Oxalic Acid Market Overview: Market Size, Major Drivers And Trends
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The oxalic acid market, with a projected growth from $1.14 billion in 2022 to $1.20 billion in 2023 and an anticipated leap to $1.42 billion by 2027 at a CAGR of 4.3%, is witnessing a surge. Key factors shaping this trajectory include the growing concerns around surgical site infections (SSIs) and strategic investments by major industry players.
- Surgical Site Infections: A Driving Force for Oxalic Acid Demand
- Understanding Surgical Site Infections (SSIs): Surgical site infections refer to infections occurring at the site of a surgical incision or within the tissue layers affected by the surgical procedure. These infections pose a risk across various surgical procedures, from minor outpatient surgeries to major operations.
- Antimicrobial Properties of Oxalic Acid: Oxalic acid is gaining prominence due to its antimicrobial properties and potential effectiveness against certain bacteria and fungi. Its application in preventing SSIs is becoming crucial as the standardized infection ratio (SIR) associated with all operational procedure categories witnessed a 3% increase in 2021 compared to the previous year, according to the Centers for Disease Control and Prevention.
- Industry Titans: Major Players Steering Oxalic Acid Market
- Leaders in the Field: Major players driving the oxalic acid market include Honeywell International Inc., Merck KGaA, Clariant AG, UBE Corporation, Sigma-Aldrich Co. LLC, and a comprehensive list of global industry leaders.
- Investment Surge: A Trend in Oxalic Acid Market
- Strategic Investments: A prominent trend in the oxalic acid market is the surge in investments by major industry players. This strategic approach is geared towards expanding production capacities to meet growing demand and securing a strong market position.
- Oxaquim S.A.’s Expansion: In a notable move, Oxaquim S.A., a Spain-based oxalic acid producer, announced a substantial investment of 44 million euros ($47.05 million). This investment aims to expand its annual production capacity from 20,000 to 25,000 metric tons. The expansion includes upgrading its Alcaniz factory and establishing a new facility in Andorra to cater to the rising demand for oxalic acid.
- Market Dynamics: Segmentation Insights
The oxalic acid market’s nuanced dynamics are revealed through comprehensive segmentation, offering insights into different product grades, processes, applications, and end-use sectors.
- Product Grade: Anhydrous, Dihydrate, Aqueous Solution
- Process: Oxidation Of Carbohydrates, CO Coupling Reaction, Oxidation Of Propylene, Sodium Formate Process
- Application: Bleaching And Purifying Agents, Reducing Agents, Stain And Rust Removers, Miticide, Precipitation Agents, Other Applications
- End Use: Petrochemicals, Water Treatment Chemicals, Metallurgy, Textiles And Leather, Pharmaceuticals, Electronics And Semiconductors, Wood Pulp, Bee-Hiving
- Regional Landscape: Asia-Pacific Leading the Charge
- Current Dominance: In 2022, Asia-Pacific emerged as the largest region in the oxalic acid market, solidifying its status as a key contributor to the industry’s growth.
- Future Growth Hub: Asia-Pacific is poised to maintain its dominance and emerge as the fastest-growing region in the forecast period. This regional strength underscores the region’s pivotal role in propelling the oxalic acid market forward.
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The Oxalic Acid Global Market Report 2023 provides an overview of the oxalic acid market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The oxalic acid market forecast analyzes oxalic acid market size, oxalic acid market share, leading competitor and their market positions.
The Table Of Content For The Oxalic Acid Market Include:
1. Oxalic Acid Market Executive Summary
2. Oxalic Acid Market Segments
3. Oxalic Acid Market Size And Oxalic Acid Market Growth Rate
4. Key Oxalic Acid Market Trends
5. Major Oxalic Acid Market Drivers
25. Key Mergers And Acquisitions In The Oxalic Acid Market
26. Top Oxalic Acid Companies
27. Oxalic Acid Market Opportunities And Strategies
28. Oxalic Acid Market, Conclusions And Recommendations
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