Hydrochloric Acid Market – Global Industry Analysis and Forecast (2022-2029)

Hydrochloric Acid Market size was valued at US$ 949.99 Mn. in 2021 and the total revenue is expected to grow at a CAGR of 5.0% from 2022 to 2029, reaching nearly US$ 1403.58 Mn.
Hydrochloric Acid Market Overview:
Hydrochloric Acid Market is expected to reach US$ 1403.58 Mn. by 2029. Hydrochloric (HCl) acid, often known as muriatic acid, is an aqueous solution. This report focuses on the different segments of the hydrochloric acid market (End Use Industry, Application, and Region). This report examines the major industry players and regions in depth (North America, Asia Pacific, Europe, Middle East & Africa, and South America). It provides a thorough study of today's rapid improvements across many industries. Facts and numbers, visualisations, and presentations are used to present the primary data analysis for the historical period from 2017 to 2021. The market drivers, restraints, opportunities, and challenges for Hydrochloric Acid are examined in this report. The MMR report's investment suggestions are based on a thorough examination of the current competitive environment in the Hydrochloric Acid market.

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Hydrochloric Acid Market Dynamics:
The global hydrochloric acid market is expected to grow during the forecast period, driven by rising demand from sectors such as water treatment, food processing, and oil and gas. In addition, during the forecast period 2022-2029, the hydrochloric (HCL) acid market is expected to be driven by rising HCl use in the steel and pharmaceutical industries. However, market growth is expected to be hampered by unclear raw material availability and resulting price variations.

Government regulations limiting CFC emissions during HCl synthesis are expected to hamper the growth of the hydrochloric acid market during the forecast period. Increased investment in the oil and gas industry, as well as the mining industry, has prompted market participants to conduct R&D for application development, resulting in a plethora of opportunities for the hydrochloric acid market to thrive. Furthermore, advances in the chemical manufacturing sector are expected to boost hydrochloric acid market growth during the forecast period 2022-2029. Growing HCl applications in the pharmaceutical industry for pH management, catalyst use, water deionization, and reduction agents are expected to create more growth prospects.

Due to its strong corrosive qualities, hydrochloric acid is a valuable element in household cleaners that are applied to difficult stains, such as bathroom tile, porcelain, and toilet bowl cleansers. It's also used to make light bulbs, batteries, and fireworks, among other things. Hydrochloric acid is also used in the manufacture of gelatin products and in the processing of leather. It can be used to break down corn syrups, which can be found in a variety of foods such as soft drinks and confectionery. It's also used as an acidifier in canned foods, juices, and sauces to help them last longer and taste better.

One of the major six powerful mineral acids used in chemistry is hydrochloric acid. It's a great acidifying reagent, and it's often employed as the preferred acid in titrations to determine the number of bases because stronger acids produce more precise findings.

The acidity of solutions can also be controlled with hydrochloric acid. This process is referred to as neutralising. The pH of water streams, waste streams, and swimming pools can all be controlled with hydrochloric acid.

When hydrochloric acid is poured into the rock formations of oil wells, it acts as a stimulant. The acid dissolves a section of the rock, resulting in a wider porous body that aids in oil extraction.
Hydrochloric Acid Market Segment Analysis:
Based on the Application, the market is segmented into Steel pickling, Oil well acidizing, Calcium chloride, and Brine treating. Steel pickling segment is expected to hold the largest market share of xx% by 2029. Steel pickling, which is the process of eliminating impurities from steel or iron before further processing, uses hydrochloric acid. Pickling eliminates iron oxides from steel before applying additional processes like galvanising or rolling. The most common form of hydrochloric acid used as a pickling agent is 18 percent hydrochloric acid.

In the steel industry, hydrochloric acid is utilised in the pickling process. Pickling is a method for removing impurities from ferrous metals, copper, precious metals, and aluminium alloys, such as inorganic pollutants, stains, rust, and scale. In many steel pickling plants, hydrochloric acid has taken the position of sulphuric acid. As a result, the demand for hydrochloric acid from various steel-making factories has risen. According to the World Steel Association, global crude steel output reached 1,950.5 million tonnes in 2021, up 3.7 percent from 1880.4 million tonnes in 2021, and is expected to continue to rise during the forecast period.

Steel is manufactured in large quantities in the Asia-Pacific region, particularly in China, Japan, and India. China is expected to continue to be the world's top user of iron and steel. Because of the rebound in consumption, the country's crude steel production is expected to increase during the forecast period.

Based on the End Use Industry, the market is segmented into Textiles, Pharmaceuticals, Food, Oil & gas, and others (chemical and agricultural). Food Industry segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2029. Hydrochloric acid is used in the food industry to process a range of foods, including soft drink corn syrups, biscuits, crackers, ketchup, and cereals. To assist increase flavour and decrease spoilage, hydrochloric acid is used as an acidifier in sauces, vegetable juices, and canned products.
Hydrochloric Acid Market Regional Insights:
Asia Pacific region is expected to dominate the Hydrochloric Acid Market during the forecast period 2022-2029. The Asia Pacific region is expected to hold the largest market share of xx% by 2029. The Asia-Pacific region's hydrochloric acid market is expected to be driven by developing production capacities in China, India, and other nations, as well as increased demand from the steel, oil and gas, and chemical industries. HCl is extensively used in the oil and gas sector to stimulate oil and gas wells, particularly in carbonate deposits. Oil and gas industries are planning to grow their industrial activities in response to rising demand in countries such as China and India, resulting in higher usage of hydrochloric acid. According to the US Energy Information Administration (EIA), the Asia-Pacific region generated 9.08 million barrels per day of oil (crude oil, shale oil, oil sands, and NGLs) in 2021.

One of the largest end-users of hydrochloric acid is the steel sector. Steel is manufactured in large quantities in the Asia-Pacific region, particularly in China, Japan, and India. In 2021, Asia produced 1,382 million tonnes of crude steel, up 0.6 percent from 2021. China's crude steel output in 2021 was 1,032.8 million tonnes, down 3% from 2021. In 2021, India's crude steel production reached 118.1 million tonnes, up 17.8% from 2021.

The objective of the report is to present a comprehensive analysis of the Global Hydrochloric Acid Market to the stakeholders in the industry. The past and current status of the industry with the 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 include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Global Hydrochloric Acid Market dynamic and structure by analyzing the market segments and projecting the Global Hydrochloric Acid Market size. Clear representation of competitive analysis of key players by Distribution Channel, price, financial position, product portfolio, growth strategies, and regional presence in the Hydrochloric Acid Market make the report investor’s guide.
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Global Hydrochloric Acid Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 949.99 Mn.


Forecast Period 2022 to 2029 CAGR:
5.0%
Market Size in 2029:
US $ 1403.58 Mn.


 Segments Covered:
by End Use Industry
• Textiles
• Pharmaceuticals
• Food
• Oil & gas
• Others (chemical and agricultural)


by Application
• Steel pickling
• Oil well acidizing
• Calcium chloride
• Brine treating



Hydrochloric Acid Market, by Region
• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa
Hydrochloric Acid Market, Key Players
• Allan Chemical Corporation
• GFC Chemicals
• Eco-Tec, Inc
• Basic Chemical Solutions, LLC
• Brainerd Chemical Co, Inc
• Akzo Nobel N.V.
• Qingdao Henley Co., Ltd.
• Compound Solutions Inc.
• International Petrochemicals Pvt. Ltd.
• SEQUENS
• Coogee
• Formosa Plastics Corporation
• Tessenderlo Group
• Westlake Chemical Corporation
• Ishtar Company LLC
• Jones-Hamilton Co.
• Aditya Birla Chemicals
• TOAGOSEI CO., LTD
• AGC Chemicals Americas

Frequently Asked Questions:

1] Which region is expected to hold the highest share in the Hydrochloric Acid Market?
Ans. Asia Pacific is expected to hold the highest share in the Hydrochloric Acid Market.

2] Who are the top key players in the Hydrochloric Acid Market?
Ans. Allan Chemical Corporation, GFC Chemicals, Eco-Tec, Inc, Basic Chemical Solutions, LLC, Brainerd Chemical Co, Inc, and AkzoNobel N.V. are the top key players in the Hydrochloric Acid Market.

3] Which segment is expected to hold the largest market share in the Hydrochloric Acid Market by 2029?
Ans. Steel pickling segment is expected to hold the largest market share in the Hydrochloric Acid Market by 2029.

4] What is the market size of the Hydrochloric Acid Market by 2029?
Ans. The market size of the Hydrochloric Acid Market is expected to reach US $ 1403.58 Mn. by 2029.

5] What was the market size of the Hydrochloric Acid Market in 2021?
Ans. The market size of the Hydrochloric Acid Market was worth US $ 949.99 Mn. in 2021.