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The hydrochloric acid market size is projected to grow by USD 978.77 million at a CAGR of 6.12% from 2023 to 2028. Growth is driven by rising PVC demand, particularly in construction and manufacturing, and increasing needs in the Asia-Pacific region. Key uses include chemical, pharmaceutical, and textile industries, as well as MDI production.
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The market is integral to various industries, prominently the mining sector and oil exploration, where it's employed in pickling steel alloy to produce stainless steel. Steel pickling operations rely on hydrochloric acid to remove rust and impurities, ensuring high-quality steel products. Additionally, hydrochloric acid finds application in food processing, where it aids in calcium chloride production and maintains hygiene standards. However, its usage necessitates stringent dust management measures due to its corrosive nature. Despite environmental concerns, the market continues to grow, driven by the ever-expanding steel industry and the increasing demand for stainless steel products. As industries prioritize efficiency and quality, the hydrochloric acid market remains indispensable, supporting diverse sectors with its versatile applications and crucial role in steel production and surface treatment processes.
The hydrochloric acid market is pivotal in various sectors due to its extensive applications. In the oil & gas industry, hydrochloric acid is used for acidifying oil wells, oil recovery, and enhancing oil extraction. It also plays a role in table salt purification and in the production of sodium hydroxide, sodium carbonate, and sodium sulfide. This strong mineral acid, with its chemical formula HCl, is integral to processes such as the pyro hydrolysis procedure and direct contact evaporator (DCE) operations. It aids in water treatment, surface cleaning, and removing metal stains. Hydrochloric acid is also involved in the manufacture of lithium-ion batteries, medical device components, and smart gadgets. Additionally, it is used in the production of elemental chlorine, chlorine dioxide, and various chlorides, impacting industries like food & beverage and chemical processing. Its interaction with substances like iron (III) oxide, carbonate formations, and limestone formations highlights its importance in managing iron oxide scale and influencing the climate chain scenario.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growing demand for PVC is the key factor driving market growth. PVC is one of the most broadly used plastics, which is made by the polymerization of the vinyl chloride monomer. is generally used in the manufacturing of organic compounds such as dichloroethane and vinyl chloride, which is then used to manufacture PVC. PVC has an amorphous structure with chlorine atoms. It has fire-retardant properties and oil/chemical resistance.
Moreover, PVC is widely used in many products, such as pipes and fittings, rigid plates, rigid films, flooring, automotive parts, cables and wires, and packaging materials. With the increasing use of PVC in various applications, it is expected that the demand for this acid will grow, thereby driving the growth of the market during the forecast period.
Expansion of facilities is the primary trend shaping market growth. The expansion of manufacturing activities helps market players to increase their market shares. The significant growth in many end-user industries, like oil and gas, steel, and chemicals, has encouraged major players to opt for the growth of their manufacturing and storage & transport facilities across the globe.
For example, in February 2021, SGL Carbon delivered a hydrochloric synthesis unit with integrated steam generation to Travancore-Cochin Chemicals Ltd. Such developments are expected to strengthen the market presence of players by enabling them to deliver a diverse portfolio of products in the market. Thus, such factors are likely to boost the growth of the market during the forecast period.
The availability of substitutes is a challenge that affects market growth. There are numerous substitutes available in the market, such as emerald-safe acid, phosphoric acid, sodium bisulfate, and trisodium phosphate, which have identical properties. These chemicals or compounds can be utilized as substitutes for this acid (even in large volumes), are favourably corrosive and toxic in nature.
Moreover, emerald-safe acid, phosphoric acid, and sodium bisulfate are currently used as substitutes for in major applications. Similarly, phosphoric acid emits less vapor, which is, therefore, less harmful to the environment. Therefore, the availability of such substitutes is expected to impede the growth of the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market research and growth report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Hydrochloric acid, or muriatic acid, is vital in chemical industries, aiding in energy consumption and interacting with sulfuric acid, nitric acid, and other strong mineral acids. It supports the pulp manufacturing process and the production of calcium chloride, while playing a role in oil and gas output and tire ballasting. Used in surface cleaners and lubricant-based products, it interacts with calcium oxide, bisulfites, chloride ions, and various oxides, including hematite and magnetite (Fe3O4). Hydrochloric acid is crucial for preparing aqueous solutions, hydrogen chloride, and handling the gaseous phase, contributing to lithium-ion engines and processes like titration.
The food segment is estimated to witness significant growth during the forecast period. is used in the processing of many types of products in the food industry; for example, it is used to produce corn syrup, such as high fructose corn syrup (HFCS). HFCS is mainly used in beverage production. The majority of consumed in the HFCS industry is used to regenerate ion exchange resins, used to remove impurities.
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The food segment was the largest and was valued at USD 689.47 million in 2018. In addition, is used as an acidifier for sauces, vegetable juices, and canned goods. The rising global agricultural industry will fuel the market. The growth in the agricultural value addition will increase the production of corn, which will help to propel the production of corn syrups. This will drive the growth of the market during the forecast period.
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APAC is estimated to contribute 68% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. China is the main consumer of this acid in the region owing to its growing demand for the production of PVC. Furthermore, the increasing consumption in major end-user industries such as food, steel, oil and gas, and others is expected to boost the demand. In addition, with the growth of the pharmaceutical, chemical, textile, and other end-user industries in APAC, it is expected that the demand for this acid will grow significantly during the forecast period.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Mllion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market serves diverse sectors, from water and wastewater treatment to pickling steel and inorganic compound production. It plays a crucial role in pH control, neutralization, and the regeneration of ion exchangers. However, its usage raises concerns about environmental pollution, necessitating adherence to stringent regulations. In industries like crude steel production and pulp and paper mills, hydrochloric acid is vital for processes such as spray roasting and pyro hydrolysis. Moreover, it finds application in oil well acidizing and concrete treatment. Despite its significance, challenges like corrosion of metals and hazardous waste management persist. Nevertheless, with increasing industrialization and demand across sectors like oil and gas, food and beverage, and lithium-ion battery production, the market continues to thrive, serving as a linchpin in various industrial processes.
Further, the market is integral to numerous industries, including water & wastewater treatment, pickling of steel, and chemical manufacturing processes. It is essential for adjusting pH levels, removing impurities, and facilitating reactions in various applications. In the paper industry, it aids in pulp manufacturing and waste treatment, while in oil and gas production, it plays a vital role in acidizing oil wells and processing crude oil. Moreover, it finds application in environmental remediation efforts, such as waste incineration and municipal solid waste treatment. As industries strive for efficiency and compliance with environmental regulations, the demand for hydrochloric acid continues to grow, driving innovations in its production, storage, and application methods to meet the diverse needs of sectors ranging from manufacturing to energy production and beyond.
In addition, the market serves as a linchpin in various industries, notably water and wastewater treatment, where it aids in pH control and neutralization processes. It's also crucial in carbon steel production, facilitating the pickling process and ensuring the quality of steel grades. In chemical manufacturing, hydrochloric acid is utilized in diverse applications such as spray roasting and pyro hydrolysis procedures. Additionally, it finds application in energy-intensive processes like the Kraft recovery furnace and in waste treatment technologies like waste incinerators. However, its usage raises environmental concerns due to its impact on environmental impacts and shipping delays. Nonetheless, with increasing demand across sectors like oil and gas, food and beverage, and industrial processing, the market remains vital for various industrial processes.
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 2023-2024(%) |
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 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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 dynamics |
Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Grade Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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