Dublin, Aug. 24, 2023 (GLOBE NEWSWIRE) -- The "Oxalic Acid Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The global oxalic acid market is poised to achieve a Compound Annual Growth Rate (CAGR) exceeding 4% during the forecast period. The market faced adverse effects from the COVID-19 pandemic in 2020. Government-enforced lockdowns led to the temporary closure of oxalic acid import and export activities in the first half of the year. The resultant disruption in transportation negatively affected oxalic acid consumption. Nevertheless, the pandemic heightened demand for oxalic acid in the pharmaceutical sector, where it is used to manufacture drugs such as borneol and tetracycline, as well as disinfectants.
Key Highlights
- Growing Adoption in Pharmaceuticals: The pharmaceutical industry's increasing utilization of oxalic acid for drug production is a significant driver of market demand. Oxalic acid plays a role in manufacturing medicines like borneol, tetracycline, and antibiotics. It also finds application in tooth-whitening products. Its advantages include antibiotic usage enhancement and microbial growth reduction in pharmaceuticals.
- Metal Processing Industry Demand: The metal processing sector presents a promising market opportunity for oxalic acid. It is used for rust removal, rare earth metal smelting, and as a paint remover, thus contributing to the industry's growth.
- Health Concerns Impacting Growth: The toxicity of oxalic acid poses health issues, impeding the market's expansion.
- Dominance of Asia-Pacific: The Asia-Pacific region held a substantial market share in 2021 and is projected to continue its dominance. The burgeoning demand for oxalic acid from the pharmaceutical sector in countries like India, China, and Japan propels this growth. China stands out as a major consumer and producer of oxalic acid. The region's robust healthcare sector, increasing chemical manufacturing investments, and textile production plans in countries like China further bolster the market's dominance.
Oxalic Acid Market Trends
- Pharmaceutical & Healthcare Sector Demand: The global surge in pharmaceuticals and healthcare industries creates a flourishing market for oxalic acid manufacturers. The pharmaceutical sector's use of oxalic acid for drug production, antibiotic enhancement, and microbial control accelerates market growth. The increasing investment in research and development within the pharmaceutical industry contributes to the market's expansion.
- Asia-Pacific Dominance: The Asia-Pacific region maintains its lead due to heightened demand from pharmaceuticals across countries like India, China, and Japan. China, a significant consumer and producer of oxalic acid, drives the market. The region's flourishing healthcare sector, investments in chemical manufacturing, and ambitious textile production plans in China contribute to its market dominance.
Market Competitor Analysis
The oxalic acid market exhibits a moderately fragmented structure. Key market players include Oxaquim SA, UBE Corporation, Clariant AG, STAROXOCHEM Pvt. Ltd, and Honeywell International Inc., among others. These companies contribute to the market's growth and competitiveness.
In conclusion, the global oxalic acid market is poised for growth, driven by factors such as its increasing adoption in pharmaceuticals, opportunities in the metal processing sector, and the dominance of the Asia-Pacific region. The health concerns linked to its toxicity remain a challenge, but its versatile applications and increasing demand in vital industries forecast a promising trajectory for the market.
Key Topics Covered
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Demand from the End-user Industries
4.1.2 Expansion of Pharmaceutical Industries
4.2 Restraints
4.2.1 Toxicity of Oxalic acid
4.2.2 Other Restraints
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION
5.1 Product Grade
5.1.1 Anhydrous
5.1.2 Dihydrate
5.1.3 Aqueous Solution
5.2 Application
5.2.1 Pharmaceutical
5.2.2 Textile
5.2.3 Rare Earth Metals
5.2.4 Chemical
5.2.5 Metal Processing
5.2.6 Other Applications
5.3 Geography
5.3.1 Asia-Pacific
5.3.2 North America
5.3.3 Europe
5.3.4 South America
5.3.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share(%)/Rank Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Clariant
6.4.2 Fujian Shaowu Fine Chemical Factory
6.4.3 Honeywell International Inc.
6.4.4 Merck KGaA
6.4.5 Mudanjiang Fengda Chemical Co. Ltd.
6.4.6 Oxaqium
6.4.7 Punjab Chemicals and Crop Protection Limited (Punjab Chemicals)
6.4.8 STAROXOCHEM
6.4.9 UBE Corporation
6.4.10 Uranus Chemicals Co. Ltd.
6.5 Market Opportunities and Future Trends
For more information about this report visit https://www.researchandmarkets.com/r/sa58l6
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Attachments
- Oxalic Acid Market Biopharmaceutical Research And Development Spending U S D Billion By Application Global 2017 2022
- Oxalic Acid Market Oxalic Acid Market Growth Rate By Region 2022 2027
