-- Synopsis of Hydrochloric Acid Market:
The Global Hydrochloric Acid Market is expected to witness a significant growth of USD ~ 1869.559 million by 2023 with CAGR of ~5.0% between 2016 and 2023.
Hydrochloric Acid is one of the names for muriatic acid with the chemical formula HCl. It is also known as acidum salis or spirits of salt. Hydrochloric acid is a, transparent, very strong solution of hydrogen chloride in water. It is an extremely important product of the chemical industry and used in many industrial processes such as used in manufacture of organic compounds, as cleaning agent, neutralise water in swimming pools, to regulate pH level, regenerate ion exchangers, oil-well acidization, Production of inorganic compounds, and other industrial applications.
The key driver for the market is the growing demand in application of end user industries such as food processing and steel pickling is anticipated to witness sharp rise. On the other hand limited supply is predictable to lead to inconsistent prices which seems as a major challenge for the growth of the Hydrochloric Acid Market in near future.
Key Players:
Key players of the Global Hydrochloric Acid Market are Dow Chemical Company (US), Axiall Corporation (US), INOVYN (UK), BASF SE (Germany), Detrex Corporation (US), Solvay S.A. Chemicals Company (Europe), ERCO Worldwide (US), Dupont (US), Coogee Chemicals (Australia), AGC Chemicals (Japan), and others.
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Regional Analysis:
The Global Hydrochloric Acid Market is classified on the basis of mixed geographic segmentation which involves regions such as America, Europe, Asia-Pacific, Middle East and Africa. Out of all, Asia Pacific Hydrochloric Acid Market is largest market owing to robust industry growth of application industry in China, Japan and India. Asia Pacific Hydrochloric Acid Market size is likely to witness highest gains over the forecast period. Positive stance on end-use industries such as food industry, pharmaceutical, agricultural, textiles industry, chemical industry and others in countries like China, India and Indonesia is predict to drive demand.
Asia Pacific is the market leader in terms of consumption due to industrial expansion in China, Indonesia and India. China is expected to witness the fastest growth on account of rising ore processing, calcium chloride & ethyl dichloride production, oil & gas industry over the forecast period. On the other hand The North America including country Canada and Mexico oil and gas industry is expected to grow over 35% in the next years. In addition, the increasing oil and gas industry in North America, has caused in improved oil acidizing activities boosting the demand for Hydrochloric Acid. The demand for Hydrochloric Acid in steel pickling is expected to witness rise due to the replacement of sulfuric acid in the pickling procedure. The third largest market of hydrochloric acid is Europe due to developing country Germany, Italy, UK, and France witnessed in growth of Hydrochloric Acid Market, the demand for Hydrochloric Acid is highly influenced by the development of the manufacturing sector specially the chemical industry due to the Europe economy is on the way to transform its economic structure to the industrial sector an annual average growth rate of 12% in forecasting the future demand.
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Segmentation:
The Global Hydrochloric Acid Market is majorly segmented on the basis of application, end users and region. Based on application of Hydrochloric Acid the market is segmented into steel pickling, production of organic & inorganic compound, cleaning pools, regulate pH level, and others. Based on end user the market segmented into food industry, pharmaceutical, agricultural, textiles industry, chemical industry and others and based on region market is segmented into North America, Europe, APAC, Latin America, Middle East & Africa.
Key Points from Table of Content:
10. Company Profiles
10.1 Dow Chemical Company
10.1.1 Company Overview
10.1.2 Product/Business Segment Overview
10.1.3 Financial Updates
10.1.4 Key Developments
10.2 Axiall Corporation
10.2.1 Company Overview
10.2.2 Product/Business Segment Overview
10.2.3 Financial Updates
10.2.4 Key Developments
10.3 INOVYN
10.3.1 Company Overview
10.3.2 Product/Business Segment Overview
10.3.3 Financial Updates
10.3.4 Key Developments
10.4 The Chemours Company
10.4.1 Company Overview
10.4.2 Product/Business Segment Overview
10.4.3 Financial Updates
10.4.4 Key Developments
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