Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The "Dimethyl Oxalate Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)" report has been added to ResearchAndMarkets.com's offering.
The report forecasts the global dimethyl oxalate market's value at US$ 600 million in 2024, with a year-on-year growth of 4.9%. The market is expected to witness robust growth, ultimately reaching a market size of US$ 900 million by the end of 2031.
Market Growth Drivers
The growth of the dimethyl oxalate market is primarily attributed to:
- Exploration of Novel Applications: Dimethyl oxalate, traditionally used in various industries, is now being researched for novel applications, including direct oxidation fuel cells and raw materials for HIV integrase inhibitor drugs. Key players are investing in research and development to unlock these new use cases, driving market growth.
- Rising Demand for Unique Properties: Dimethyl oxalate's unique physical and chemical characteristics are proving beneficial in applications such as direct oxidation fuel cells, where it enhances cell efficiency, offers energy savings, and more. This growing demand for dimethyl oxalate in novel applications is expanding its global footprint.
Challenges in Demand Growth
Despite its promising potential, the dimethyl oxalate market faces challenges:
- Safety Concerns: Dimethyl oxalate is a corrosive substance with harmful properties that can cause skin, eye, and respiratory tract injuries, and even death in cases of high exposure. These safety concerns may hinder market progress in the coming years.
Country-wise Analysis
- China: China plays a pivotal role in the dimethyl oxalate market as a significant producer and exporter. The rapid expansion of China's pharmaceutical sector, shifting towards strategic R&D centers, is boosting the market. Dimethyl oxalate is essential in producing active pharmaceutical components used in therapeutic medications, driving market growth.
- India: In the South Asia and Pacific region, India's growing agriculture sector contributes significantly to GDP growth. Industries such as pharma, textiles, and agriculture consume dimethyl-oxalate, contributing to market expansion. Government initiatives supporting the agricultural industry and the use of agrochemicals made from dimethyl oxalate further bolster the market.
Competitive Landscape
The dimethyl oxalate market is characterized by ongoing research and development efforts by major players. The industry is still in its early stages, with numerous potential applications being explored. Key companies are dedicating a substantial portion of their revenue to research and development to unlock new opportunities. While there are significant growth possibilities, challenges such as limited awareness among consumers and the availability of substitutes need to be addressed.
Key Companies Profiled
- UBE Corporation
- Merck KGaA
- Connect Chemical GmbH
- Nanjing Chengyi Chemical Co., Ltd.
- Hefei TNJ Chemical Industry Co., Ltd
- Mudanjiang Fengda Chemicals Corporation
- Zhonglan Industry Co, Ltd
- Ningbo Jiasi Chemical Co., Ltd
- Changzhou Yetai Fine Chemical Research Institute Co. Ltd.
Key Segments Covered in Dimethyl Oxalate Industry Research
Dimethyl Oxalate Market by Grade:
- Pharma Grade Dimethyl Oxalate
- Industrial Grade Dimethyl Oxalate
Dimethyl Oxalate Market by Application:
- Pharmaceuticals
- Agrochemicals
- Plasticizers and Solvents
- Metal Processing
- Textile
- Others
Dimethyl Oxalate Market by Region:
- North America Dimethyl Oxalate Market
- Latin America Dimethyl Oxalate Market
- Europe Dimethyl Oxalate Market
- East Asia Dimethyl Oxalate Market
- South Asia & Pacific Dimethyl Oxalate Market
- Middle East & Africa Dimethyl Oxalate Market
For more information about this report visit https://www.researchandmarkets.com/r/oq7b9f
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