Hydrochloric Acid Market: Global Industry Trends, Size, Growth,...

Hydrochloric Acid Market: Global Industry Trends, Size, Growth, Opportunity and Forecast 2030

Posted 2022-01-28 06:26:09

Global Hydrochloric Acid Market Overview:

Hydrochloric Acid is also known as acidum salis or spirits of salt. It is a transparent solution that is extremely important in the chemical industry. Market Research Future (MRFR) has recently analyzed the Global Hydrochloric Acid Market and published a report. As per the report, the Global Hydrochloric Acid Market is estimated to expand at 5% CAGR during the forecast period. Hydrochloric Acid has many applications in industrial processes such as its usage in the manufacture of organic compounds, as a cleaning agent, and as a way to neutralize water in swimming pools.

Further, Hydrochloric Acid is also used in the regulation of pH levels, regeneration of ion exchangers, oil-well acidization, and production of inorganic compounds. All these aforementioned applications are anticipated to drive the Global Hydrochloric Acid Market to a great extent. Another vital market driver for Hydrochloric Acid is the growing demand for Hydrochloric Acid in end-user industries like food processing and steel pickling. Whereas, a limited supply is observed to cause inconsistent prices which are expected to pose as a major hindrance of the Global Hydrochloric Acid Market during the review period.

Market Segmentation:

The Global Hydrochloric Acid Market Size has been segmented and studied on the basis of Application, End-Users, and Region.

On the Basis of Application, the Hydrochloric Acid Market is segmented into steel pickling, cleaning pools, regulate pH levels, and production of organic and inorganic compounds.

On the Basis of End-Users, the market is studied for the segments of food industry, agricultural, textiles industry, pharmaceutical, and chemical industry.

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Key Players:

The Global Hydrochloric Market is driven by the activities of some of the notable players present. These prominent players are mentioned in the Market Research Future (MRFR) report including Axiall Corporation (US), INOVYN (UK), Dow Chemical Company (US), BASF SE (Germany), Detrex Corporation (US), Solvay S.A. Chemicals Company (Europe), ERCO Worldwide (US), Dupont (US), Coogee Chemicals (Australia), and AGC Chemicals (Japan).

Industry Update:

March 2019: Westlake Chemical Partners LP announced their agreement to acquire an addition 4.5% limited partner interest in Westlake Chemical OpCo LP for $201.4 million on a fully diluted basis.

Growing Demand for Hydrochloric Acid in Steel Industry to Drive Market:

Hydrochloric Acid Size is generally used in the steel industry in pickling operations for carbon, alloy, and stainless steels for the removal of rust and impurities that are formed during the process of production. It is also used in the food production industry for the production of numerous products including organic and inorganic compounds for different applications. Hence, with the proliferating developments in the chemical, food, rubber, textile, and leather industries, the consumption of Hydrochloric Acid is increasing, driving the market to a great extent.

Detailed Regional Analysis:

The Global Hydrochloric Acid Market Size has been geographically segmented into North America, Latin America, the Middle East and Africa, Asia Pacific, and Europe. Asia Pacific is estimated to gain the largest market share for hydrochloric acid owing to the increasing industrial applications in India, Indonesia, and China. North America is anticipated to garner the second-largest share in the Global Hydrochloric Acid Market, following Asia Pacific. Such speedy growth can be attributed to the growing demand from the oil well acidizing industry in the region.

Alternatively, Europe is projected to witness sluggish growth during the forecast period for the Hydrochloric Acid Market. Factors such as the effluent disposal and environmental regulations regarding food and steel processing procedures are hindering the market growth in Europe. The Middle East & Africa and Latin America are also speculated to witness growth in the Hydrochloric Acid Market owing to numerous applications such as steel pickling, cleaning pools, production of organic & inorganic compounds, and regulation of pH levels.

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About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

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