New York, Aug. 03, 2022 (GLOBE NEWSWIRE) -- The global dimethyl oxalate market is predicted to reach a value of US$ 946.6 Mn by the end of 2032. Significant demand from the pharmaceutical and agrochemical sectors are key growth drivers of the market. East Asia is expected to remain prominent owing to the high presence of end-use customers. Worldwide sales of dimethyl oxalate are projected to increase at a value CAGR of 5.2% between 2022 and 2032.
Growth of the market is expected to be mainly driven by the high demand for pesticides and fertilizers in the agricultural sector and the increasing production of APIs in the pharmaceutical Industry. In addition, dimethyl oxalate can be used as an alternative fuel in direct oxidation fuel, which will create more opportunities for market players over the coming years.
Dimethyl oxalate is an inexpensive additive that can improve the performance of direct oxidation fuel cells. It can be directly added to the anode compartment without the need for a separate fuel tank and monitoring equipment or feeding system.
Moreover, researchers have found that the maximum expected output of dimethyl oxalate fuel cells is 600 Wh/Kg, which is 5-10 times more specific energy than lithium-ion batteries. Direct oxidation fuel cells have high energy density and efficiency in electric vehicle batteries as compared to other battery technologies.
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Key Takeaways from Market Study
- East Asia is expected to remain one of the fastest growing regional markets at 5.2% CAGR over the projected period (2022-2032).
- By end use, the agrochemicals segment is anticipated to create an incremental dollar opportunity of over US$ 27 Bn by 2032.
- Production of APIs is expected to consume 55,184.9 million tons of dimethyl oxalate in East Asia.
- Plasticizer and solvent sales are expected to witness a growth rate of 4.3% on a volume basis.
- East Asia is estimated to account for 33.4% share of the global volume consumption of dimethyl oxalate.
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“Excellent potential of dimethyl oxalate for direct oxidation fuel cells will create more market opportunities over the coming years,” says a Persistence Market Research analyst.
Competitive Landscape
The global market for dimethyl oxalate has been identified as a consolidated space with the top players accounting for a key share of the overall sales.
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Some of the key market players included in the report are UBE Corporation, Merck KGaA, Connect Chemical GmbH, Nanjing Chegyi Chemical Co. Ltd., HefeiTNJ Chemical Industry Co. Ltd., Mudanjiang Fengda Chemicals Corporation, Zhonglan Industry Co. Ltd, Ningbo Jiasi Chemical Co. Ltd., and Changzhou Yetai Fine Chemicals Research Institute Co. Ltd.
Many market players are working on various techniques to produce dimethyl oxalate.
- For instance, UBE Corporation uses a proprietary nitrile technology to produce dimethyl oxalate to be used as a raw material for pharmaceuticals and agrochemicals.
Conclusion
Consumption of dimethyl oxalate has been predominantly influenced by the growing population in developing nations, growth in the agricultural sector across the world, and other factors. Growth of the agricultural sector is boosting the demand for fertilizers, indirectly driving the demand for dimethyl oxalate.
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Further, the market is moving toward sustainable development with the rising production and demand for dimethyl oxalate by top market participants. Several players are working on optimization of the production process for dimethyl oxalate.
More Valuable Insights Available
Persistence Market Research, a research and consulting firm, has published a new market research report on the global dimethyl oxalate market that contains industry analysis of 2017–2021 and an opportunity assessment for 2022–2032.
The report provides in-depth analysis of the market through different segments, namely, grade, application, and region. The report also provides supply and demand trends along with an overview of the parent market.
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