Oxalic Acid Market Size was valued at USD 1.1 Billion in 2022. The Oxalic Acid industry is projected to grow from USD 1.2 Billion in 2023 to USD 1.7 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.20% during the forecast period (2023 - 2032).Increasing demand in cleaning and bleaching applications is a key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The oxalic acid market is experiencing growth propelled by increasing demand in cleaning and bleaching applications. Oxalic Acid's effectiveness as a powerful cleaning agent and bleach has led to rising adoption across various industries, including textiles and leather. Its ability to efficiently remove stains and discoloration has positioned it as a preferred choice in cleaning formulations. The expanding construction, textile, and furniture industries further drive the demand for Oxalic Acid in wood bleaching and metal cleaning processes. Additionally, the compound's role in pharmaceuticals and agriculture, particularly as a pesticide, contributes to its heightened demand. As industries prioritize effective and versatile cleaning solutions, the market for Oxalic Acid continues to thrive in response to these diverse applications.
The Oxalic Acid market is witnessing substantial growth due to the growing use in the wood and metal industry. Oxalic Acid's efficacy as a wood bleach and metal cleaner has led to increased adoption in these sectors. In the wood industry, it is utilized for bleaching purposes, enhancing the aesthetic appeal of wooden products. In the metal industry, Oxalic Acid is employed for cleaning and rust removal, contributing to the maintenance and restoration of metal surfaces. With the continuous expansion of construction, furniture, and metalworking industries globally, the demand for Oxalic Acid in these applications is on the rise. The compound's ability to address specific needs in wood and metal processing positions it as a valuable component, driving market growth.
The Oxalic Acid market is experiencing significant growth propelled by the rising demand in the pharmaceutical sector. Oxalic Acid plays a crucial role in pharmaceutical manufacturing processes, contributing to the synthesis of certain drugs. Its applications in pharmaceuticals have led to increased demand as the pharmaceutical industry continues to expand globally. Oxalic Acid's unique chemical properties make it a valuable ingredient in the production of pharmaceutical compounds, further driving its adoption. The growing prevalence of diseases and the continuous development of new medications amplify the demand for Oxalic Acid, making it an integral component in pharmaceutical formulations. This escalating demand from the pharmaceutical sector is a key driver fostering the growth of the Oxalic Acid market. For instance, as outlined by the India Brand Equity Foundation, projections indicate that the healthcare sector in India is anticipated to reach a valuation of USD 372 billion by 2022. Key factors contributing to this growth include increasing income levels, improved health awareness, a rise in the prevalence of lifestyle diseases, and improved access to insurance. Thus, driving the Oxalic Acid market revenue.
The Oxalic Acid market segmentation, based on application includes Cleaning and surface Treatment, Pharmaceutical and Healthcare, Textile and Dyeing and Others. The pharmaceutical and healthcare segment dominated the market, accounting for 35% of market revenue (0.40 Billion). The Pharmaceutical and Healthcare application has secured the largest market share in the Oxalic Acid market due to the compound's critical role in pharmaceutical manufacturing. Oxalic Acid is an essential ingredient in the synthesis of certain drugs, contributing to the pharmaceutical industry's growth. Its unique properties and applications in medication production have propelled its widespread adoption. With the continual development of pharmaceuticals and the increasing prevalence of diseases, the demand for Oxalic Acid in this sector remains consistently high, establishing it as a key player and capturing the largest market share in the overall Oxalic Acid market.
Figure 1: Oxalic Acid Market, by Application, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Oxalic Acid market segmentation, based on end-use industry, includes Pharmaceutical and Healthcare, Textile, Metal Cleaning and Surface Treatment, Automotive, Electronic, Water Treatment and Others. The pharmaceutical and healthcare segment has secured the largest market share in the Oxalic Acid market due to the compound's critical role in pharmaceutical manufacturing. Oxalic Acid is integral to the synthesis of certain drugs, contributing to the growth of the pharmaceutical sector. Its unique properties and applications in medication production have led to widespread adoption. With the constant development of pharmaceuticals and the increasing demand for healthcare products, the significant reliance on Oxalic Acid in this end-use industry establishes it as a dominant force, capturing the largest market share in the overall Oxalic Acid market.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America has captured the largest market share in the Oxalic Acid market due to several factors. The region's robust pharmaceutical and healthcare industries contribute significantly to the demand for Oxalic Acid. Additionally, the widespread use of Oxalic Acid in various applications, including cleaning, textiles, and metal processing, supports its dominance. The presence of key manufacturers, technological advancements, and stringent quality standards in North America further enhance its market share. As industries continue to grow and prioritize efficient chemical solutions, North America remains at the forefront of Oxalic Acid consumption, securing the largest market share.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: OXALIC ACID MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Oxalic Acid market accounts for the second-largest market share due to the region's thriving textile and metal processing industries contribute to the demand for Oxalic Acid. Additionally, the region's thriving textile and metal processing industries contribute to the demand for Oxalic Acid. Stringent environmental regulations and a focus on sustainable practices also drive the adoption of Oxalic Acid in Europe. The presence of key players, technological advancements, and a diversified industrial base further support Europe's significant market share in the Oxalic Acid industry. Further, the German Oxalic Acid market held the largest market share, and the UK Oxalic Acid market was the fastest growing market in the European region
The Asia-Pacific Oxalic Acid Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to pharmaceuticals, and metals processing. The region's increasing population, coupled with rapid urbanization and industrialization, drives demand in applications such as textiles, pharmaceuticals, and metals processing. The growing awareness of sustainable practices and the adoption of Oxalic Acid in various industries contribute to its elevated CAGR in the Asia Pacific, making it a key player in the Oxalic Acid market. Moreover, China’s Oxalic Acid market held the largest market share, and the Indian Oxalic Acid market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Oxalic Acid market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Oxalic Acid industry must offer cost-effective items.
Prominent players in the Oxalic Acid market, such as Ube Industries, Indian Oxalate, Mudanjiang Hongli Chemicals, and P.T. Indofarma, are focusing on strategic initiatives like mergers, acquisitions, and collaborations to strengthen their market developments. Continuous research and development efforts aim to enhance product quality and expand applications. These industry leaders prioritize sustainability, incorporating eco-friendly practices in production. Additionally, market players strive to meet evolving customer demands by offering customized solutions, maintaining a competitive edge in the dynamic Oxalic Acid market.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Oxalic Acid industry to benefit clients and increase the market sector. In recent years, the Oxalic Acid industry has offered some of the most significant advantages to medicine. Major players in the Oxalic Acid market, including Ube Industries Ltd., Indian Oxalate Limited, Mudanjiang Hongli Chemicals Co., Ltd., P.T. Indofarma (Persero) Tbk, Oxaquim S.A., Shijiazhuang Taihe Chemical Co., Ltd., Pangaea Sciences Inc., Shanxi Province Yuanping Chemicals Co., Ltd., Star Oxochem Private Limited and Radiant Indus Chem Pvt. Ltd. and others, are attempting to increase market demand by investing in research and development operations.
Ube Industries Ltd., a prominent player in the Oxalic Acid market, is a diversified Japanese chemical company. Known for its commitment to innovation and sustainability, Ube Industries engages in the production of a wide range of chemicals, including Oxalic Acid. The company's Oxalic Acid offerings cater to various industries, such as textiles, pharmaceuticals, and metals processing. Ube Industries emphasizes research and development, ensuring high product quality and adapting to evolving market demands. With a presence, strategic collaborations, and a focus on eco-friendly practices, Ube Industries maintains a strong position in the Oxalic Acid market, contributing to its growth and continued success in the chemical industry.
P.T. Indofarma (Persero) Tbk, an Indonesian pharmaceutical company, plays a key role in the Oxalic Acid market. With a focus on pharmaceuticals, P.T. Indofarma contributes to the industry's growth by manufacturing and supplying Oxalic Acid for pharmaceutical applications. The company emphasizes quality and adherence to industry standards, ensuring its products meet the diverse needs of the market. P.T. Indofarma's commitment to sustainable practices and continuous innovation strengthens its position in the Oxalic Acid market. With a strategic presence in Indonesia and beyond, the company plays a vital role in supporting pharmaceutical and related industries, contributing to the overall development of the chemical sector.
Ube Industries Ltd.
Indian Oxalate Limited
Mudanjiang Hongli Chemicals Co., Ltd.
P.T. Indofarma (Persero) Tbk
Oxaquim S.A.
Shijiazhuang Taihe Chemical Co., Ltd.
Pangaea Sciences Inc.
Shanxi Province Yuanping Chemicals Co., Ltd.
March 2022: Dr. Reddy's Laboratories Ltd. has reported that the Drugs Controller General of India (DCGI) granted approval for the emergency restricted use of the Sputnik Light vaccine in India.
January 2022: Cipla Limited has received Emergency Use Authorization (EUA) from the Drugs Controller General of India (DCGI) to introduce Molnupiravir in India. This marks the first approval for the oral antiviral, previously sanctioned by the United Kingdom Medicines and Healthcare Products Regulatory Agency (MHRA) for treating mild-to-moderate COVID-19 in individuals at a high risk of progressing to severe disease.
Cleaning and surface Treatment
Pharmaceutical and Healthcare
Textile and Dyeing
Others
Pharmaceutical and Healthcare
Textile
Metal Cleaning and Surface Treatment
Automotive
Electronic
Water Treatment
Others
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 1.1 Billion |
| Market Size 2023 | USD 1.2 Billion |
| Market Size 2032 | USD 1.7 Billion |
| Compound Annual Growth Rate (CAGR) | 5.20% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application, End-Use Industry and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Ube Industries Ltd., Indian Oxalate Limited, Mudanjiang Hongli Chemicals Co., Ltd., P.T. Indofarma (Persero) Tbk, Oxaquim S.A., Shijiazhuang Taihe Chemical Co., Ltd., Pangaea Sciences Inc., Shanxi Province Yuanping Chemicals Co., Ltd., Star Oxochem Private Limited and Radiant Indus Chem Pvt. Ltd. |
| Key Market Opportunities | Rising demand in the pharmaceutical sector |
| Key Market Dynamics | Increasing demand in cleaning and bleaching applications |
Oxalic Acid Market Highlights:
Frequently Asked Questions (FAQ) :
The Oxalic Acid market size was valued at USD 1.1 Billion in 2022.
The market is projected to grow at a CAGR of 5.20% during the forecast period, 2023-2032.
North America had the largest share in the market
The key players in the market are Ube Industries Ltd., Indian Oxalate Limited, Mudanjiang Hongli Chemicals Co., Ltd., P.T. Indofarma (Persero) Tbk, Oxaquim S.A., Shijiazhuang Taihe Chemical Co., Ltd., Pangaea Sciences Inc., Shanxi Province Yuanping Chemicals Co., Ltd., Star Oxochem Private Limited and Radiant Indus Chem Pvt. Ltd. Company.
The pharmaceutical and healthcare category dominated the market in 2022.
The pharmaceutical and healthcare had the largest share in the market.
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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