Global Hydrochloric Acid Market size was valued US$ xx Mn. in 2019 and the total revenue is expected to grow at a CAGR xx% from 2020 to 2027, reaching nearly US$ xx Mn.
Global Hydrochloric Acid Market
Hydrochloric (HCl) Acid is an aqueous solution, which is also known as muriatic acid. The HCl is an inorganic chemical compound formed by the hydrogen chloride gas and water.
The Hydrochloric Acid has wide range of application in the industries, as descaling agent, additive in production of gelatin, production of PVC, leather manufacturing and forming various compounds in the chemical industry. The hydrochloric acid market has grown xx% in 2019 and is expected to continue its growth rate in forecasted period.
By End Use Industry, the food segment is expected to grow at xx% CAGR and reach xx Mn market value in 2027. Hydrochloric Acid is used in food industry for the manufacturing of gelatin and other applications such as corn syrups that are used in soft drinks, crackers, cookies, cereals and ketchup.
Hydrochloric Acid is used in the industry for the production of oil well acidizing, steel pickling, producing calcium chloride, and ore processing. The HCl is used in pickling operation in steel and alloy manufacturing. The growth in steel industry is driving the growth of hydrochloric acid market.
The increasing demand for hydrochloric acid in methylenediphenyl diisocyanate (MDI)/ toluene diisocyanate (TDI) industry globally is driving the market in the forecasted period. In the steel industry HCl is used during the processing of ore. The HCL majorly used for the production of calcium chloride and ethyl dichloride. The growth of food and oil & gas industry as well as the steel and pharmaceutical industry are fueling the growth of the HCL market during the forecast period.
The governments are implementing stringent rules with respect storage and handling, which is restraining the growth of the hydrochloric acid market. The volatility in raw material prices leads to an increase in the hydrochloric acid price and this could be a challenge with respect to the market growth.
By region, Asia Pacific region is expected to lead the hydrochloric acid in the forecast period, at CAGR of xx%. The high growth TDI/MDI industries in the region is resulting in the growth of hydrochloric acid in the region. The increasing number of industrial applications of HCl are anticipated to result in the growth of Asia Pacific market over the forecasted period.
Europe is expected to grow at xx% CAGR in the forecast period. The majority of HCl production in Europe is driven by the production of isocyantes. The HCL is by product of isocyantes. Covesto and BASF have entered into a contract for the production of isocyantes in Europe. With metalworking applications and use in the Steel pickling industry having reduced in 2019, demand dropped during the start of 2019 and has been further impacted due to the coronavirus. Usage in downstream sectors, such as water purification, was also weak because of the travel restrictions that have hurt the tourism industry.
Report covers in-depth analysis of key development, marketing strategies, supply-side and demand side indicators and company profiles of market leaders, potential players, and new entrants. Key players operating in this market are adopting various organic and inorganic growth strategies such as merger & acquisitions, joint ventures, collaborations, expansion, new product launches and patents to increase their regional presence and business operations.
The objective of the report is to present a comprehensive analysis of the global hydrochloric acid market including all the stakeholders of the industry. The past and current status of the industry with 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 includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report.
External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Hydrochloric Acid Market dynamics, structure by analyzing the market segments and project Global Hydrochloric Acid Market Clear representation of competitive analysis of key players by price, financial position, Product portfolio, growth strategies, and regional presence in the Global Hydrochloric Acid Market the report investor’s guide.
Scope of the Hydrochloric Acid Market
Hydrochloric Acid Market, By End Use Industry
- Oil & gas
- Others (chemical and agricultural)
Hydrochloric Acid Market, By Application
- Steel pickling
- Oil well acidizing
- Calcium chloride
- Brine treating
Hydrochloric Acid Market, by Region
- Asia Pacific
- North America
- South America
- Middle East & Africa
Key players operating in Hydrochloric Acid Market
- Allan Chemical Corporation
- GFC Chemicals
- Eco-Tec, Inc
- Basic Chemical Solutions, LLC
- Brainerd Chemical Co, Inc
- AkzoNobel N.V.
- Qingdao Henley Co., Ltd.
- Compound Solutions Inc.
- International Petrochemicals Pvt. Ltd.
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