Oxalic Acid Global Market Report 2024

The oxalic acid market size has grown steadily in recent years. It will grow from $1.2 billion in 2023 to $1.26 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The growth witnessed in the historical period can be ascribed to advancements in chemical manufacturing, the transformative impact of the industrial revolution, expansion within the textile industry, and increased demand for metal cleaning and rust removal, as well as wood bleaching and stain removal processes.

The oxalic acid market size is expected to see steady growth in the next few years. It will grow to $1.5 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%. The anticipated growth in the forecast period is driven by the expansion of pharmaceutical and medical applications, the adoption of renewable feedstocks, the increasing popularity of green cleaning solutions, innovation within the food industry, and the development of advanced water treatment solutions. Noteworthy trends expected during this period encompass advancements in carbon capture and sequestration, the implementation of selective oxidation processes, leveraging antibacterial and antiviral properties, exploring nanostructured oxalic acid applications, and the formulation of biodegradable products.

The oxalic acid market is poised for growth, propelled by escalating concerns related to the rise in surgical site infections. Surgical site infections (SSIs), occurring at the site of a surgical incision or in affected tissue layers, have become a focal point of apprehension. These infections can manifest post any surgical procedure, spanning from minor outpatient to major surgeries. Oxalic acid, endowed with antimicrobial properties and potential efficacy against specific bacteria and fungi, emerges as a valuable solution against surgical site infections. Notably, a January 2023 report from the Centers for Disease Control and Prevention (CDC), a US government agency, reveals a 3% increase in the standardized infection ratio (SIR) associated with all operational procedure categories in 2021 compared to the previous year. This alarming trend underscores the imperative role oxalic acid can play in mitigating the surge in surgical site infections, thereby driving the growth of the oxalic acid market.

The thriving pharmaceutical industry stands as a significant contributor to the burgeoning oxalic acid market. Oxalic acid finds applications in medicinal formulations within the pharmaceutical sector, contributing to the escalating demand for specific organic acids. A case in point is the 2022 report from Sanofi, a prominent France-based pharmaceutical company, which indicates a robust 6.9% increase in pharmaceutical sales to $33,707.85 million in 2022 compared to the preceding year. This substantial growth in the pharmaceutical industry is anticipated to propel the oxalic acid market further.

Anticipated growth in the oxalic acid market is closely tied to the increasing expenditure in the pharmaceutical industry. The pharmaceutical sector, encompassing drug development, production, and marketing, relies on oxalic acid as an intermediate for synthesizing various drugs and chemicals. Elevated expenditure levels in this industry can foster innovation and productivity, driving the utilization of oxalic acid in the discovery of novel drugs. Notably, a report from the European Federation of Pharmaceutical Industries and Associations, a Belgium-based pharmaceutical trade association, highlights that in 2021, European health industries invested approximately €188.7 billion ($206 billion) in pharmaceutical research and development (R&D) in 2020. This accounted for 20.8% of the total global business R&D expenditure, establishing the pharmaceutical industry as the leading investor among various sectors. As such, the increasing expenditure on the pharmaceutical industry emerges as a key driver for the oxalic acid market.

A noteworthy trend in the oxalic acid market is the surge in investments by major companies to meet growing demand and maintain market leadership. For instance, Oxaquim S.A, a Spain-based oxalic acid producer, announced plans in May 2022 to enhance its annual production capacity from 20,000 to 25,000 metric tons. This expansion, backed by a €44 million ($47.05 million) investment, includes the expansion of its Alcaniz factory and the establishment of a new facility in Andorra. Such strategic investments are aimed at meeting the future demand for oxalic acid, underscoring the commitment of industry players to sustain their market position.

Major companies in the oxalic acid market are strategically focusing on the production of oxalic acids for herbicides. Oxalic acid's anti-nutrient properties make it effective in herbicides, offering a solution for managing unwanted vegetation in agriculture. In January 2023, ADAMA, an Israel-based herbicide manufacturer, introduced a new herbicide called Acert, with oxalic acid as its primary ingredient. This herbicide is designed to control invasive red rice (Oryza sativa) and other challenging-to-eradicate weeds such as barnyard grass (Echinochloa crus-pavonis), showcasing the versatility of oxalic acid in agricultural applications.

Major companies operating in the oxalic acid market report are Honeywell International Inc., Merck KGaA, Clariant AG, UBE Corporation, Sigma-Aldrich Co. LLC, PCC Rokita SA, Shandong Fengyuan Chemical Co. Ltd., Alfa Aesar, Spectrum Chemical Manufacturing Corp., Punjab Chemicals And Crop Protection Ltd., Chongqing Changyuan Group Limited, Gem Chemicals, Penta s.r.o, Chemtex Specialty Limited, Shijiazhuang Taihe Chemical Co. Ltd., Lab-Chem Corporation, Noah Chemicals, PANGEA CHEMICALS PRIVATE LIMITEDPangea Chemicals Pvt Ltd., Nanjing Jiayi Sunway Chemical Co. Ltd., TRInternational Inc., Oxaquim S.A., Uranus Chemicals Co. Ltd., Mudanjiang Hongli Chemicals Co. Ltd., Hibrett Puratex, Star Oxochem Private Limited, Shanghai Yixin Chemical Co. Ltd., Shijiazhuang Xinlongwei Chemical Co. Ltd., Shandong Baovi Energy Technology Co. Ltd., Hefei TNJ Chemical Industry Co. Ltd., Shandong Baoyuan Chemical Co. Ltd.

Asia-Pacific was the largest region in the oxalic acid market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the oxalic acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the oxalic acid market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Manufactured through processes such as the oxidation of carbohydrates, co-coupling reaction, oxidation of propylene, and the sodium formate process, anhydrous oxalic acid is utilized across industries. Its versatile applications include serving as bleaching and purifying agents, reducing agents, stain and rust removers, miticides, precipitation agents, among others. Key sectors such as petrochemicals, water treatment chemicals, metallurgy, textiles and leather, pharmaceuticals, electronics and semiconductors, wood pulp, and beekeeping extensively utilize anhydrous oxalic acid for various purposes.

The oxalic acid market research report is one of a series of new reports that provides oxalic acid market statistics, including oxalic acid industry global market size, regional shares, competitors with an oxalic acid market share, detailed oxalic acid market segments, market trends and opportunities, and any further data you may need to thrive in the oxalic acid industry. This oxalic acid market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The oxalic acid market consists of sales of ethanedioic acid, dicarboxylic acid, oxalic acid dihydrate, and ethanedionate. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.