Hydrochloric Acid Market Share, Size, Trends, Industry Analysis Report, By Grade (Synthetic, By-Product); By Application Type; By End Use Industry; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 117
- Format: PDF
- Report ID: PM3179
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global hydrochloric acid market was valued at USD 2673.88 million in 2023 and is expected to grow at a CAGR of 6.4% during the forecast period. An inorganic chemical compound with the chemical formula HCl is hydrochloric acid. It is frequently used in the oil & gas sector to stimulate oil and gas wells, especially in carbonate deposits. The growing demand for hydrochloric acid from the steel sector is the primary driving factor for the hydrochloric acid market globally. Iron oxide & scales are removed from the surface of steel using hydrochloric acid. As a result, the market's growth will be fueled by the growing demand in the steel industry.
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Numerous processes, including food processing, mineral processing, & pool sanitation, utilized hydrochloric acid. Due to the increasing construction activity in areas like California, Georgia, New York, & Pennsylvania in the U.S., the market has experienced significant expansion over the last few years. Its extensive utilization in producing items like corn syrup, soy sauce, & food processing applications dominated the need for hydrochloric acid in 2020. HCL is also applied when drilling oil wells to promote the entry of gas and crude oil entry.
The hydrochloric acid market will expand faster as people become more aware of the benefits of lubricant-based goods because of their corrosion-resistant, non-flammable, and non-toxic qualities. The expansion of trade by air transportation will also drive the market. By Investing more money, marketing participants are now engaging in R & D to improve applications, which opens lucrative prospects to raise the price of hydrochloric acid. The government has taken steps to approve FDI for the manufacturing sector to expand the market's potential for growth. The government's goal is to increase manufacturing's contribution to the GDP.
Industry Dynamics
Growth Drivers
The significant factors driving the Indian HCI market are expanding mining and building activity. The production and demand of HCI in water treatment plants are increasing as people's awareness of the need for wastewater treatment increases. HCI, refined petroleum, and textiles are among the top exports from India, accounting for around 2% of the country's GDP. Furthermore, the need for hydrochloric acid exports from India is anticipated to increase along with the rise in HCI demand for food and chemical products worldwide. Due to its lower cost and simple domestic availability, HCI has replaced sulfuric acid in the steel pickling industry. Growing demand for HCI has taken the lead in replacing sulfuric acid in other cleaning-related businesses and home applications. The production of colors
and the acidification of oil wells is two of hydrochloric acid's main applications.
Improvements in oil and gas production are made possible by acidifying oil wells, which indirectly increases the requirement and output of hydrochloric acid in tones. As a result, the hydrochloric acid market is primarily and significantly driven by the oil and gas industry and its acidifying necessities. The market for hydrochloric acid will also see an increase in demand due to the rising demand for surface cleaners in residential sector.
Report Segmentation
The market is primarily segmented based on grade, application, end use industry and region.
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By Grade |
By Application |
By End Use Industry |
By Region |
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By-Product is expected to witness fastest growth in 2022
The by-product grading of hydrochloric acid can play a role in the growth of the hydrochloric acid market. Higher-quality grades of hydrochloric acid, such as those produced as a by-product in the production of other chemicals, can command higher prices and drive market growth. Additionally, the demand for higher-quality grades of hydrochloric acid in certain end-use industries, such as the electronics or pharmaceutical industries, can drive growth in the hydrochloric acid market. On the other hand, lower-quality grades of hydrochloric acid may need help finding buyers and may not contribute significantly to the development of the market.
Food Processing is accounted for the significant growth in 2022
Food processing is one of the key end-use industries driving the demand for hydrochloric acid. Hydrochloric acid is used in various stages of food processing, such as cleaning and sanitizing food processing equipment, pH adjustment of food products, and as a preservative in food and beverage production. In addition, the increasing demand for processed and packaged food, coupled with the growing demand for meat and poultry products, is also contributing to the growth of the hydrochloric acid market in the food processing industry.
Steel End-use is expected to hold the significant revenue share during forecast period
The steel end-use industry has a significant impact on the growth of the hydrochloric acid market. Hydrochloric acid is used in steel pickling to remove rust and scale from steel surfaces before further processing. It is also used in the production of steel refining and the production of inorganic and organic chemicals. The demand for hydrochloric acid from the steel industry is expected to grow due to the increasing demand for steel products in the construction and manufacturing industries, particularly in emerging economies.
The demand in Asia Pacific is expected to witness significant growth in 2022
The Asia Pacific region is likely to drive significant growth for the hydrochloric acid market due to rapidly growing economies like China and India, characterized by the large-scale development of infrastructure and increasing demand from the food processing, steel, and chemical industries. The rise in population and urbanization has increased construction activities, resulting in higher demand for steel and other construction materials, thereby driving the demand for hydrochloric acid. Additionally, the rapid growth of the food processing industry in the region has boosted the demand for hydrochloric acid, as it is widely used in the food industry for various purposes, such as pH control, sterilization, and cleaning equipment.
Competitive Insight
Some of the major players operating in the global market include BASF, Covestro, Olin Corp., Westlake Chemical Corp., Occidental Petroleum Corp., Formosa Plastics Corp., Tata Chemicals Ltd, AGC Chemicals, ERCO Worldwide & Detrex Corporation.
Recent Developments
- In January 2023, BASF revealed investments in increasing the capacity of the polymer dispersions at a facility in Indonesia. Growth is consistent with the rising demand for high-quality packaging among ASEAN nations, where major paper & board producers are situated. By the 2nd half of 2023, new capacity will be operational.
- In December 2022, BASF introduced automobile coatings using certified biomass balance techniques & biodegradable raw materials. A customer in China received its 1st shipment of the biomass "ColorBrite Airspace Blue ReSource" basecoat. The item will contribute around 20 percent reduction in the product's carbon footprint. To meet a variety of customer needs in China, BASF can supply a wide variety of biomass-balanced automobile coatings products.
Hydrochloric Acid Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 2840.46 million |
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Revenue forecast in 2032 |
USD 4,669.24 million |
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CAGR |
6.4% from 2024 – 2032 |
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Base year |
2022 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 - 2032 |
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Quantitative units |
Revenue in USD million and CAGR from 2024 to 2032 |
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Segments covered |
By Grade, By Application, By End Use Industry, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
BASF SE, Covestro AG Olin Corporation, Westlake Chemical Corporation, Occidental Petroleum Corporation, Formosa Plastics Corporation, Tata Chemicals Limited, AGC Chemicals, ERCO Worldwide and Detrex Corporation. |
FAQ's
Key companies in hydrochloric acid market are BASF, Covestro, Olin Corp., Westlake Chemical Corp., Occidental Petroleum Corp., Formosa Plastics Corp., Tata Chemicals Ltd, AGC Chemicals.
The global hydrochloric acid market expected to grow at a CAGR of 6.4% during the forecast period.
The hydrochloric acid market report covering key segments are grade, application, end use industry and region.
key driving factors in hydrochloric acid market are increasing people's awareness of the need for wastewater treatment.
The global hydrochloric acid market size is expected to reach USD 4,669.24 million by 2032.
