Hydrochloric Acid Market Research Report - Forecast Till 2027

Hydrochloric Acid Market: Information by Application (Steel Pickling, Oil Well Acidizing, Ore Processing, Food Processing, Calcium Chloride, and Others), End-Use Industry (Food and Beverages, Pharmaceuticals, Textile, Steel, Oil & Gas, Chemical Industry and Others) - Forecast till 2027

ID: MRFR/CnM/2096-HCR | February 2021 | Region: Global | 140 pages

Hydrochloric Acid Market Overview:


The Hydrochloric Acid Market is expected to value at USD 1.9 billion in the forecast period till 2027. It exhibits a CAGR of 5.2% during the review period.


Hydrochloric acid also called muriatic acid is the aqueous solution of hydrochloric acid. It is a transparent and strong solution that is produced using four different methods namely a combination of hydrogen and chlorine, chlorination of any organic compound, which acts as a co-product in the manufacturing of silica and chemicals and is used in the salt-sulfuric acid production process. It is noted that hydrochloric acid is produced from the chlorination of various organic products.


It is a very important product of the chemical industry used in various processes in the industry like the oil well acidizing, food manufacturing, used in the production of calcium chloride, one used in the processing, and one in steel pickling. Globally the market is expected to witness an extensive hydrochloric acid market growth which owes to the increase in its demand in end users industries like food processing, oil, and gas. It is noted that the food and beverages industry has been the dominant market where the processing of various food products takes place at a significant level. In this industry the production of soft drinks also takes place.


COVID 19 ANALYSIS


The outbreak of the pandemic of COVID impacted a nation. A decrease in the supply of raw materials to the industry was marked which disrupted the supply chain. There was a financial impact on the firms and also on the production facilities.


The government imposed lockdown regulations and also work from home rules and regulations for the employees were put forward. Many of the countries have been on severe lockdown for months and many factories and industries were running on minimum staff.  All these rules were made by the government for the safety of the country’s people.


COMPETITIVE LANDSCAPE


There are some of the key players that help to analyze the global hydrochloric market. These competitors merge or build partnerships with other key players. Some of those key players are The Dow Chemical Company of United States, Axiall Corporation of United States, Aditya Birla Chemicals Ltd of India, INTERNATIONAL CHEMICAL INVESTORS SE of Germany, INOVYN Chlorvinyls ltd of UK, Detrex Corporation of US, Solvay SE of Belgium, AGC Chemicals of Japan, Lords Chloro Alkali ltd of India, Hangzhou Hengmao Chemicals Co, Ltd of China and many korai.


Global Hydrochloric Acid Market Share, By End-Use Industry, 2019 (%)

Hydrochloric acid


MARKET DYNAMICS


Drivers-

rise in growth of construction and automotive industry along with the demand for steel and the allied product is increasing. This is the main factor that drives the growth of hydrochloric acid used for pickling operations of steel alloy and stainless steel. The rise in industrialization and increase in hydrochloric market size of the chemical industry has a positive impact on the market. Investing much more in the pharmaceutical industry where hydrochloric acid is used in major applications like pH control, catalyst, and many more.


Opportunities-

investing more sums has made the marketing participants undertake R and D for the enhancement of application, gives lucrative opportunities to increase the hydrochloric acid market value. The government has taken initiatives to give FDI approval for the manufacturing sector to increase the opportunities for growth in the hydrochloric acid market. The government is targeting to raise the GDP share of the manufacturing sector. In 2020, Japan’s crude steel production will be 83.2 million tons.


Challenges-

the corrosive nature of hydrochloric acid is the most challenging factor in the market. Hydrochloric acid is a strong acid that causes severe burns on skin and eyes due to which its cost of handling and storage increases which becomes the other challenging factor.


Cumulative growth-

use of hydrochloric acid for mining activity supported by the rise in commodity prices and expansion in industrialization boosts up the hydrochloric market size in a variety of mining operations like ore treatment, extraction, separation, purification, and treatment of water. China is marked as being the most dominant producer of iron and steel. It also manufactures crude steel which increases its production during the review period.


Restraints-

Fluctuation in oil and gas prices and resulting gap in demand and supply hinders the hydrochloric acid market value and hydrochloric acid market size. Downfall in the Chinese economy impacted the hydrochloric acid market growth. Harmful air pollutants of hydrochloric acid so released from the hydrochloric acid production facilities hampers the growth. Hydrochloric acid causes acid rain which had a short-term and long-term impact on the environment thus disrupting the growth of the hydrochloric acid market.


SEGMENT OVERVIEW


By Type-

Globally the hydrochloric acid market has been bifurcated based on application, end-use industry, and region. Based on application, it is segmented into steel pickling, oil well acidizing, ore processing, food processing, calcium chloride, and many more. By end-use industry, the hydrochloric market is categorized into food and beverages, pharmaceuticals, textile, steel, oil and gas, chemical industry, and many more. Based on region, during the hydrochloric acid market forecast period the market is divided into North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.


By Technology- f

rom the hydrochloric market outlook, it was marked that the advancement in technology helped in delivering a differentiated business outcome. From innovative technology, the transformational idea was driven which provided an innovative horizontal perspective. Less exposure to troubled vehicles was experienced which provided cushions to the manufacturing industries.

REGIONAL ANALYSIS


The regions of Asia Pacific cover the largest hydrochloric acid market share whereas China, India, and Asian countries are the prominent market shareholders. The hydrochloric market is the dominant and fastest-growing market during the assessment period which owes to the increase in manufacturing activities, growth in geriatric population, and also due to presence of developing industries namely food, chemical, and textile in the regions of India and China. North American hydrochloric acid market shows the high hydrochloric market value and covers the second-largest hydrochloric market share after the Asia Pacific. Europe also accounts to be another region that covers the hydrochloric acid market. The hydrochloric acid market value in Europe is increased by the growing chemical industry and the rise in demand for food and beverages. The most dominant market in Europe is shared by French, Italy, United Kingdom, and Germany. Globally it is marked that Latin America has been regarded as the new market which is offering numerous growth opportunities during the hydrochloric acid market forecast period. The rise in demand for hydrochloric acid chemicals for the above regions can be attributed to the increasing investment in Chile, Argentina, and Brazil. The regions of the Middle East and Africa share a moderate part of the hydrochloric acid market thus owing to increasing investment in the oil and steel industry.


RECENT DEVELOPMENTS



  • As per the hydrochloric acid market trends, it was noted that in 1964 the hydrochloric acid replaced sulfuric acid in many steel pickling facilities.

  • Univar Solutions Inc. and PVS Chemicals Inc. in October 2020, agreed on hydrochloric acid Univar solutions. This agreement helps in expanding its business through the regions of North America. Univar Solutions has become the best provider for hydrochloride gas. PVS Chemicals Inc. has become one of the popular and largest managers of chlorides which helps in the production of finished steel in North America.


REPORT OVERVIEW


The report covers the market size and market growth during the assessment time. It also gives a holistic evaluation of the market sizing done based on revenue. The report signifies the growth opportunities, and the market risks, and all the upcoming innovations. It summarises the recent developments and the hydrochloric acid market trends, drivers, various opportunities having a positive impact on the growing market. As per the hydrochloric acid market analysis, the report investigates and assesses the current landscape of the evolving business sector and the future effects of COVID on the hydrochloric acid market. It also provides information about the key players and the strategic plans that they carry out to remain dominant in the market. From hydrochloric acid market analysis, the report provides an extensive analysis about the market share, its trend, and the profit margins that provide good insights to keep them updated within the market.



Report Scope:
Report Attribute/Metric Details
  Market Size   2027: USD 1.9 Billion
  CAGR   5.2%(2019–2025)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units    Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   By Application, End-Use Industry and Region
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   The Dow Chemical Company of United States, Axiall Corporation of United States, Aditya Birla Chemicals Ltd of India, INTERNATIONAL CHEMICAL INVESTORS SE of Germany, INOVYN Chlorvinyls ltd of UK, Detrex Corporation of US, Solvay SE of Belgium, AGC Chemicals of Japan, Lords Chloro Alkali ltd of India, Hangzhou Hengmao Chemicals Co, Ltd of China and many korai.
  Key Market Opportunities   Investing more sums has made the marketing participants undertake R and D for the enhancement of application
  Key Market Drivers   Rise in growth of construction and automotive industry along with the demand for steel and the allied product is increasing.


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Frequently Asked Questions (FAQ) :


The global hydrochloric acid market is expected to reach a valuation of USD 1.9 billion by 2025.

The global hydrochloric acid market is expected to exhibit a solid 4.5% CAGR over the forecast period from 2019 to 2025.

Leading end uses of hydrochloric acid include steel picking, oil well acidizing, and food processing, among others.

The growing demand for steel in automotive and construction applications is likely to be a major driver for the hydrochloric acid market. Growing mining activity across the world is also likely to be a major driver for the global hydrochloric acid market.

Leading players in the hydrochloric acid market include Dow, Oxy Chemical Corp., Axiall Corporation, BASF SE, Aditya Birla Chemicals Ltd., Detrex Corporation, Solvay SA, and AGC Chemicals.