Market Size of Oxalic Acid Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Oxalic Acid Market Analysis
The global oxalic acid market is projected to register a CAGR of over 4% during the forecast period. COVID-19 negatively impacted the market in 2020. In the first half of 2020, the import and export of oxalic acid were closed due to government-imposed lockdown restrictions. The temporary suspension of transportation unfavorably impacted the consumption of oxalic acid. However, its use in the pharmaceutical sector to produce drugs like borneol and tetracycline, as well as disinfectants, created a great demand for oxalic acid during the pandemic.
- The growing adoption of oxalic acid in the pharmaceutical industry to produce various medicines is forecasting market demand.
- The use of oxalic acid in the metal processing industry for rust removal, smelting of rare earth metals, and as a paint remover is also a blooming opportunity for the market studied.
- Growing health issues due to the toxicity of oxalic acid are hindering the market's growth.
- The Asian-Pacific region is expected to dominate the oxalic acid market and is also likely to witness the highest CAGR during the forecast period.
