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.
The report provides market estimations such as market size, market share, revenue growth, and CAGR, and market analysis for the forecast period of 2021-2028. The report also offers a comprehensive analysis of the competitive landscape with company profiles and product portfolios. To provide a deeper understanding of the global market, the report offers a statistical analysis of the global and local production and consumption ratio.
Key companies in the report: Dow Chemical, Covestro, Olin, Axiall, OxyChem, Westlake Chemical, INOVYN, Shin-Etsu Chemical, BASF, and UNID, among others.
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Rising global population has led to increasing number of construction and building activities across the globe, in turn, driving demand for materials and chemicals. Availability of advanced finishing materials, environmentally sustainable raw materials and chemicals, and growing progress of plastics industry has significantly contributed to the revenue growth of the market. Chemicals and materials industry is a crucial part of the world economy and produces over 70,000 products that are needed across various end-use industries. Consumer products such as soaps, detergents, and cosmetics, along with electronic gadgets, automobiles, and paints & cosmetics, among others are in high demand across the globe and are majorly dependent on various types of chemicals and materials. International corporations are actively engaged in developing sustainable products to reduce carbon emissions and pollution and ensure safe operations of the facilities. These key factors have significantly contributed to market revenue growth and is expected to continue to do so going ahead.
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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Key companies are focused on mergers and acquisitions, joint ventures, collaborations, partnerships, product launches, brand promotions, and R&D activities among others to cater to growing global demand and gain a strong foothold in the market. The report also analyzes the presence of key companies, their ventures, and investment and funding opportunities in key regions of the world including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The study covers critical information and factual data about the Hydrochloric Acid industry along with an in-depth statistical analysis of the market drivers, limitations, growth prospects, opportunities, and threats. The report also covers SWOT analysis and Porter’s Five Forces analysis to offer better understanding of the competitive landscape of the global Hydrochloric Acid market.
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.
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