NEW YORK, July 23, 2024 /PRNewswire/ -- The global
hydrochloric acid market size is estimated to grow by USD 978.77 million from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of 6.12%
during the forecast period. Growing demand for PVC is driving
market growth, with a trend towards increasing demand-supply gap.
However, availability of substitutes for hydrochloric acid poses a
challenge. Key market players include 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..
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Hydrochloric Acid
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 2022-2023
(%)
|
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
|
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 Driver
The hydrochloric acid market in Europe is experiencing a significant
demand-supply gap, particularly in countries like Spain, Germany, Italy, and others. This gap is primarily due
to the decreasing availability of hydrochloric acid in Spain, leading to increased demand. In
contrast, Germany's hydrochloric
acid prices are declining, which may impact its demand during the
forecast period. Meanwhile, in the US, price fluctuations of crude
oil and the demand-supply gap have led to an increase in domestic
crude oil extraction, making it a major producer. However, these
price fluctuations have also resulted in an unstable demand-supply
balance, negatively impacting the global hydrochloric acid market's
growth during the forecast period.
The Hydrochloric Acid market is experiencing significant growth
due to its diverse applications in various industries. Key trends
include stricter environmental regulations, driving the demand for
eco-friendly production methods and waste management solutions. The
hazardous waste generated during production poses environmental
impacts, necessitating careful handling and disposal. In the steel
industry, hydrochloric acid is extensively used for pickling steel
alloys and stainless steel, removing rust and iron oxide scales.
Its usage extends to acidifying oil wells for enhanced oil recovery
in the mining sector and oil exploration. In industrial processing,
it's used in ore processing, food processing, and concrete
treatment. Hydrochloric acid also finds applications in
non-industrial sectors like tire ballasting, dust management, and
table salt purification. The calcium chloride segment, a by-product
of hydrochloric acid production, is used as an acidifier in food
& beverages, textile, and various other industries. The market
is further boosted by the increasing demand for lithium-ion
batteries in smart gadgets, medical device components, and
lithium-ion engines. However, shipping delays and supply chain
disruptions pose challenges to market growth.
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Market Challenges
- Hydrochloric acid is a highly corrosive and toxic chemical used
in various industries. However, there are alternatives to
hydrochloric acid, such as emerald-safe acid, phosphoric acid,
sodium bisulfate, and trisodium phosphate, which can be used as
substitutes. These chemicals offer similar properties as
hydrochloric acid but are less harmful due to their non-corrosive
or less toxic nature. For instance, emerald-safe acid is used for
de-scaling boilers, evaporators, steam coils, and papermaking
equipment, while phosphoric acid emits less vapor, making it less
harmful to the environment. As a result, the availability of these
substitutes may limit the growth of the hydrochloric acid market
during the forecast period.
- The Hydrochloric Acid market faces several challenges in
various industries. In the pulp and paper industry, Sodium
carbonate, Sodium sulfide, Bisulfites, and strong mineral acids
like Hydrochloric Acid, Sulfuric Acid, Nitric Acid, and Phosphoric
Acid are used in the pulp manufacturing process. However, the
production of these acids consumes significant energy and releases
Chloride ions, which can cause corrosion of metals and impact the
environment. In the Oil & Gas sector, Hydrochloric Acid is used
in acidizing oil wells to enhance oil recovery. However, the use of
Chlorine, Oxides, and strong mineral acids can lead to
environmental concerns, especially in the context of the Climate
Chain Scenario. In the Food & Beverage industry, Hydrochloric
Acid, also known as Muriatic Acid or Mineral Acid, is used as a
surface cleaner and in the production of certain organic compounds.
However, its use can lead to the formation of Hematite layers in
the gaseous phase during waste incineration, which can contribute
to air pollution. Moreover, the production of Hydrochloric Acid
involves the oxidation-reduction process using Elemental Chlorine,
Chlorine Dioxide, or Calcium Oxide. This process can lead to the
production of Chlorides, which can impact the environment and human
health. Therefore, the Hydrochloric Acid market must address these
challenges by exploring alternative production methods, improving
energy efficiency, and implementing sustainable practices to reduce
the environmental impact of its production and use. The market can
also focus on the development of new applications that minimize the
use of Hydrochloric Acid or replace it with more sustainable
alternatives.
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Segment Overview
This hydrochloric acid market report extensively covers market
segmentation by
- End-user
- 1.1 Food
- 1.2 Steel
- 1.3 Oil
- 1.4 Chemicals
- 1.5 Ore processing and others
- Grade Type
- 2.1 By-product grade
- 2.2 Synthetic grade
- Geography
- 3.1 APAC
- 3.2 North America
- 3.3 Europe
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Food- Hydrochloric acid plays a vital role in
the food industry, particularly in the production of high-fructose
corn syrup (HFCS) and corn syrups. It is used to regenerate ion
exchange resins, which remove impurities, and for acid-modifying
cornstarch and adjusting pH levels in intermediates, final
products, and wastewater. Hydrochloric acid also finds applications
in soy sauce production, hydrolyzed vegetable protein
manufacturing, gelatin production through acidulating crushed
bones, and as an acidifier for sauces, vegetable juices, and canned
goods. The expanding agricultural industry, leading to increased
corn production, will fuel the demand for hydrochloric acid in the
forecast period.
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analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
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The global hydrochloric acid market is experiencing significant
growth due to its widespread use in various industries, such as
chemical production, steel pickling, and water treatment.
Similarly, the global cyanuric acid market is expanding, driven by
its application in swimming pool sanitizers and water treatment
processes. The global epichlorohydrin market is also on the rise,
propelled by its critical role in producing epoxy resins used in
coatings, adhesives, and composites. These markets are expected to
continue their upward trajectory due to increasing industrial
demand and technological advancements.
Research Analysis
The Hydrochloric Acid market is driven by various industries
that require acid for diverse applications. One significant
application is in the steel industry for pickling of steel, where
hydrochloric acid is used to remove rust and mill scale from the
surface of steel during the pickling process. This process improves
the surface quality and enhances the corrosion resistance of the
steel. Hydrochloric acid is also used for pH control in various
industrial processes and for neutralization purposes. However, the
environmental impact of hydrochloric acid production and usage is a
concern due to its potential for causing acid rain and other forms
of pollution. Proper storage and transport methods are essential to
mitigate these risks. Hydrochloric acid is used in the mining
sector for ore processing, in the oil exploration industry for oil
well acidizing, in the food processing industry, and in the
production of calcium chloride. Steel pickling operations,
industrial processing, dust management, and other applications also
contribute to the market demand for hydrochloric acid.
Market Research Overview
Hydrochloric Acid is a strong mineral acid with the chemical
formula HCl and an aqueous solution is called muriatic acid. It is
produced through various methods such as the pyro hydrolysis
procedure or the spray roaster process. Hydrochloric acid plays a
crucial role in various industries including water & wastewater
treatment, steel industry, and inorganic compound production. In
water & wastewater treatment, it is used for pH control,
neutralization, and as a coagulant. In the steel industry, it is
used for pickling of steel, removing rust and iron oxide scales,
and acidifying oil wells. In the pulp manufacturing process of the
paper industry, hydrochloric acid is used for bleaching and kraft
recovery furnace processes. In the oil & gas industry, it is
used for acidizing oil wells to enhance production and in the
mining sector for ore processing. Hydrochloric acid is also used in
food processing, surface cleaners, and lubricant-based products.
However, the production and usage of hydrochloric acid have
environmental impacts such as the production of chlorides,
hazardous waste, and energy consumption. Environmental regulations
and concerns over climate change are driving the development of
alternative methods for hydrochloric acid production and usage.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- End-user
-
- Food
- Steel
- Oil
- Chemicals
- Ore Processing And Others
- Grade Type
-
- By-product Grade
- Synthetic Grade
- Geography
-
- APAC
- North America
- Europe
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
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Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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