NEW YORK , July 23, 2024 /PRNewswire/ -- The global hydrochloric acid market size is estimated to grow by USD 978.77 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 6.
12% during the forecast period. Growing demand for PVC is driving market growth, with a trend towards increasing demand-supply gap. However, availability of substitutes for hydrochloric acid poses a challenge.
Key market players include AGC Inc., BASF SE, Coogee, Covestro AG, ERCO Worldwide, FSTI Inc., INOVYN Europe Ltd.
, Italmatch Chemicals Spa, Jones Hamilton Co., Kemira Oyj, Merck KGaA, Occidental Petroleum Corp., Olin Corp.
, PCC SE, Qingdao Hisea Chem Co. Ltd., Shiva Group, SPOLANA s.
r.o., Tessenderlo Group NV, W.
K. Merriman Inc., and Westlake Corp.
. Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report Hydrochloric Acid Market Scope Report Coverage Details Base year 2023 Historic period 2018 - 2022 Forecast period 2024-2028 Growth momentum & CAGR Accelerate at a CAGR of 6.12% Market growth 2024-2028 USD 978.
77 million Market structure Fragmented YoY growth 2022-2023 (%) 5.72 Regional analysis APAC, North America, Europe, Middle East and Africa, and South America Performing market contribution APAC at 68% Key countries US, China, Japan, Germany, and UK Key companies profiled AGC Inc., BASF SE, Coogee, Covestro AG, ERCO Worldwide, FSTI Inc.
, INOVYN Europe Ltd., Italmatch Chemicals Spa, Jones Hamilton Co., Kemira Oyj, Merck KGaA, Occidental Petroleum Corp.
, Olin Corp., PCC SE, Qingdao Hisea Chem Co. Ltd.
, Shiva Group, SPOLANA s.r.o.
, Tessenderlo Group NV, W.K. Merriman Inc.
, and Westlake Corp. Market Driver The hydrochloric acid market in Europe is experiencing a significant demand-supply gap, particularly in countries like Spain , Germany , Italy , and others. This gap is primarily due to the decreasing availability of hydrochloric acid in Spain , leading to increased demand.
In contrast, Germany's hydrochloric acid prices are declining, which may impact its demand during the forecast period. Meanwhile, in the US, price fluctuations of crude oil and the demand-supply gap have led to an increase in domestic crude oil extraction, making it a major producer. However, these price fluctuations have also resulted in an unstable demand-supply balance, negatively impacting the global hydrochloric acid market's growth during the forecast period.
The Hydrochloric Acid market is experiencing significant growth due to its diverse applications in various industries. Key trends include stricter environmental regulations, driving the demand for eco-friendly production methods and waste management solutions. The hazardous waste generated during production poses environmental impacts, necessitating careful handling and disposal.
In the steel industry, hydrochloric acid is extensively used for pickling steel alloys and stainless steel, removing rust and iron oxide scales. Its usage extends to acidifying oil wells for enhanced oil recovery in the mining sector and oil exploration. In industrial processing, it's used in ore processing, food processing, and concrete treatment.
Hydrochloric acid also finds applications in non-industrial sectors like tire ballasting, dust management, and table salt purification. The calcium chloride segment, a by-product of hydrochloric acid production, is used as an acidifier in food & beverages, textile, and various other industries. The market is further boosted by the increasing demand for lithium-ion batteries in smart gadgets, medical device components, and lithium-ion engines.
However, shipping delays and supply chain disruptions pose challenges to market growth. Discover 360° analysis of this market. For complete information, schedule your consultation - Book Here! Market Challenges For more insights on driver and challenges - Request a sample report! Segment Overview This hydrochloric acid market report extensively covers market segmentation by 1.
1 Food- Hydrochloric acid plays a vital role in the food industry, particularly in the production of high-fructose corn syrup (HFCS) and corn syrups. It is used to regenerate ion exchange resins, which remove impurities, and for acid-modifying cornstarch and adjusting pH levels in intermediates, final products, and wastewater. Hydrochloric acid also finds applications in soy sauce production, hydrolyzed vegetable protein manufacturing, gelatin production through acidulating crushed bones, and as an acidifier for sauces, vegetable juices, and canned goods.
The expanding agricultural industry, leading to increased corn production, will fuel the demand for hydrochloric acid in the forecast period. For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) - Download a Sample Report Learn and explore more about Technavio's in-depth research reports The global hydrochloric acid market is experiencing significant growth due to its widespread use in various industries, such as chemical production, steel pickling, and water treatment. Similarly, the global cyanuric acid market is expanding, driven by its application in swimming pool sanitizers and water treatment processes.
The global epichlorohydrin market is also on the rise, propelled by its critical role in producing epoxy resins used in coatings, adhesives, and composites. These markets are expected to continue their upward trajectory due to increasing industrial demand and technological advancements. Research Analysis The Hydrochloric Acid market is driven by various industries that require acid for diverse applications.
One significant application is in the steel industry for pickling of steel, where hydrochloric acid is used to remove rust and mill scale from the surface of steel during the pickling process. This process improves the surface quality and enhances the corrosion resistance of the steel. Hydrochloric acid is also used for pH control in various industrial processes and for neutralization purposes.
However, the environmental impact of hydrochloric acid production and usage is a concern due to its potential for causing acid rain and other forms of pollution. Proper storage and transport methods are essential to mitigate these risks. Hydrochloric acid is used in the mining sector for ore processing, in the oil exploration industry for oil well acidizing, in the food processing industry, and in the production of calcium chloride.
Steel pickling operations, industrial processing, dust management, and other applications also contribute to the market demand for hydrochloric acid. Market Research Overview Hydrochloric Acid is a strong mineral acid with the chemical formula HCl and an aqueous solution is called muriatic acid. It is produced through various methods such as the pyro hydrolysis procedure or the spray roaster process.
Hydrochloric acid plays a crucial role in various industries including water & wastewater treatment, steel industry, and inorganic compound production. In water & wastewater treatment, it is used for pH control, neutralization, and as a coagulant. In the steel industry, it is used for pickling of steel, removing rust and iron oxide scales, and acidifying oil wells.
In the pulp manufacturing process of the paper industry, hydrochloric acid is used for bleaching and kraft recovery furnace processes. In the oil & gas industry, it is used for acidizing oil wells to enhance production and in the mining sector for ore processing. Hydrochloric acid is also used in food processing, surface cleaners, and lubricant-based products.
However, the production and usage of hydrochloric acid have environmental impacts such as the production of chlorides, hazardous waste, and energy consumption. Environmental regulations and concerns over climate change are driving the development of alternative methods for hydrochloric acid production and usage. Table of Contents: 1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation 7 Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Company Landscape 11 Company Analysis 12 Appendix About Technavio Technavio is a leading global technology research and advisory company.
Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies.
This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: [email protected] Website: www.
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