Hydrochloric Acid Market – Overview —
Hydrochloric Acid is a strong mineral acid which is highly corrosive and possess wide range of industrial uses. Hydrochloric Acid is used in picking of steel, production of organic and inorganic compounds, regeneration of ion exchangers, leather processing, common salt purification, and building and construction among others. The Global Hydrochloric Acid is a lucrative market and is expected to witness a considerable CAGR during the forecast years. The growing demand from the application industry such as water purification, oil & gas and food processing are the major factors contributing to the growth of the market. Hydrochloric Acid is also used in the pharmaceutical industry as a catalyst, reducing agent and to control Ph levels.
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The Global Market of Hydrochloric Acid is segmented on the basis of Application and End User Industry.
On the basis of Application the market is segregated as steel picking, cleaning pools, organic and inorganic compounds, metal processing and others. Among the various applications steel picking followed by metal processing and Oil & gas are the dominant segments and are substantially contributing to the growth of the market.
On the Basis, of End Use Industry, the market is further segmented as food industry, agricultural, pharmaceutical, textile, oil & gas and others.
According to MRFR analysis, Global Hydrochloric Acid Market is expected to witness a considerable growth and develop at an encouraging CAGR during the forecast years. The growing demand of Hydrochloric Acid from the steel picking industry is the major factor driving the global market. Hydrochloric Acid is highly demanded from the steel picking industry owing to its ability to remove rust from the steel before processing. Hydrochloric Acid is the most commonly used picking agent used extensively in carbon steel grades. Moreover, the growing oil and gas industry among the population throughout the globe coupled with the increasing demand for Hydrochloric Acid from the agricultural industry is expected to further add to the growth of the market. Furthermore, the demand from the niche applications such as leather, dyes and pigments is also surging the market demand. However, volatility in raw material supply coupled with strict government regulations regarding the CFC emissions are some of the down side of the market growth.
Industry/ Innovation/ Related News:
13th February 2017- Univer Inc. has announced an exclusive agreement for the distribution of hydrochloric acid with The Chemours Company’s West Virginia plant, USA. This agreement is expected to shorten the supply chain and cater to a larger customer base in the American region.
14th November, 2018- Detrex corporation and Italmatch Chemicals group has announced the completion of its merger for 27$ per share. Detrex Corporation, a manufacturer of high purity hydrochloric acid is set to expand their consumer base with this merger. This merger is expected to add to the high operating standards in the specialty chemicals sector and broaden their product portfolio in the market.
The Global Hydrochloric Acid is a lucrative market and is expected show an increasing CAGR during the forecast period. Dow Chemical Company (US), Axiall Corporation (US), INOVYN (UK), BASF SE (Germany), Detrex Corporation (US), Solvay S.A. Chemicals Company (Europe), are some of the major players operating in the market. These players are adopting various key strategies of market growth. These key players are adopting innovation, product launch, merger and acquisition, collaboration, increased investment in research and development activities and other market survival techniques to cater to the large consumer base and strengthen their position in the market. The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvements and financial flexibility to invest in the optimal strategies.
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Asia Pacific is expected to be a dominant region in the market of Hydrochloric Acid. The growing demand of Hydrochloric Acid from the agricultural sector mainly from countries such as India and Indonesia among others due to the presence of large arable land is the major factor contributing to the market growth. The growing industrialization in the region has augmented the use of Hydrochloric Acid in the end user industries which is also adding to the market growth. Furthermore, the growing oil and gas activities in the region has increased the demand for Hydrochloric Acid for the removal of unwanted substances in wells during the drilling process.
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