Standard Grade Oxalic Acid Remains Highly Preferable
Manufacturers continue to capitalize on standard grade oxalic acid (purity 96%-99%), which procures over 40% of overall market value. However, this study highlights that, the standard grade will lose its share to technical/pharma grade oxalic acid (purity 99%-99.9%) in due course of time. Rising concerns regarding the need for sterilization of pharmaceutical equipment are responsible for this transition. Furthermore, both, standard and technical/pharma grade oxalic acid are likely to attain a valuation of around US$ 1 Bn in 2029.
East Asia Continues to Engage Stakeholders
Procuring a significant chunk of total market stack, East Asia would maintain its supremacy in the oxalic acid market. Surging growth of the industrial sector and lax government regulations regarding the usage of oxalic acid are boosting regional market growth.
Demand upheaval from applications such as dry cleaning, metal cleaning, and vapor degreasing in countries such as China is likely to garner huge attention of stakeholders. Furthermore, market players are forming strategic mergers and acquisitions to maintain their global presence.
Stakeholders Tapping White Spaces in Pharmaceutical Industry
Oxalic acid is utilized for developing myriads of medicines, such as borneol, terramcyin, and tetracycline. In addition, this organic chemical is finding use as a disinfectant chemical in eliminating microorganisms from surgical instruments (sterilization).
Such use cases are offering white spaces to oxalic acid market players. As tech-enabled advancements as well as the count of medical equipment surge, manufacturers must re-align their business models in order to maintain their positive trend in oxalic acid market.
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How Growth will Unfold
The petrochemical industry would remain the immediate consumer of oxalic acid throughout the foreseeable timeframe. Capturing over one-fifth of total market revenue, manufacturers will continue to reap substantial returns from this end-use industry.
While opportunities are hovering around water treatment chemicals, the pharmaceutical sector is also offering fertile ground to manufacturers, owing to the increasing need for sterilization to enhance the hygiene of medical facilities. Further, metallurgy and textiles & leather industries share equal divide in the market value.
OXALIC ACID MARKET TAXONOMY
- Standard Grade (Purity 96%-99%)
- Technical/ Pharma Grade (Purity 99%-99.9%)
- Electronic/ Food Grade (Purity 99.9%-99.999%)
- Bleaching & Purifying Agents
- Reducing Agents
- Stain & Rust Removers
- Precipitation Agents
- Water Treatment Chemicals
- Textiles & Leather
- Electronics & Semiconductors
- Wood Pulp
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa