Description:Global Oxalic Acid Market size was valued at US$ XX Mn in 2019 and the total revenue is expected to grow at XX% through 2020 to 2026, reaching nearly US$ XX Mn in the forecast period.
The global Oxalic Acid Market report is a comprehensive analysis of the industry, market, and key players. The... moreGlobal Oxalic Acid Market size was valued at US$ XX Mn in 2019 and the total revenue is expected to grow at XX% through 2020 to 2026, reaching nearly US$ XX Mn in the forecast period.
The global Oxalic Acid Market report is a comprehensive analysis of the industry, market, and key players. The report has covered the market by demand and supply-side by segments. The global Oxalic Acid Market report also provides trends by market segments, technology, and investment with a competitive landscape.
Global Oxalic Acid Market Overview:
Oxalic acid is an organic compound found. Oxalic acid is a white crystalline solid that forms a colorless solution in water. The molecular formula for oxalic acid is C2H2O6 with IUPAC name ethanedioic acid. Oxalic acid is found in various plants like vegetables, nuts and seeds, fruits, leafy green vegetables. In plants oxalic acid is usually bound to minerals, forming oxalate. Oxalic acid has several roles like bleach, metal polish, stain remover, and mordant. Bleaching is mostly used in straw hats, leather, and wood. Oxalic acid is used as a reducing agent to remove rust, ink stain, and tarnish for metal oxide.
Global Oxalic Acid Market Dynamics:
Oxalic acid is widely used in the pharmaceutical industry for the manufacturing of drugs and various medicines like antibiotics. And due to high awareness in microbial contamination and health hazard are driving the pharmaceutical market of antibiotics and many others. The expansion of the pharmaceutical industry is a major contributor to the oxalic acid market.
Oxalic acid is used as a flavoring agent in the food and beverages industry for ice-creams, bakery products, beverages has boosted the growth of the global oxalic acid market. Oxalic acid is also employed in metal polishing to removes rust, alumite film processing, metal purification, and surface polishing. These factors further help in the expansion of the global oxalic acid market.
The chemical industry is further increasing the demand for the oxalic acid market as standard grade oxalic acid is most preferred in rising concerns regarding the need for sterilization of pharmaceutical equipment and are responsible for the transition. The market share of standard grade oxalic acid that is pure 96-99% accounts for 40% of the global market share. However technical grade oxalic acid that is pure 99%-99.9% will lose its share and hamper the market.
Demand for applications such as metal cleaning, dry cleaning, vapor degreasing in economies like china is driving the regional market and attract huge market players to invest in the oxalic acid market. and further markets are forming strategic relationships with the top market players to sustain in the oxalic acid market. This factor creates opportunities for the newcomers to enter the market and generate more into the business.
Global Oxalic Acid Market Segment Analysis:
By Product Grade, the segment is divided into Anhydrous, Dihydrate, and Solution. Dihydrate is dominating the product grade segment in the oxalic acid market. Dihdrous is the most used grade and accounted for 45% of the total market share in the year 2017. Dihydrate has high purity formula and product purity with 99.5% to 100%.
Global Oxalic Acid Market
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Dihydrate is also used in the food and beverage industry, as a flavoring agent for ice-cream and bakery products, ph balancing agent in food items and beverages. Dihydrate is also used as a bleaching agent in the textile industry and leather industry.
By Application: the segment is divided into pharmaceutical, rare earth sampling, metal processing, agriculture, chemical, textile and leather, and others. The major consumers of oxalic acid are rare earth samplings, the agriculture industry, chemical industry, and textile industry. The pharmaceutical industry is dominating the oxalic acid market as oxalic acid is mainly employed in the manufacturing of drugs like Terramycin, Acromycine, Borneol, and many other antibiotics.
Oxalic acid is also used as a key precursor for the production of its derivatives such as salt, esters, fine chemicals, industrial chemicals, phenol resin catalyst, and oxalates. Henceforth chemical industry is a second dominating industry in the oxalic acid market for the manufacturing of chemicals and the global ethanedioic acid market. Oxalic acid is also used as a reagent hence its use in the organic and analytical industry further expands the market.
Oxalic Acid Market
Global Oxalic Acid Market Regional Insights:
The Asia Pacific is dominating the oxalic acid market and constitutes more than 60% of the total revenue of the product. The factor responsible for the growth of the regional market is the presence of market players and well-developed downstream industries in the region that boost the demand for the oxalic acid market. The growth in the Asia Pacific is driven by China, as China is producing a large scale... less
