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The Hydrochloric Acid Market size is forecast to increase by USD 978.77 million at a CAGR of 6.12% between 2023 and 2028.
The market growth is primarily driven by the increasing demand for PVC, a widely utilized plastic derived from the polymerization of vinyl chloride monomer. A notable trend shaping market expansion is the proliferation of manufacturing facilities, enabling market players to enhance their market presence. However, the market faces challenges due to the availability of substitutes like emerald-safe acid, phosphoric acid, sodium bisulfate, and trisodium phosphate, which offer similar properties. This necessitates strategic measures to address competition from substitutes and maintain market growth momentum.
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HCl, commonly known as Muriatic Acid in its industrial form, is a vital mineral acid with the chemical formula HCl. In its aqueous solution, it is referred to as liquid or hydrogen chloride. In the food and beverage industry, hydrochloric acid plays a role in concrete treatment, tire ballasting, and oil recovery. Its usage is regulated by environmental regulations due to its potential environmental impacts and classification as hazardous waste, which can lead to shipping delays. Moreover, in the building and automobile industries, hydrochloric acid plays a vital role in acid usage and pickling steel alloy, crucial for removing rust and iron oxide scale from stainless steel surfaces.
The market is deeply intertwined with various industries and processes, ranging from steel production to water treatment. Its pivotal role in pickling steel, regulating pH levels, and neutralizing compounds underscores its significance in industrial processing. Moreover, hydrochloric acid finds extensive use in the pharmaceutical sector for various applications. However, its widespread usage raises concerns about environmental pollution and corrosion, necessitating effective storage and transport measures. As industries continue to grow, particularly in steel production and mining, the demand for hydrochloric acid is expected to rise, driving further innovation in its production and application methods. 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.
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.
This market report extensively covers market segmentation by end-user (food, steel, oil, chemicals, and ore processing and others), grade type (by-product grade and synthetic grade), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018-2022. The oil and gas, food and beverage, calcium chloride segment, and chemical industries. With applications in oil well acidizing, food processing, and steel pickling operations, it serves as a key component in various industrial processes. In the oil and gas industry, this acid is vital for acidifying oil wells and facilitating oil extraction and oil recovery with oil exploration. Moreover, it finds extensive use in mining operations in the mining sector for ore processing and dust management. In the food and beverage sector, it is utilized for purposes ranging from table salt purification to acidifying sauces, ensuring quality and safety in food production.
Additionally, its significance extends to the Pharmaceutical sector, chemical industry segments, and metal stain removal, reflecting its versatility and widespread application across multiple domains. As technological advancements continue to drive innovation, it remains integral in various emerging fields, including lithium-ion batteries and lithium-ion engines production, smart gadgets, and medical device components, highlighting its indispensable role in modern industrial processes.
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 segment 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 is deeply entrenched in various sectors, from water & wastewater treatment to the pickling of steel and inorganic compound production. With a pivotal role in pH control and neutralization, it facilitates crucial processes like the regeneration of ion exchangers while combating environmental pollution. In the steel industry, it plays a vital role in crude steel production and ensuring the technical quality of carbon steel grades. Advanced technologies like the fluidized regeneration process and spray roaster enhance efficiency, while applications extend to pulp and paper mills, where it aids in kraft recovery furnace operations and paper manufacturing processes.
Its significance also extends to municipal solid waste treatment and energy consumption optimization in various industries. From waste incinerators to oil well acidizing and food & beverages processing, it remains indispensable, ensuring environmental compliance while catering to industrial demands. Moreover, with ongoing developments in the oil and gas industry, chemical industry, and automotive sector, the demand continues to grow, highlighting its crucial role in various aspects of modern industrialization.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Market Scope |
|
Report Coverage |
Details |
Page number |
173 |
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 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, Market condition analysis for the forecast period. |
Customization purview |
If our 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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