Oxalic acid is a naturally occurring compound found in many plants and vegetables, such as spinach, rhubarb, and cocoa. The market is expected to grow at a significant rate due to the increasing demand from various end-use industries and growing awareness about sustainable cleaning agents.
Oxalic acid is extensively used as a cleaning agent and metal polishing agent in various industries such as automotive, construction, and aerospace. It is used as a bleaching agent and mordant in the textile industry. Additionally, it acts as a natural cleaning agent, and its demand is expected to grow as consumers become increasingly aware of the benefits of using sustainable cleaning agents.
Moreover, it has a wide application in the pharmaceutical industry is it used as a raw material in the production of various pharmaceutical products, including antibiotics, antiseptics, and bleaching agents. For instance, it is used in the production of ciprofloxacin, which is an antibiotic used to treat various bacterial infections. It is also used in the production of antiseptics like potassium permanganate solution, which is used to treat skin conditions such as eczema and fungal infections.
The oxalic acid market is broadly segmented into grade and application. The grade segment is further categorized into standard, technical or pharma. The application segment is further subdivided into reducing agents and bleaching & purifying agents.
Some of the key players operating in this market are Oxaquim, UBE Corporation, Spectrum Chemical, Mudanjiang Fengda Chemical Co., Ltd., Merck KGaA, and others. Prominent players involved in the marketplace are continuously focusing on business expansion activities through collaborations and partnerships across the value chain. For instance, in April 2021, Oxaguim announced an expansion in its production capacity in Alcañiz to meet the rising demand of there organic chemicals from various end use industries.
Asia Pacific region holds a largest market share, both in terms of production and consumption. The demand for oxalic acid in the region is driven by the growing industrial sector, particularly in China and India.China is the largest producer and consumer of this organic chemical in the region, accounting for a significant share of the global market. The country's dominance can be attributed to its large-scale manufacturing capabilities, favorable government policies, and easy availability of raw materials.
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