its acidic properties make it effective in dissolving and removing mineral deposits, stains, and rust from various surfaces.