Rapid industrialization worldwide and growing applications of hydrochloric acid in oil & gas production, water treatment, food processing, and pharmaceutical manufacturing are among the key factors expected to drive market revenue growth over the forecast period.
Rapid industrialization worldwide and growing applications of hydrochloric acid in oil & gas production, water treatment, food processing, and pharmaceutical manufacturing are among the key factors expected to drive market revenue growth over the forecast period
Reports and Data has published its latest report titled “Hydrochloric Acid Market, By Product Type (Synthetic Hydrochloric Acid, By-product Hydrochloric Acid), By Application (Steel Pickling, Water Treatment, Oil Well Acidizing, Ore Processing, Food Production and Processing, Calcium Chloride Production, Laboratory Reagents, Others), By End-use Industry (Food & Beverage Industry, Pharmaceutical Industry, Textiles Industry, Steel Industry, Oil & Gas Industry, Chemical Industry, Others), and By Region, Forecast to 2028”
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According to the latest report by Reports and Data, the global hydrochloric acid market size was USD 7,733.8 Million in 2020 and is expected to reach USD 8,704.2 Million in 2028 and register a revenue CAGR of 1.5% during the forecast period, 2021-2028.
Drivers, Restraints, and Opportunities:
Key factors contributing to the global hydrochloric acid market revenue growth include increasing applications of hydrochloric acid in the food & beverage, pharmaceutical, oil & gas, chemical, water treatment, textiles, buildings & construction, and various other industries. Rising global populace, fast-paced industrialization and urbanization, and increasing government investments in civil infrastructure development projects are some of the other significant factors contributing to the global market revenue growth during the forecast period. Hydrochloric acid, also called hydronium chloride or muriatic acid, is an aqueous solution of hydrogen chloride, with each molecule composed of hydrogen and chlorine in a one-to-one ratio. It is a colorless liquid with a pungent odor, and its ions are represented as H3O+ Cl-. Classified as a strong inorganic acid, the chemical has a molecular weight of 36.46 g/molecule and is hazardous to the eyes, skin, and mucous membranes. Hydrochloric acid finds a wide range of commercial and industrial applications, and the pH level, boiling and melting points, and density of the chemical are determined by its concentration in water.
Some other favorable factors for the global hydrochloric acid market revenue growth include growing use of hydrochloric acid in steel manufacturing as a pickling agent, as well as in production of fertilizers and pesticides for the agriculture sector. Rising demand for hydrochloric acid in the chemical industry for production of various organic and inorganic compounds, such as zinc chloride (for battery production), calcium chloride (for de-icing roads), vinyl chloride (for PVC production), and water treatment chemicals including polyaluminium chloride, is another major factor expected to drive revenue growth of the global market over the upcoming years. In addition, increasing applications of hydrochloric acid in pharmaceutical manufacturing, food processing and flavor enhancement, and in the production of personal and household hygiene products such as disinfectants and sanitizers are driving market revenue growth to a significant extent.
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COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Synthetic Hydrochloric Acid Segment Accounted for Significant Revenue Growth in 2020:
Based on product type, the global hydrochloric acid market is segmented into synthetic hydrochloric acid and by-product hydrochloric acid. The synthetic hydrochloric acid segment accounted for largest revenue share in the global market in 2020. Growing industrial applications of synthetic hydrochloric acid, owing to its advantages such as easy handling, improved pH balance, and better suitability for treatment of metal surfaces, are driving the growth of this segment.
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Food Production and Processing Application Segment to Register Rapid Revenue Growth Rate:
Based on application, the global hydrochloric acid market is segmented into food production and processing, water treatment, steel pickling, oil well acidizing, calcium chloride production, ore processing, laboratory reagents, and others. The food production and processing segment is projected to register the fastest revenue growth rate in the global market the forecast period. Rise in global population, rampant increase in demand for food, growing use of hydrochloric acid in production of various food additives and ingredients, such as common salt, corn sugar, lysine, fructose, aspartame, citric acid, hydrolyzed vegetable protein, and gelatin, are key factors bolstering this segment’s growth.
North America Accounted for Largest Revenue Growth in 2020:
Among regional markets, the North America hydrochloric acid market accounted for the largest revenue share in the global market in 2020. Rapidly increasing industrial and construction activities across the region and rising demand for hydrochloric acid in the chemical, pharmaceutical, food & beverage, oil & gas, chemical, steel, and water treatment industries are major factors contributing to the North America market revenue growth. Growing demand for synthetic hydrochloric acid in industrial manufacturing, rise in pharmaceutical manufacturing during the COVID-19 pandemic, rising consumption of packaged and processed foods, and growing demand for disinfectants, sanitizers, and other products for personal hygiene are other factors boosting the regional market revenue growth.
Major Companies in the Global Hydrochloric Acid Market Include:
- The Dow Chemical Company
- Pioneer America
- Lyondell Chemical Company
- Bayer AG
- BASF SE
- Covestro
- Olin
- Solvay
- Axiall
- OxyChem
- AGC Inc.
- Occidental Petroleum Corporation
- Westlake Chemical
- ERCO Worldwide
- INOVYN
- Shin-Etsu Chemical
- UNID
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Market Segmentation:
For the purpose of this report, Reports and Data has segmented the global hydrochloric acid market based on type, application, end-use, and region:
Type Outlook (Revenue, USD Million; Volume, Kilo Tons; 2018-2028)
- Synthetic Hydrochloric Acid
- By-product Hydrochloric Acid
Application Outlook (Revenue, USD Million; Volume, Kilo Tons; 2018-2028)
- Steel Pickling
- Oil Well Acidizing
- Ore Processing
- Food Production and Processing
- Calcium Chloride Production
- Laboratory Reagents
- Others
End-use Industry Outlook (Revenue, USD Million; Volume, Kilo Tons; 2018-2028)
- Food & Beverage Industry
- Pharmaceutical Industry
- Textiles Industry
- Steel Industry
- Oil & Gas Industry
- Chemical Industry
- Others
Regional Outlook (Revenue, USD Million; Volume, Kilo Tons; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Israel
- Rest of Middle East & Africa
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Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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