February 19, 2019 – According to a report available on Radiant Insights, Inc.; the oxalic acid market is likely to expand progressively by 2023. Increasing applications of the product in chemical manufacturing, metal processing, pharmaceutical, medical, textile and leather, rare earth sampling, and agriculture can drive the market during the forecast period (2018 to 2023). In addition, growing concerns regarding sterilization in industries can drive the product.
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Significant growth in rare earths and pharmaceutical industry is considered as the crucial driving factor for the market. The product is soluble in water, alcohol, and ether. The product can be extensively used in pharmaceuticals for purification or dilution. The product is used as a cleaning or bleaching agent in several industrial as well as household applications, which is expected to positively drive the market in the coming years. Additionally, increasing utilization as a mordant in dying process, rust-remover in metal treatment, and water treatment can increase product demand in the coming years. The product can be produced with several synthetic and bio-based routes. Increasing use of bio-based precursors, specifically, ethylene glycol and molasses, the product is likely to gain prominence as a biochemical intermediate in the years to come.
However, corrosive and toxic nature of the product is likely to restrict the market growth. As the product may harm to tissues, causes burning sensation, spasm, and laryngitis.
Worldwide oxalic acid market can be segmented on the basis of application and region. Based on application, the market can be categorized into fine chemicals, textile and leather, metal and metallurgy, pharmaceuticals, starch, and electronics.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Middle East and Africa, and South America.
The certain types of carboxylic acids such as oxalic and citric have been observed notable developments mainly in the Europe and Asia Pacific. Asia Pacific is considered as one of the largest markets. Increasing developments in industries including rare earth industry, pharmaceutical, and textiles are likely to augment the product demand in this region in the coming years. The China is a major producer, exporter, and consumer of the product. The region produces all the commercial grades of oxalic acid such as dihydrate, anhydrous, and aqueous solutions. Rapid industrialization, availability of skilled labor, and existence of wide consumer base mainly in China and India are expected to drive the market in the coming years. Europe is expected to be the fastest growing market over the forecast period. North America is also expected to show significant growth on account of growth in application sector.
Some of the leading companies operating in the market include WeylChem, Yuanping Chemical, Danhua Technology, Uranus Chemicals, and Indian Oxalate. The market looks competitive and several companies are adopting strategies such as expansion, collaborations, and joint venture to gain traction in the market.
For instance, Avantium, a chemical technology company and forerunner in renewable chemistry recently declared the news that it has acquired the assets of Liquid Light Inc. a developer of electrochemical processes.
The Liquid Light has established a proprietary process technology to create major chemicals from low-cost and globally-abundant carbon dioxide (CO2). The company has field over 100 national patent applications and more than twenty have been granted including oxalic acid. The technology and patent portfolio of Liquid Light will be combined in Avantium’s Renewable Chemistry business facility and existing R&D program in electrochemistry.