In 2022, the Oxalic Acid Market had a significant value of US$ 627.61 million, and it's all set to embark on a journey of growth at a CAGR of 2.6% through 2023 to 2029, with projected revenues reaching nearly US$ 751.13 million.
Oxalic Acid: More Than Just Chemistry
Scientifically referred to as C2H2O6 or ethanedioic acid, oxalic acid is a chemical with a wide range of applications. It serves as a metal polish, stain remover, bleaching agent, and mordant. Oxalic acid has a vital function in everything from the making of straw hats to polishing and removing tarnish from metal objects. But health is also a factor; it's not simply about chemistry.
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Oxalic Acid in Pharmaceuticals
Growing public awareness of health hazards and microbiological contamination has led to a boom in the pharmaceutical business. A major participant in this market, oxalic acid is a component of several drugs, including antibiotics. One major factor propelling the oxalic acid market is the growth of medicines.
Oxalic Acid Market Segment Analysis:
The market is divided into three segments based on the product grade: solution, anhydrous, and dihydrate. Dihydrate has a high purity product with a range of 99.5% to 100%. Dihydrate is used in the food and beverage sector as a PH balancing agent and as a flavoring addition for ice cream and baked goods. As a bleaching agent, dihydrate is used in the leather and textile industries.
by Product
Grade Dihydrate
Anhydrous
Solution
The market is divided into many segments based on the applications, including pharmaceuticals, metal processing, agriculture, chemicals, textile and leather, and rare earth sampling. This is because the pharmaceutical industry uses oxalic acid to manufacture antibiotics such as Borneol, Terramycin, and Acromycine.
by Application
Pharmaceutical
Rare Earth Sampling
Metal Processing
Agriculture
Chemicals
Textile Leather
Others
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Key Players
1. UBE Industries Ltd. 2. Punjab Chemical and Crop Protection Limited (PCCPL) 3. Radiant Indus Chem Pvt. Ltd. (RICPL) 4. Oxaquim S.A 5. Star Oxochem Pvt. Ltd 6. LabChem lnc. 7. Sigma-Aldrich Corporation 8. Honeywell International Inc. 9. Clariant 10. Shanxi Province Yuanping Chemicals Co. 11. Oxaquim S.A. 12. Mudanjiang Hongli 13. Indian Oxalate Ltd. 14. Synthetic Colour CHEM INDS 15. Radiance Paper 16. Salema Chemicals PVT. LTD.
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