Hydrochloric Acid Market Size, Share & Industry Analysis, By End-Use Industry (Food & Beverage, Pharmaceutical, Steel, Oil & Gas, Chemical Synthesis, Others), Others and Regional Forecast, 2023-2030
KEY INDUSTRY INSIGHTS
Hydrochloric acid is an inorganic chemical compound with the chemical formula HCl. It has a distinct pungent odor and is highly corrosive. Hydrochloric acid, also called muriatic acid is a solution of hydrogen chloride gas and water. It is obtained by using four production methods, namely, co-product in the manufacture of silica and chemicals, combining hydrogen and chlorine, chlorination of organic compound, and salt-sulfuric acid production process. Hydrochloric acid has several applications, including as a descaling agent in industries, an additive in the food industry to produce gelatin, production of polyvinyl chloride, and leather processing. It is also used as a raw material for the manufacturing of various chemicals and compounds.
Key Market Driver -
Increasing demand for application in steel industry
Key Market Restraint -
Corrosive nature of hydrochloric acid
The key market driver for the global hydrochloric acid market is the increasing demand for hydrochloric acid from the steel industry. In the steel industry, HCl is used to remove iron oxide and scales from the surface of the steel. Therefore, the high demand for steel from various sectors will propel the hydrochloric acid market growth.
Key market restraint for the global hydrochloric acid market is the corrosive nature of the hydrochloric acid. Hydrochloric acid can cause severe burns on the skin and eyes due to which its cost of handling and storage increases, thereby acting as a market restraint.
Market Segmentation:
On the basis of the end-use industry, the market is segmented into food & beverage, pharmaceutical, steel, oil & gas, and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Key Players Covered:
Some of the notable companies in the global hydrochloric acid market are Dow, Tessenderlo Group, Olin Corporation, Occidental Chemical Corporation, Westlake Chemical Corporation, Tosoh Corporation, Nouryon, Covestro AG, Orica Limited, BASF SE, AGC Chemicals, Detrex Chemicals, and other key players.
Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenarios
- Porters Five Forces Analysis
Regional Analysis:
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The global hydrochloric acid market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is anticipated to witness significant growth in the hydrochloric acid market due to the growing construction industry. The high demand for HCl from the food & beverage industry is expected to raise the market. In the food industry, HCl is used in the production of corn syrup, and for the regeneration of ion-exchange resins. China and India being the major producers and consumers of steel, contribute to the growth of the market in Asia Pacific. The developing pharmaceutical industry in Latin America will support the growth of the market in this region. The pharmaceutical sector consumes HCl for the production of ascorbic acid, which is further used to treat deficiency of Vitamin C. In the Middle East & Africa, the growth of the market can be owed to increasing oil & gas exploration activities.
Segmentation
ATTRIBUTE | DETAILS |
By End-Use Industry |
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By Geography |
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- Ongoing
- 2022
- 2019-2021
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