Global Oxalic Acid Market: Overview

Oxalic acid is an organic compound that exists as a crystalline solid and forms a colorless solution in water. It is extensively used as a bleaching agent and in the dying process. Moreover, it finds several applications in the pharmaceutical industries for the purification process. The global oxalic acid market is expected to grow exponentially during the forecast period owing to numerous commercial applications.

Global Oxalic Acid Market: Notable Developments

Below are a few notable developments in the global oxalic acid market:

  • Oxybee, a new solution for varroa treatment that uses new oxalic acid formulation is a major breakthrough in the global oxalic acid market. It is available in powder and liquid form and is used to prepare bee-hive dispersion. It effectively kills the mites that come in its contact with it and offers a higher efficacy as compared to other oxalic acid solutions.
  • The development of new carbon dioxide scrubber has paved new opportunities for the global oxalic acid market. It converts captured CO2 into oxalic acid. Producing oxalic acid domestically allows effective extraction of rare earth elements. Moreover, it reduces the concentration of carbon dioxide in flue gas from 8% to 4%. Researchers are aiming at reducing it to 2%.

Prominent companies in the global oxalic acid market comprise Clariant, Shanxi Province Yuanping Chemicals Co., Ltd., Shanxi Province Yuanping Chemicals Co., Oxaquim S.A., Mudanjiang Hongli, and Ube industries.

Global Oxalic Acid Market: Key Growth Dynamics

Oxalic acid widely used in the pharmaceutical industry for the production of medicines such as terramycin, borneol, tetracycline, and other antibiotics. Therefore, an expansion of the pharmaceutical industry has highly contributed to the growth of global oxalic acid market. Additionally, it has been increasingly used to smelt real earth. Consequently, a surge in the rare earths industry has propelled the market’s growth. The new technological advancements in the rare earths industry such as the CO2 scrubber have further propelled the market’s growth.

Furthermore, the use of oxalic acid as a flavoring agent in ice-creams, beverages, and bakery products has provided thrust to the global oxalic acid market. In addition to this, it has been extensively adopted in the metal polishing industry for applications such as rust removal, alumite film processing, surface polishing, and metal purification. This has played a prominent role in driving the expansion of the global oxalic acid market.

Chemical manufacturing is another industry that has highly contributed to the growth of the oxalic acid market. In the chemical industries, oxalic acid is used to produce industrial chemicals, salts, oxalates, and other compounds. Further, an expansion in the textile industry has facilitated the market’s growth.

However, along with the numerous drivers, there are a few bottlenecks in the growth of global oxalic acid market. Factors such as corrosive nature of the chemical and safety issues related to household use may cause a shortfall in the market. Nonetheless, increasing awareness regarding sterilization in several industries and research and development activities may offset the effects of the restraints.

Global Oxalic Acid Market: Regional Outlook

Europe is expected to witness promising growth in the global oxalic acid market during the forecast period owing to the entry of new players in the market. Additionally, effective mergers and acquisitions have contributed to the market’s growth in this region. Asia Pacific is also perceived to serve as one of the major oxalic acid markets. The growth in this region is mainly driven by China as it is a major producer of oxalic acid.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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