Oxalic Acid Market: Industry Analysis and Forecast (2024-2030) Trends, Statistics, Dynamics, Segmentation by Raw Material, Application and Region

The Oxalic Acid Market size was valued at USD 638.76 Million in 2023 and the total Oxalic Acid Market revenue is expected to grow at a CAGR of 4.22% from 2024 to 2030, reaching nearly USD 853.12 Million.
Oxalic Acid Market Overview:
The Oxalic Acid Market covers a wide range of applications owing to the versatile nature of oxalic acid, a colorless, crystalline organic compound with the chemical formula H2C2O4, also known as ethanedioic acid. Found naturally in plants such as spinach, rhubarb, and cocoa, and producible synthetically, oxalic acid is highly valued across many industries. It serves as a potent cleaning agent, effectively eliminating rust and stains from metal surfaces and brightening wood decks and furniture stained by iron or tannins. In the textile sector, oxalic acid functions as a bleaching agent, increasing the colorfastness of fabrics and fibers.

The compound's utility develops to metal maintenance, where it cleans and polishes bronze, brass, and aluminum, removing tarnish and stains. In apiculture, oxalic acid is crucial for treating Varroa mites, thus stimulating hive health. It also plays a role in photography as a reducing agent in increasing solutions and is used in carpentry for wood bleaching to lighten or eliminate stains on hardwood floors.



Oxalic Acid Pricing Insights and Future Outlook from June 2024:

1. North America: US$ 0.6/KG, 3.4% up
2. Europe: US$ 0.58/KG, 1.8% up
3. Northeast Asia: US$ 0.46/KG, unchanged
Oxalic Acid Market Dynamics:
Increasing Concerns Over Surgical Site Infections Propel Oxalic Acid Market

Growing concerns about surgical site infections (SSIs) are estimated to boost the oxalic acid market. SSIs are infections that arise at the site of a surgical incision or in the tissue layers affected by the surgical procedure. Oxalic acid, with its germicide properties, can help combat these infections. As per the Centers for Disease Control and Prevention, the SSI standardized infection ratio (SIR) associated with all operational procedure groups increased by around 3% in 2021 compared to the earlier year. This increasing concern over SSIs is expected to drive the demand for oxalic acid market.

Growing Investments Drive Growth in the Oxalic Acid Market

Rising investments are a prominent trend in the oxalic acid market, with major companies attempting to meet demand and sustain their market position. Such as, in May 2022, Oxaquim S.A., a Spain-based oxalic acid producer, publicised plans to boost its annual production capacity from 20,000 to 25,000 metric tons by investing 44 million euros ($47.05 million) in expanding its Alcaniz factory and developing a new facility in Andorra. This growth aims to meet future demand for oxalic acid.

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Companies Fuel Oxalic Acid Market by Manufacturing Herbicides for Agriculture

Major companies in the oxalic acid market are gradually focusing on manufacturing herbicides for agriculture. Oxalic acid, with its anti-nutrient properties, can be toxic to unwanted vegetation. Such as, in January 2023, ADAMA, an Israel-based herbicide manufacturer, launched Acert, a new herbicide with oxalic acid as its primary ingredient. This solution targets invasive red rice (Oryza sativa) and other difficult-to-eradicate weeds such as barnyard grass (Echinochloa crus-pavonis).

Oxalic Acid Market Opportunities:

The oxalic acid market is poised for modest growth thanks to rising demand in the petrochemical sector in emerging countries and the expanding global pharmaceutical sector. As people progressively spend on medications to mitigate the risk of allergies and illnesses, the demand for oxalic acid is set to increase. This growth is specifically driven by the need for technical and pharmaceutical-grade oxalic acid, spurred by increasing concerns over sanitizing pharmaceutical equipment. Healthcare professionals are increasingly using oxalic acid as a cleaning and disinfecting agent to sterilize medical equipment. Furthermore, the increase in surgical site infections is expected to further boost demand for oxalic acid-based cleaning and purifying products, accenting its critical role in maintaining medical hygiene.

Oxalic Acid Market Restraint:

The high toxicity of oxalic acid is a significant restraint on oxalic acid market growth. Oxalates, sometimes referred to as anti-nutrients, bind to specific minerals and inhibit their absorption by the body. While oxalate is safe in small doses, higher levels can impede mineral absorption and contribute to the formation of kidney stones, particularly calcium oxalate stones. Elevated concentrations of oxalic acid or oxalates can lead to these health issues, concluding concerns about oxalic acid toxicity. These health concerns are hindering the growth of the oxalic acid market globally.
Oxalic Acid Market Segmentation Analysis:
By Raw Material, Dihydrate segment dominates with a nearly 63% oxalic acid market share in 2023. Dihydrate's formula and product purity are particularly high, ranging from 99.5% to 100%. In the food & beverage industry, dihydrate serves as a flavoring additive for ice cream and bakery products, and as a pH balancing agent. In the textile and leather industries, it is utilized as a bleaching agent. Oxalic acid dihydrate also functions as a reducing agent and is used in therapy to reduce populations of naturally occurring bacteria. Additionally, it is employed as a buffer in chromatographic separation, dechelation, and deproteinization, often in conjunction with acetonitrile and other solvents.



By Application, in 2023, the pharmaceutical and healthcare segment dominated the oxalic acid market, accounting for 30% of market share. This segment has secured the largest market share owing to oxalic acid's critical role in pharmaceutical manufacturing. As an needed ingredient in the synthesis of certain drugs, oxalic acid notably contributes to the pharmaceutical industry's growth. With the continual growth 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.
Oxalic Acid Market Regional Insight:
Asia-Pacific region dominated the market in 2023 with 48% of total shares and is expected to grow at a CAGR of 4.65% during the forecast period. During the first quarter of 2023, the China oxalic acid market began with a subdued performance due to diminished market demand and the observance of the Lunar New Year celebration. In January 2023, the cost of oxalic acid in China declined. However, in February 2023, prices began to rise owing to heightened purchasing activities guided by robust demand and favourable trading conditions across Asian countries. This rise in demand was fueled by increased requirements from the downstream pharmaceutical industry and insufficient stocks to meet buyer needs, leading to increased demand in the Chinese market.

In the second quarter of 2023, the oxalic acid market faced slow trading activities despite an uptick in demand from the downstream organic synthesis sector. Decreased demand from end-user industries, specifically pharmaceuticals and metal cleaning, combined with pessimistic buying, triggered a surge in oxalic acid demand. Major producers adjusted prices to align with the lowered purchasing interest, and the excess supply of oxalic acid resulted in an abundance of fresh stock, supplying to hazy demand and a smooth supply in the Chinese market.
Europe is expected to grow rapidly at a CAGR of 4.78% during the forecast period 2024-2030. Europe was the leading importer of oxalic acid, importing over 28 kilotons. Europe's top players are Oxaquime S.A. and Welchem International GmBh. Healthy acquisitions and partnerships have also contributed to the regional oxalic acid market's growth.

Oxalic Acid Market Competitive Landscape:

Leading companies in Oxalic Acid market were focusing on research and development to innovate new products or improve existing ones. This could involve developing Oxalic Acid derivatives with enhanced properties or applications to cater to specific industry needs. Collaboration with other companies, research institutions, or government bodies was common among key players. These partnerships could involve joint research projects, technology sharing, distribution agreements, or co-marketing initiatives to leverage each other's strengths and resources.

For example, In October 2023, Sweden company’s scientists at Chalmers University of Technology introduced an innovative and effective method for repurposing metals from depleted EVs batteries. This technique, which works the organic compound oxalic acid, enables the retrieval of 100% of the aluminium and 98% of the lithium found in electric car batteries. At the same time, it minimizes the loss of valuable resources like nickel, cobalt, and manganese.
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Global Oxalic Acid Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 638.76 Mn.


Forecast Period 2024 to 2030 CAGR:
4.22%
Market Size in 2030:
US $ 853.12 Mn.


 Segments Covered:
by Raw Material
Dihydrate
Anhydrous
Solution


by Application
Pharmaceutical
Rare Earth Sampling
Metal Processing
Agriculture
Chemicals
Textile & Leather
Others



Oxalic Acid Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Oxalic Acid Market, Key Players are
1. Oxaquim S.A. (Spain)
2. UBE Industries Ltd. (Japan)
3. PCC Chemax Inc. (USA)
4. Indian Oxalate Limited (India)
5. Hummel Croton Inc. (USA)
6. Shijiazhuang Taihe Chemical Co., Ltd. (China)
7. Raviraj Chemicals (India)
8. Shandong Fengyuan Chemical Stock Co., Ltd. (China)
9. U.S. Chemicals LLC (USA)
10. Rajiv Traders (India)
11. Star Oxochem Private Limited (India)
12. Hezhou City Yaolong Trade Co., Ltd. (China)
13. Mudanjiang Hongli Chemicals Co., Ltd. (China)
14. Shanxi Province Yuanping Chemicals Co., Ltd. (China)
15. Mudanjiang Jingangzuan Boron Chemicals Co., Ltd. (China)
16. Xingtai Lantian Chemicals Co., Ltd. (China)
17. Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (India)
18. Alfa Aesar, Thermo Fisher Scientific Inc. (USA)
19. Chemtex Speciality Limited (India)
20. Yancheng Huacheng Chemical Co., Ltd. (China)

FAQs:
1] Which region is expected to hold the highest share in the Market?
Ans. The Asia Pacific region is expected to hold the highest share in the Market.

2] Who are the top key players in the Market?
Ans. Oxaquim S.A., Ube Industries Ltd., Indian Oxalate Limited, Raviraj Chemicals are the top key players in the Market.

3] Which application segment is expected to hold the largest market share in the OMarket by 2030?
Ans. Pharmaceutical segment is expected to hold the largest market share in the Market by 2030.

4] What is the market size of the Market by 2030?
Ans. The market size of the Oxalic Acid Market is expected to reach US $ 853.12 Mn. by 2030.

5] What was the market size of the Oxalic Acid Market in 2023?
Ans. The market size of the Oxalic Acid Market was worth US $ 638.76 Mn. in 2023.