(EMAILWIRE.COM, December 19, 2022 ) The global Hydrochloric Acid Market is projected to grow from USD 2.5 Billion in 2022 to USD 3.4 Billion by 2027, at a CAGR of 6.6% during the forecast period. The increasing demand for hydrochloric acid in food and beverage, steel, chemical, and oil & gas provides momentum for the growth of the hydrochloric acid market.
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By application, steel pickling accounted for largest market for hydrochloric acid. Hydrochloric acid is mainly utilized as pickling agent for dissolving metal oxides, corrosion products, and other impurities from the surface of metal. Hydrochloric acid is preferred over other acids for pickling operation as it offers less pickling time, strong chemical solubility, and is suitable for pickling operation at room temperature. The steel industry is growing steadily owing to increase in demand from building & construction and automotive industry. The growth in steel pickling application in steel industry further expects to propel the demand for hydrochloric acid during the forecast period.
By end-use industry, chemical industry account for largest market for hydrochloric acid. Hydrochloric acid is used as a reducing agent, catalytic reagent, and hydrolyzing agent in organic chemistry. It is used in the preparation and identification of many important organic & inorganic compounds. Hydrochloric acid is utilized in production of polyvinyl chloride resins, polycarbonate resin, calcium chloride, and others.
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The Asia Pacific is projected to be the largest and fastest-growing hydrochloric acid market followed by North America and Europe. Increase in demand from China and India expects to drive the demand for Hydrochloric acid in the region. China is second largest importer of hydrochloric acid after the U.S. The increasing population has led to the food & beverage, chemicals, and steel, and oil & gas industry growth, which will drive the hydrochloric acid market. China emerged as one of the worlds manufacturing hubs, with relatively low raw materials and labor prices.
This has led to considerable investments in the manufacturing sector. Additionally, the remarkable growth of the manufacturing sector in the Asia Pacific provides momentum for the development of the hydrochloric acid market. The abundance of raw materials, low utility cost, lenient regulation, and low cost of production, among others, are some of the factors that support the growth of the manufacturing industry in the Asia Pacific.
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 Chemicals (Japan), ERCO Worldwide (Canada), Detrex Corporation (US) are the key players operating in the hydrochloric acid market. Acquisitions, expansions, contracts, agreements & partnerships, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the hydrochloric acid market.
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