Oxalic Acid Market Is Experiencing Robust Growth Boosted By Demand From Rare Earth, Pharmaceutical, Medical Industries Till 2021 | Million Insights

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According to new report available with Million Insights, Oxalic acid is used in various industries such as in pharmaceutical industry for production of medicines such as Aureomycin, tetracycline, oxytetracycline, and so on, and also for purification or dilution purpose.

Global oxalic acid market is segmented on the basis of manufacturing process, application, and geography. Oxalic acid is an organic compound and colorless, crystalline substance with sharp, sour taste. At high concentration, it could prove to be poisonous. Oxalic acid is a part of carboxylic acid family. It is soluble in water, ether, and alcohol. Oxalic acid is used in various industries such as in pharmaceutical industry for production of medicines such as Aureomycin, tetracycline, oxytetracycline, and so on, and also for purification or dilution purpose. It is usually used as bleaching or cleaning agent for straw hats; in laundries for removing paint, color, iron rust stains, varnish, and ink stains.

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Oxalic acid is used as a mardant in dying process. It is also used for metal polishing and wood cleaning. Oxalic acid plays an important role as rust-remover for metal treatment industry as well as water treatment. It is also used in the leather tanning process and as an agent in the rare earth’s industry.Increasing development in different verticals such as medical, pharmaceuticals, and others is an important reason behind its growing demand for oxalic acid across the globe. Oxalic acid is harmful to tissues and extreme exposure to oxalic acid causes laryngitis, burning sensation, spasm and so on; which, in turn, hampers the growth of the oxalic acid market.

The tremendous growth in rare earth and pharmaceutical industry is the major supplier to the growth of the oxalic acid market. Oxalic acid market is expected to grow substantially in the upcoming years. Furthermore, several companies are adopting attractive strategies such as collaboration, expansion, and joint venture to accelerate the growth of the oxalic acid market.Based on manufacturing process, oxalic acid market is classified as sodium formate dehydrogenation process, nitric acid oxidation process, dialkyl oxalate hydrolysis process, and so on. Based on application, oxalic acid market is classified as rare earth industry, textile, pharmaceuticals, cleaning & bleaching, dying & printing, developing photographic films, beekeepers, surface dust removal, daily use chemicals, and so on.

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Based on geography, oxalic acid indsutry is classified as Europe, Latin America, Asia Pacific, North America, and Middle East & Africa. Asia Pacific is estimated to be the largest market share of oxalic acid across the globe. Especially China is a major producer, consumer, and exporter of oxalic acid. The tremendous growth in rare earth industry, textiles, and pharmaceuticals is the main factor behind the increase in oxalic acid industry in Asian countries.

Europe is one of the fastest rising markets for oxalic acid. In application sector, the U.S. is also representing positive view toward the demand for oxalic acid. Key players operating in the oxalic acid industry are Radiant Indus, Clariant, Mudanjiang Hongli, Hill Brothers Chemical Co., Shanxi Province Yuanping Chemicals Co. Ltd, Shijiazhuang Taihe Chemical Co. Ltd., Uranus Chemicals Co. Ltd, Oxaquim S.A., Ube Industries Ltd., Tongliao Jinmei Chemicals Co. Ltd., Indian Oxalate Ltd., Clariant International Ltd and Labchem Inc.

Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/chemicals

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