A recent analysis by Future Market Insights (FMI) estimates the global oxalic acid market to be worth US$1,191 million by 2028. Nearly all important end-use industries such as petrochemicals, pharmaceuticals and water treatment chemicals rely on oxalic acid.
The demand for oxalic acid in the Asia-Pacific region is growing due to the rapid growth of the industrial sector in the region. In addition, rising water treatment concerns are expected to fuel the expansion of the global oxalic acid market in the near future.
The COVID-19 pandemic has gripped regions and the global economic order. Accordingly, value creation in the oxalic acid market is expected to decrease due to price volatility, short-term market uncertainty, and reduced adoption in most key application segments. Travel restrictions imposed by governments around the world will hamper the growth of the market, especially for business events requiring face-to-face meetings. Moreover, logistics issues will remain a challenge given the short-term market growth outlook.
“The global health landscape is rapidly changing and people are spending more on health-related needs. Factors such as changes in lifestyle, eating habits, sleep habits, etc. are driving this change. As people become more and more take care of their health, the global demand for pharmaceuticals is growing, which in turn leads to massive consumption of oxalic acid.”
The global oxalic acid market is quite fragmented due to the small presence of many players in the market space. The top ten established players account for more than half of the total supply. Manufacturers are focusing on strengthening partnerships with end users and government agencies. Major players such as Mudanjiang Fengda Chemical Co., Ltd., Oxaquim, Merck KGaA, UBE Industries Ltd., Clariant International Limited, Indian Oxalate Limited, Shijiazhuang Taihe Chemical Co., Ltd., Spectrum Chemical Manufacturing Corp., Shandong Fengyuan Chemical Co. ., Ltd. ., Penta sro and others are also focused on creating a direct presence in the local market.
The global oxalic acid market is expected to grow at a moderate pace during the forecast period due to increased demand from the petrochemical industry in developing countries. In addition, the growing awareness of medical device disinfection in both developed and developing countries is expected to drive further market growth. Raising awareness in these countries will help increase the distribution of this product for the foreseeable future.
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