Chicago, May 22, 2023 (GLOBE NEWSWIRE) -- 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, as per the recent study by MarketsandMarkets™. 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.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=75705978
Browse in-depth TOC on "Hydrochloric Acid Market”
247- Market Data Tables
43- Figures
231- Pages
List of Key Players in Hydrochloric Acid Market:
- 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)
- Others
Drivers, Restraints, Opportunities and Challenges in Hydrochloric Acid Market:
- Drivers: Steel pickling to drive demand for hydrochloric acid
- Restraints: Sources of air emissions from pulp and paper mills
- Opportunity: Extensive laboratory use of hydrochloric acid
- Challenge: Gaseous chlorine compounds can lead to corrosion
Key Findings of the Study:
- Syntehtic grade segment to be the fastest growing grade during the forecast period
- Ore processing to be the third fastest growing segment in the hydrochloric acid market during the forecast period
- North America to be the second largest region in the hydrochloric acid market during the forecast period
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=75705978
By application, steel pickling accounted for the largest market for hydrochloric acid. Hydrochloric acid is mainly utilized as a pickling agent for dissolving metal oxides, corrosion products, and other impurities from the surface of the 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 an increase in demand from the building & construction and automotive industry. The growth in steel pickling application in the steel industry further expects to propel the demand for hydrochloric acid during the forecast period.
By end-use industry, the chemical industry account for the 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 the production of polyvinyl chloride resins, polycarbonate resin, calcium chloride, and others.
Get 10% Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=75705978
The Asia Pacific is projected to be the largest and fastest-growing hydrochloric acid market followed by North America and Europe. An increase in demand from China and India expects to drive the demand for Hydrochloric acid in the region. China is the 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 world’s 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.
Browse Adjacent Markets Specialty Chemicals Market Research Reports & Consulting
Related Reports:
