PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1514364
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1514364
The hydrochloric acid market is projected to grow from USD 2.2 Billion in 2024 to USD 3.0 Billion by 2029, at a CAGR of 6.5% during the forecast period. Hydrochloric acid is extensively used in the food processing and steel pickling industries. In food processing, it adjusts pH levels for tasks like curdling milk in cheese production, produces food additives such as gelatine, aids in fermentation for soy sauce, preserves fruits and vegetables, and sanitizes equipment. These applications ensure food quality, safety, and functionality. In steel pickling, hydrochloric acid removes rust, scale, and contaminants from steel surfaces, crucial for preparing steel for galvanizing, plating, and painting. The steel industry's growth, driven by industrialization and infrastructure development, significantly boosts hydrochloric acid demand. According to Worldsteel Association, total world crude steel production in 2023 was 1,888.2 Mt. This increases the demand for hydrochloric acid for the application of steel pickling, underscoring the acid's critical role in metal processing and its impact on the global market.
Scope of the Report | |
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Years Considered for the Study | 2020-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Million), Volume (Million Ton) |
Segments | Grade, End-use Industry, Application, and Region |
Regions covered | North America, Asia Pacific, Europe, South America, and Middle East & Africa |
"By Grade, by-product is largest market for hydrochloric acid during forecast period."
By-product grade accounts for largest market share for hydrochloric acid. It is primarily utilized in the mining sector for ore extraction, the production of biofuels, oils, and lubricants, as well as in various refinement processes. Additionally, hydrochloric acid is employed in metalworking for pickling steel, aluminum, titanium, and magnesium, as well as for cleaning metal surfaces during galvanizing processes.
"By Application, oil well acidizing account for second largest share during forecast period."
Ore processing accounts for second largest market share by application for hydrochloric acid market. In ore processing, which includes crushing, grinding, flotation, and leaching, hydrochloric acid is crucial during leaching. Its strong acidity helps dissolve specific minerals, aiding in extracting metals like nickel, cobalt, and rare earth elements. Hydrochloric acid adjusts pH levels and removes impurities, enhancing the purity and yield of the final product. Its use improves the efficiency and effectiveness of mineral extraction, contributing to high-quality metal production.
"By End-Use Industry, Chemical End-use Industry Segment Accounted For second largest share during forecast period."
Hydrochloric acid is important in the chemical industry, acting as a key reagent in numerous chemical reactions and processes. It is widely used for pH control, neutralization, and chemical synthesis. In chemical manufacturing, hydrochloric acid is crucial for producing inorganic compounds like ferric chloride, polyaluminum chloride, and various chlorides used in water treatment, electronics, and pharmaceuticals. It is also vital in organic synthesis, particularly in producing vinyl chloride and other important organic chemicals. Hydrochloric acid is used to produce high-purity silica, regenerate ion exchange resins, and in processes such as hydrolyzing starches and proteins.
The benefits of hydrochloric acid in the chemical industry are significant. Its strong acidic nature makes it highly effective for various applications, including catalyzing reactions, adjusting pH levels, and neutralizing alkaline substances. Its versatility allows it to be used in numerous chemical processes, enhancing production efficiency and product quality. Hydrochloric acid's compatibility with a wide range of substances ensures its safe and effective integration into diverse chemical production workflows.
Several factors drive the hydrochloric acid market in the chemical industry. The increasing demand for chemical products, fueled by growth in industries such as pharmaceuticals, agriculture, water treatment, and electronics, boosts hydrochloric acid consumption. Technological advancements in chemical synthesis and production processes that improve efficiency and yield also contribute to the rising demand for hydrochloric acid. The expansion of industrial activities in emerging economies, coupled with the growing emphasis on environmental sustainability and regulatory compliance, further supports the hydrochloric acid market. Additionally, the continuous need for high-purity chemicals in various applications, along with the regeneration of ion exchange resins in water treatment and other industries, drives the demand for hydrochloric acid in the chemical sector.
"North America is accounted second larget market for Hydrochloric acid in 2023."
The North America region is accounted second larget in the Hydrochloric acid market. This growth encompasses countries like US, Canada, and Mexico.
The hydrochloric acid market in North America is being propelled by various factors. The robust industrial sector in the region, particularly in steel manufacturing, chemical processing, and oil refining, is driving significant demand for hydrochloric acid. There is a growing utilization of hydrochloric acid in water treatment applications, including pH regulation and wastewater treatment, which is further stimulating market growth. The expanding usage of hydrochloric acid in the food and beverage industry for purposes such as food processing and cleaning is contributing to increased demand. Moreover, stringent environmental regulations governing the handling and disposal of hazardous chemicals like hydrochloric acid are prompting investments in advanced technologies and safety measures, thereby fostering market growth. The presence of key market players and their focus on research and development endeavors aimed at enhancing product efficiency and sustainability are also fueling the growth of the hydrochloric acid market in North America.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the Hydrochloric acid market.
Companies Covered: The global hydrochloric acid market comprises major manufacturers, such as BASF SE (Germany), Covestro AG (Germany), Olin Corporation (US), Westlake Chemical Corporation (US), Occidental Petroleum Corporation (US), Formosa Plastics Corporation (Taiwan), Tata Chemicals Limited (India), AGC Inc. (Japan), ERCO Worldwide (Canada), Detrex Corporation (US), among others.
Research Coverage
The market study covers the hydrochloric acid market across various segments. It aims at estimating the market size and the growth potential of this market across different segments based on grade, end-use industry, application and region. The study also includes an in-depth competitive analysis of key players in the market, their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to improve their position in the hydrochloric acid market.
Key Benefits of Buying the Report
The report is expected to help the market leaders/new entrants in this market share the closest approximations of the revenue numbers of the overall hydrochloric acid market and its segments and sub-segments. This report is projected to help stakeholders understand the competitive landscape of the market, gain insights to improve the position of their businesses, and plan suitable go-to-market strategies. The report also aims to help stakeholders understand the pulse of the market and provides them with information on the key market drivers, challenges, and opportunities.
Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the Hydrochloric acid market