Oct 18, 2022   SOURCE: BusinessWire

Global Hydrochloric Acid Market Analysis/Forecast Report 2022-2027: Food Processing, Steel Pickling, and Ore Processing Applications to Offer Opportunities - ResearchAndMarkets.com

The "Hydrochloric Acid Market by Grade (Synthetic, By-product), Application, End-use industry (Food & Beverage, Pharmaceutical, Textile, Steel, Oil & Gas, Chemical), Region (North America, Europe, APAC, MEA, South America) - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The hydrochloric acid market is projected to grow from USD 2.5 Billion in 2022 to USD 3.4 Billion by 2027, at a CAGR of 6.6%

Steady growth in steel and food & beverage industry, expects to drive further propel the demand of hydrochloric acid, during the forecast period. However, hydrochloric acid is highly volatile and corrosive; therefore, many governments have imposed regulations regarding the impact on environmental pollution and storage & transport of hydrochloric acid, which restrains the market.

By Grade, by-product is largest market for hydrochloric acid during forecast period

By-product grade accounts for largest market share for hydrochloric acid. By-product is primarily used in the mining sector for ore extraction, the production of biofuels, oils, and lubricants, as well as refinement procedures. Hydrochloric acid is used in metalworking for pickling steel, aluminum, titanium, and magnesium and to clean metal surfaces during galvanizing processes.

By Application, Steel Pickling account for larger share during forecast period

Steel pickling is account for largest market share by application for hydrochloric acid market. Hydrochloric acid is used in pickling operations for carbon, alloy, and stainless steel. Steel pickling is the process by which iron oxides and scale are removed from the surface of steel by converting the oxides to soluble compounds.

Pickling is required for steel products that undergo further processing, such as wire production, coating of sheets and strips, and tin mill products. Hydrochloric acid is used primarily for continuous pickling operations in which hot-rolled strip steel passes through a counter-current flow of acid solution. Hydrochloric acid is used in aluminum etching, metal prefixing for galvanizing and soldering, and metal cleaning.

Asia Pacific account for largest share by region in hydrochloric acid market

APAC is to be the world's largest and fastest-growing market during the forecast period. The growth was led by rapidly growing economies such as India and China and emerging Southeast Asian countries such as Thailand and Indonesia.

Increasing government spending on infrastructure activities and rapid industrialization and the growing demand from end-use industries such as steel, chemicals, oil & gas, and food & beverage in these countries are significant drivers of the hydrochloric acid market.

Premium Insights

  • Food Processing, Steel Pickling, and Ore Processing Applications to Offer Market Growth Opportunities
  • China Accounted for Largest Share
  • By-Product Grade to Lead Overall Hydrochloric Acid Market
  • Steel Pickling to Lead Hydrochloric Acid Market
  • Chemical End-Use Industry to Lead Hydrochloric Acid Market
  • China to be Fastest-Growing Market for Hydrochloric Acid

Market Dynamics

Drivers

  • Increased Demand for Water & Wastewater Treatment
  • Steel Pickling to Drive Demand for Hydrochloric Acid
  • Hydrochloric Acid for Inorganic Compounds Production
  • Ph Control and Neutralization for End-Use Industries
  • Use of Hydrochloric Acid for Regeneration of Ion Exchangers

Restraints

  • Storage System for Hydrochloric Acid

Opportunities

  • Emerging Countries Offering Significant Growth Opportunities
  • Increasing Small-Scale Applications
  • Extensive Laboratory Use

Challenges

  • Handling and Safety Considerations
  • Corrosive Gaseous Chlorine Compounds

Technology Analysis

  • Pre-Concentration
  • Medium Concentration
  • High Concentration
  • Hydrochloric Acid Recycling - Production Process Applications
  • Oxygen-Depolarized Cathode (Odc) Process

Company Profiles

Major Players

  • BASF SE
  • Covestro Ag
  • Olin Corporation
  • Westlake Chemical Corporation
  • Occidental Petroleum Corporation
  • Formosa Plastics Corporation
  • Tata Chemicals Limited
  • Agc Chemicals
  • Erco Worldwide
  • Detrex Corporation

Other Players

  • Aurora Fine Chemicals
  • Zouping Dongfang Chemical Industry Co. Ltd.
  • Acuro Organics Limited
  • Maxwell Additives Pvt. Ltd.
  • Cemex Speciality Limited
  • Polysciences Inc.
  • Henan Qingshuiyuan Technology Co. Ltd.
  • Nouryon
  • Continental Chemical
  • Jones-Hamilton Co.
  • Tronox Holdings plc
  • Kuhlmann Europe
  • Pcc Group
  • Hawkins
  • Ashta Chemicals Inc.

For more information about this report visit https://www.researchandmarkets.com/r/fwny9i