Market Overview
As per the latest information collected, the global Hydrochloric Acid Market size is witnessed as USD 950 million in 2020 and is expected to grow at a significant CAGR of 5.2% coupled with the market size of USD 1.9 billion during the forecast period 2021-2027.
Hydrochloric acid is also named muriatic acid which is the aqueous solution of hydrogen chloride gas and water. This is an inorganic chemical compound with HCl as the chemical formula. This solution is produced by four different methods such as chlorination of any organic compound, a combination of hydrogen and chlorine, this is used as a co-product in the production of silica and chemicals and also used in the production process of salt-sulfuric acid. This solution is manufactured from the chlorination process of several organic products. This acid has a different pungent odor and is highly corrosive.
Hydrochloric acid is used in various applications like descaling agents in industries, oil well acidizing, manufacturing of polyvinyl chloride & calcium chloride, an additive in the food industry, as a raw material for the production of several chemicals & compounds, and leather processing. Hcl is highly used in the steel industry for eliminating the iron oxide and scales from the surface of the steel. Hence, rising the demand for steel from various sectors is escalating the growth of the market. This hydrochloric acid is highly demanded in the application industries like water treatment, food processing, and oil & gas. Moreover, the usage of hydrochloric acid is increased in the steel and pharmaceutical industry which propels the market growth in the coming six years.
The hydrochloric acid market opportunities are growing investments in the oil & gas sector coupled with the mining industry results in increasing the R & D activities for the development of the application by the market participants is enhancing the market growth.
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Market Segmentation
By the recent updates, the hydrochloric acid market is bifurcated into the application and end-use industries.
Application Segmentation: Hydrochloric acid applications are classified into various types such as steel pickling, oil well acidizing, ore processing, food processing, calcium chloride, and others.
End-use Industry Segmentation: Based on the end-use industry, the hydrochloric acid market is categorized into several segments like pharmaceuticals, food & beverages, textile, steel, oil & gas, chemical industry, and others.
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Regional Analysis
Based on the hydrochloric acid market share and other aspects, the global market is divided into four major regions such as Asia-Pacific, Europe, North America, and the Rest of the World. Among them, Asia-Pacific holds the largest market share for the presence of prominent market shareholders like China, India, and Asian countries. This region is also accounted for the fastest-growing region in the coming years for the rise in manufacturing activities, growth in geriatric population, and also due to the presence of developing industries like food, chemical, and textile in India and China regions.
The hydrochloric acid market key competitors are the Dow Chemical Company, Axial Corporation, BASF SE, Aditya Birla Chemicals Ltd, Detrex Corporation, Solvay SA, and others.
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IndustryNews
According to the latest research, hydrochloric acid is enhancing its market growth by raising the usage of this product in various applications in different industries. Moreover, the “Green Credentials” plan for a future battery material coating plant was boosting the usage of hydrochloric acid.
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