Global Hydrochloric Acid Market – Overview
The importance of Hydrochloric Acid various sectors and applications has spiked the demand for the industry considerably. Market reports linked to the chemicals and materials sector made available by Market Research Future along with published reports on other sectors have been recently published along with a report on this market. The industry is expected to achieve USD 1869.559 million approximately by 2023 while expanding with a 5 percent CAGR between 2016 and 2023.
Developments in the manufacturing processes of this sector have increased the demand for the industry gradually over the past few years. Applications of hydrochloric acid in the pharmaceutical sector have increased the number of growth opportunities for the expansion of the industry. The growing use of Hydrochloric Acid in oil well acidizing sector due to the increase in the flow of reservoir rock is another reason that can accelerate the expansion of the market globally.
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Industry Segments
The Hydrochloric Acid Industry globally is segmented on the basis of End Users, Application and Region.
Based on the Application of Hydrochloric Acid the market is segmented into production of organic & inorganic compound, steel pickling, cleaning pools, regulate pH level, and others.
The End User segment of the industry is segmented into pharmaceutical, food industry, agricultural, chemical industry, textiles industry and others.
Based on Region the industry is segmented into Latin America, Europe, North America, APAC, Middle East and Africa.
Industry Updates:
April 2018 Kemira which is a globally established chemicals company will make a multi-million euro investment to increase production at its Joutseno chlor-alkali site located in Finland. The production capacity will be extended to guarantee Kemira’s ability to meet the rising need for sodium hydroxide in Finland. The investment is estimated to be operational by the fourth quarter of the year 2018. Joutseno chlor-alkali site currently manufactures hydrochloric acid, sodium hydroxide, and sodium hypochlorite for paper and pulp and process industries as well as municipal water treatment.
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Detailed Regional Analysis
The Asia Pacific region is a major market of Hydrochloric Acid owing to the escalating industrial applications in nations such as India, China, and Indonesia. The second highest growth rates are estimated for the North American region, The rising demand from oil well acidizing market is one of the key factors that is expected to fuel the development of the Hydrochloride Acid Industry in the North American region. Meanwhile, the European region is projected to observe sluggish development in the forecast period, due to the effluent disposal and environmental regulations regarding food and steel processing techniques. The Latin American and Middle Eastern region will also witness growth in the Hydrochloric Acid Industry owing to the numerous application such as production of organic & inorganic compound, steel pickling, regulate pH level, cleaning pools, and others.
Global Competitive Analysis:
Contenders who are a part of the industry have devised their corporate strategy blueprint in a way that that can bring the best outcomes for development in the current scenario. With the ability to sustain their competitive edge being one of the primary factors driving their efforts, the scope for growth in the industry appears to be promising through the forecast period. The rising affinity for diversification in the market, has indirectly enabled the players to utilize the many prospects available. The companies in this particular industry are also trying to maintain and enhance financial liquidity that can be instrumental to invest in growth strategies as and when they become available. This particular trend has enabled portfolio improvements along with the affinity for diversification in the sector, which has benefitted the market competitors tremendously in this industry.
The prominent competitors of the Hydrochloric Acid Market globally are ERCO Worldwide (US),Axiall Corporation (US), INOVYN (UK), BASF SE (Germany), Detrex Corporation (US), Dow Chemical Company (US) and Solvay S.A. Chemicals Company (Europe) to name a few.
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