The global hydrochloric acid market

 

The global hydrochloric acid market was valued US$ X.43 Bn in 2019 and is expected to reach X.75 Bn by 2027, at a CAGR of 5% during a forecast period.

 

 

 

Global Hydrochloric Acid Market

 

 

 

Market Description:

 

Hydrochloric acid or muriatic acid is a colorless inorganic chemical system with the formula HCl. Hydrochloric acid has a distinctively pungent smell. It is classified as strongly acidic and can attack the skin over a wide composition range since the hydrogen chloride completely dissociates in an aqueous solution.

 

The report study has analyzed the revenue impact of COVID-19 pandemic on the sales revenue of market leaders, market followers, and disrupters in the report, and the same is reflected in our analysis.

 

Market Drivers and Restraints:

 

The global hydrochloric acid market is anticipated to observe significant growth throughout the assessment period owing to increasing demand from end-use industries such as food processing, oil and gas. Secondly, the major key driving factor is documented from the steel industry; in which HCL is used to remove rust and scales from the surface of the steel, thus high demand from steel industry will augment the market demand. Also, hydrochloric acid is used in metal prefixing for soldering and galvanizing, aluminum etching, and metal cleaning.

 

The food and beverage industry is expected to be the largest market for hydrochloric acid, due to its demand in the processing of a variety of products expected to boost market value in terms of value and volume. Widespread demand of HCL by the food and beverage industry is recorded to produce soft drinks, though the choice of interest for the soft drink consumption by a growing population will propel the market demand in the coming years. Additionally, rapid industrialization is boosting the mining activity across the globe reinforced by stabilizing commodity prices is expected to propel the demand for HCL in several mining procedures like extraction, purification, ore processing, separation, and water treatment. The cumulative use of this HCL acid in the oil well acidification industry, by improving the flow of the rock deposit through the dissolution of cement from calcite, dolomite, and limestone, and permeability are factors which can accelerate the growth of the global market.

 

However, the availability of prominent substitutes and risk factors associated with the product will deter the market growth in the near future.

 

Hydrochloric Acid Market Segment analysis:

 

By application of hydrochloric acid, the steel pickling sector was the highest propelling segment, accounting for over 43% of the market share in 2019. Pickling is a process used for the removal of impurities, namely stains, inorganic impurities, precious metals, rust, or scale from ferrous metals, aluminum alloys, and copper. HCL is a huge competitor of H_2 〖SO〗_4, thus it is substituted on the place of sulphuric acid helping this market to expand. As a result of this, HCL is getting high attention and requirement from various steel production facilities. China is projected to remain the largest consumer of iron and steel. The country’s production of crude steel is likely to increase during the forecast period, owing to the recovery in consumption. In India, in the past decade, the production in the steel industry increased at a CAGR of about 6.4%. This production is estimated to reach 1.23 Bn MT/annum, by 2027. Above mention factors and application of HCL for the steel pickling process will help the global HCL market to generate healthy revenue in the coming years.

 

Hydrochloric Acid Market Regional Analysis:

 

Regionally, Asia Pacific is expected to dominate the Hydrochloric Acid Market and is expected to grow at a CAGR of X.35 % during the forecast period. Developing regions like India, China, and Japan are considered major contributors to the Hydrochloric Acid market growth in the Asia Pacific region. The major quantity of steel is produced in the Asia-Pacific region, in countries, such as China, Japan, and India. In 2019 market size was valued US$ XX Bn in China and expected to increase by US$ XX Bn in the coming years.

The objective of the report is to present a comprehensive analysis of the Global Hydrochloric Acid Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding Global Hydrochloric Acid Market dynamics, structure by analysing the market segments and project the Global Hydrochloric Acid Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Hydrochloric Acid Market make the report investor’s guide.

Scope of Hydrochloric Acid Market

 

Global Hydrochloric Acid Market, By Application

 

  • Steel Pickling
  • Oil Well Acidizing
  • Ore Processing
  • Food Processing
  • Calcium Chloride
  • Others

Global Hydrochloric Acid Market, By End-user

 

  • Food and Beverages
  • Pharmaceuticals
  • Chemical Industry
  • Oil and Gas
  • Textile
  • Steel
  • Others

Global Hydrochloric Acid Market, By Region

 

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Key Players Operating the Hydrochloric Acid Market,

 

  • Dow, Tessenderlo Group
  • Olin Corporation
  • Occidental Chemical Corporation
  • Westlake Chemical Corporation
  • Tosoh Corporation
  • Nouryon, Covestro AG
  • Orica Limited
  • BASF SE
  • AGC Chemicals
  • Detrex Chemicals
  • AkzoNobel N.V
  • Allan Chemical Corporation
  • Eco-Tec
  • Brainerd Chemical Co, Inc
  • Qingdao Henley Co. Ltd
  • Babcock and Wilcox Company
  • Hitachi GE Nuclear Energy Ltd.For More Information:

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