The global oxalic acid market will cross a value pool of US$ 1Bn through the end of 2029. According to a new study by Future Market Insights (FMI), the market for oxalic acid is largely influenced by increasing applications in domestic, institutional, and industrial chemicals. The industry is also supported by growth in worldwide industrial output and growing concerns over the efficacy of water treatment processes.
"Factors such as changing food habits, lifestyles, and sleeping habits are contributing to the demand for pharmaceuticals across the globe. This in turn, is leading to the growing consumption of oxalic acid," reveals the FMI report.
Key Research Findings
- On the basis of type, standard grade oxalic acid will account for more than 40% of the overall revenue share through the forecast period, gradually losing out to technical grade variants.
- Applications as bleaching or purifying agents will hold major market share, while the uses as reducing agents will display a higher growth rate.
- Widespread adoption in activities in the petrochemical industry, will lead the market in terms of end user applications.
- Gains of the global oxalic acid market will remain largely concentrated in East Asia. This market will display very lucrative opportunities, driven by the industrial sector and lax regulations.
Key Growth Drivers
- Strong concerns over sterilization requirements for pharmaceutical equipment plays a key role in the growth of the market.
- Widespread use of digital technologies in pharmaceutical and rare earth industries to add to the global footprint of players.
- Extensive use of oxalic acid for industrial and domestic cleaning and bleaching agents is a major factor contributing to market growth.
- The rising varieties of medical equipment and applications in water treatment will drive adoption.
Key Impediments
- The oxalic acid market faces continued challenges owing to health risks and side effects associated with unprotected exposure to the material, which can hamper market growth.
The Covid-19 Impact
For oxalic acid, China is a key manufacturing center for raw materials. As the number of Coronavirus cases in the region decline, production levels have started to recover. On the other hand, lack of adequate manpower and disruptions in supply chains will result in a slow recovery to full efficiency in production. Further, volatility in prices and reduced rates of adoption in end user industries will minimize value creation. In addition, logistical hurdles and travel restrictions set up by governments around the world will hamper market growth in the short term.
Competition Structure Analysis - Oxalic acid Market
The competition landscape of oxalic acid market remains fairly fragmented. Key players are also investing in collaborations with government bodies and end user industries. Players are also focusing their efforts towards bolstering their direct presence in the local markets of emerging economies to leverage untapped market potential.
Some of the key players in the oxalic acid market include, but are not limited to Penta s.r.o., Mundanjiang Fengda Chemical Co. Ltd., Shandong Fengyuan Chemical Co. Ltd., Oxaquim, Spectrum Chemical Manufacturing Corp., Merck KGaA, Shijiazhuang Taihe Chemical Co. Ltd., UBE Industries Ltd., Indian Oxalate Ltd., and Clariant International Ltd.
Press Release Source: https://www.accesswire.com/587568/Oxalic-Acid-Market-to-Surpass-Billion-dollar-Mark-Through-2029-Update-by-End-use-Industries-Limited-by-Coronavirus-Outbreak-Future-Market-Insights
Request for covid19 Impact Analysis: https://www.futuremarketinsights.com/covid19/rep-gb-1267
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI’s largest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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