Reports and Data has recently published a new report titled "Global Hydrochloric Acid Market" that offers key insights into market share, market size, revenue growth, current and emerging trends, macro- and micro-economic growth factors, regulatory framework, and geographical bifurcation. The global Hydrochloric Acid market is forecast to reach USD 8,704.2 Million by 2028, according to a new report by Reports and Data. Hydrochloric acid, also known as muriatic acid, is a transparent, very strong solution of hydrogen chloride in water. It is produced using four production methods, a combination of chlorine and hydrogen, chlorination of organic, as a group of co-product in the manufacture of silica, and chemicals, salt-sulfuric acid production process. It is used as an essential product of the chemical industry and is used in many industrial processes such as food manufacturing, oil well acidizing, ore processing, producing calcium chloride, and steel pickling.
Key participants include Dow Chemical, Covestro, Olin, Axiall, OxyChem, Westlake Chemical, INOVYN, Shin-Etsu Chemical, BASF, and UNID, among others.
The rapid growth in the construction and automotive sector, the demand for steel and allied products is increasing. Hydrochloric acid is used in metal prefixing for galvanizing and soldering, aluminum etching, and metal cleaning. Rapid industrialization and growth in the chemical manufacturing industry is expected to affect the market positively. Rise in investment in the pharmaceutical industry for applications like pH control, catalyst, and others are also driving the demand of the market product.
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India is among the largest steel producer across the globe due to the increasing investments and government initiatives in the industry. The Indian government is targeting an increase in the share of GDP from the manufacturing sector, from 16% to 22% in the year 2022. Initiatives like 'Make in India' and sector-specific incentives to various manufacturing companies, aiming to make India a global manufacturing hub.
Further key findings from the report suggest
- Hydrochloric acid is commonly used in the steel industry for the process of pickling. In this process, impurities such as inorganic contaminants, rust or scale, stains from ferrous metals, precious metals, copper, and aluminum alloys are removed.
- Synthetic HCL is found as an aqueous solution of hydrogen chloride, which is acidic in nature. This type of acid is easy to handle and is used for pH balancing and in neutralization. The product is also applicable in industrial chemicals, food, and for the treatment of metal surfaces.
- Hydrochloric acid is used to remove unwanted deposits of carbonates and dust in the oil wells to allow gas flow and crude oil in the well. This application is known as stimulation.
- In the steel industry, the product is used in steel pickling operations in stainless steel, alloys, and carbon. In this process, ion oxides are removed from the steel surface by using HCL acid. The chemical compound is also used in the metal prefixing, aluminum etching, and metal cleaning operation.
- Food and Beverage industry is expected to be the largest market for HCL acid, owing to the high demand for the processing of a variety of products. The most extensive application is in the beverage industry for the production of soft drinks.
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For the purpose of this report, Reports and Data have segmented into the global Hydrochloric Acid market on the basis of type, applications, end users, and region:
Type Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2020-2028)
- Synthetic Hydrochloric Acid
- By-product Hydrochloric Acid
Applications Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2020-2028)
- Steel Pickling
- Oil Well Acidizing
- Ore Processing
- Food Processing
- Calcium Chloride
End Users Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2020-2028)
- Food and Beverages
- Oil and Gas
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Regional analysis covers:
* North America (U.S.A., Canada, Mexico)
* Europe (Italy, U.K., Germany, France, Rest of Europe)
* Asia Pacific (India, China, Japan, South Korea, Australia, Rest of APAC)
* Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
* Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Highlights in the Report:
* A detailed analysis of the Hydrochloric Acid market through the assessment of different market aspects such as product type, application, end-use verticals, and others.
* Qualitative and quantitative analysis along with the market estimation for the forecast period 2021-2028
* Detailed analysis of market dynamics such as drivers, restraints, opportunities, and threats
* Insights into recent development, business expansion plans, and strategic alliances of the top companies in the market
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