Wilmington, Delaware, United States, Aug. 21, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global hydrochloric acid market is projected to flourish at a CAGR of 6.6% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 5.5 billion is anticipated for the market in 2031. As of 2023, the market for hydrochloric acid is expected to close at US$ 2.9 billion.
Increasing application of hydrochloric acid as raw material, reactant, or catalyst in the synthesis of numerous compounds & chemical intermediates. Hydrochloric acid is essential in the synthesis of chemical molecules, medicines, dyes, and pigments, among other things.
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Competitive Landscape
The hydrochloric acid market is highly fragmented with the presence of a large number of market players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global hydrochloric acid market report:
- AkzoNobel
- Solvay
- OxyChem
- Ineos
- Westlake Chemical
- Others
Key Developments in the Hydrochloric Acid Market
- Solvay Ventures has invested in Compact Membrane Systems (CMS), a US company that creates membrane solutions that can reduce greenhouse gas emissions and help decarbonize heavy industries through the use of carbon capture technologies. The investment is part of Solvay’s ongoing efforts to invest in sustainable solutions and grow its offering and expertise in this area.
- In August 2023 - INEOS has completed the formation of a 50/50 joint venture with SINOPEC for the Tianjin Nangang Ethylene Project, announced in December 2022.
Increasing demand for hydrochloric acid in the oil & gas sector for well acidizing in order to increase oil & gas output and in the metal processing sector for cleaning and surface treatment, to clean metal surfaces of rust, scale, oxide coatings, and other contaminants drive the market growth.
The rapid growth in chemical manufacturing, petrochemicals, metal processing, and electronics boosts the market demand for hydrochloric acid. Increasing urbanization and infrastructure projects drive demand for construction materials, including steel. As a result, the use of hydrochloric acid in metal processing and treatment for construction materials increases.
Increasing construction activities. & infrastructural projects like the development of residential buildings, commercial complexes, and transportation infrastructure in emerging economies, drive the hydrochloric acid market.
Key Takeaways from the Market Study
- As of 2022, the hydrochloric acid market was valued at US$ 2.7 billion
- Based on application, the steel segment dominates the market during the forecast period due to the expansion of the steel industry
- Based on type, the liquid segment accounts for the highest market share during the forecast period.
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Hydrochloric Acid Market: Key Trends and Opportunistic Frontiers
- The rapid growth in the food & beverage industry and increased application of hydrochloric acid for pH control, cleaning, and processing. The need for food additives and processing agents contributes to the demand for hydrochloric acid.
- Increasing government stringent environmental regulations and sustainability initiatives influence industrial practices and drive the market for hydrochloric acid as it is used for pH adjustment in wastewater treatment to comply with regulatory standards.
- Hydrochloric acid is used for pH adjustment in water treatment processes. As water quality and treatment regulations become more stringent, the demand for hydrochloric acid in water treatment applications increases.
- Technological advancements in manufacturing processes, automation, and waste management could improve the efficiency and safety of hydrochloric acid production and usage.
Hydrochloric Acid Market
- North America is expected to account for a significant market share in the hydrochloric acid market owing to the increased application in construction, automotive manufacturing, and appliances. The increased expansion of the industrial sector in the United States and Canada contributes to the demand for hydrochloric acid in the region
- Asia Pacific is expected to dominate the hydrochloric acid market during the forecast period owing to the presence of the steel industry as a major consumer of hydrochloric acid in Asia Pacific. Increasing market demand from countries such as China, India, and Japan. These producers use hydrochloric acid to pickle steel, which is a process that removes rust and impurities from the surface of the steel.
Hydrochloric Acid Market – Key Segments
By Type
- Liquid
- Solid
By Application
- Chemical Manufacturing
- Steel & Metallurgy
- Water Treatment
- Food Processing
- Oil & Gas Industry
- Textile Industry
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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