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.
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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.
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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.
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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.
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