NEW
YORK, May 15, 2024 /PRNewswire/ -- The
global hydrochloric acid market size is
estimated to grow by USD 978.77 mn
from 2024-2028, according to Technavio. The market is estimated to
grow at a CAGR of 6.12% during the forecast
period.
For more insights on the forecast market size and historic data
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
End-user (Food, Steel,
Oil, Chemicals, and Ore processing and others), Grade Type
(By-product grade and Synthetic grade), and Geography (APAC, North
America, Europe, Middle East and Africa, and South
America)
|
Region
Covered
|
APAC, North America,
Europe, Middle East and Africa, and South America
|
Key companies
profiled
|
AGC Inc., BASF SE,
Coogee, Covestro AG, ERCO Worldwide, FSTI Inc., INOVYN Europe Ltd.,
Italmatch Chemicals Spa, Jones Hamilton Co., Kemira Oyj, Merck
KGaA, Occidental Petroleum Corp., Olin Corp., PCC SE, Qingdao Hisea
Chem Co. Ltd., Shiva Group, SPOLANA s.r.o., Tessenderlo Group NV,
W.K. Merriman Inc., and Westlake Corp.
|
Key Market Trends Fueling Growth
The hydrochloric acid market experiences significant growth due
to the persistent demand-supply gap, particularly in Europe, where countries like Spain, Germany, and Italy face supply shortages. Factors
contributing to this gap include decreasing availability in
Spain and price fluctuations in
Germany. Hydrochloric acid is
utilized extensively in various industries, including chemical
processing, steel pickling, oil exploration, mining, food
processing, and concrete treatment. Its applications range from
acidifying oil wells and ore processing to rust removal and
lithium-ion battery production. Environmental regulations and
hazardous waste management are also crucial considerations in the
hydrochloric acid market. Shipping delays and acid usage in
pickling steel alloys and stainless steel further impact market
dynamics. Additionally, hydrochloric acid plays a vital role in
dust management, tire ballasting, oil recovery, and the production
of calcium chloride, table salt purification, and lithium-ion
batteries for smart gadgets and medical device
components.
Market Challenges
* Hydrochloric acid is a corrosive solution used in
various industries, including chlor-alkali production, textiles,
dyes and fertilizers, rubber manufacturing, metal cleaning,
electroplating, and photography.
* Despite its industrial applications, hydrochloric acid poses
health hazards. It is harmful to the eyes, skin, and mucous
membranes.
* Short-term exposure to hydrochloric acid can cause irritation,
inflammation, and pulmonary edema in the eyes, nose, and
respiratory tract.
* The US Environmental Protection Agency (EPA) reports that
short-term exposure may also lead to corrosion of the mucous
membranes, esophagus, and stomach.
* Dermal contact with hydrochloric acid can result in severe burns,
ulceration, and scarring.
* Long-term occupational exposure to hydrochloric acid can cause
dermatitis, gastritis, chronic bronchitis, and
photosensitization.
* Prolonged exposure to low concentrations of hydrochloric acid may
lead to dental discoloration and erosion.
* These health risks are expected to hinder the growth of the
market focused on hydrochloric acid during the forecast period.
Keywords: hydrochloric acid, health hazards, industries,
corrosive, eyes, skin, mucous membranes, short-term exposure, US
Environmental Protection Agency (EPA), dermal contact, long-term
occupational exposure, dermatitis, gastritis, chronic bronchitis,
photosensitization, dental discoloration, erosion, market
growth.
Research report provides comprehensive data on impact of trend,
driver and challenges - Buy Report
Segment Overview
This hydrochloric acid market report extensively covers market
segmentation by
- End-user
- 1.1 Food
- 1.2 Steel
- 1.3 Oil
- 1.4 Chemicals
- 1.5 Ore processing and others
- Grade Type
- 2.1 By-product grade
- 2.2 Synthetic grade
- Geography
- 3.1 APAC
- 3.2 North America
- 3.3 Europe
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Food- Hydrochloric acid is a versatile
chemical used extensively in various industries, including Water
& wastewater treatment, Pickling of steel, Inorganic compound
production, and pH control. In the Water & wastewater treatment
sector, hydrochloric acid is employed for Neutralization and
Environmental pollution control. In the Steel industry, it is used
in Crude steel production and the production of Carbon steel
grades. The Steel industry also utilizes hydrochloric acid in the
Spray roaster during the Pyro hydrolysis procedure for the
production of Iron (III) oxide. In the Kraft recovery furnace,
hydrochloric acid is used in conjunction with Sodium hydroxide,
Sodium carbonate, Sodium sulfide, Bisulfites, Elemental chlorine,
and Chlorine dioxide. The Paper industry relies on hydrochloric
acid for the Pulp manufacturing process, while the Energy
consumption in the production of Strong mineral acids, such as
Sulfuric acid, Nitric acid, and Phosphoric acid, necessitates the
use of hydrochloric acid in the Oxidation-reduction process.
Hydrochloric acid is also used in the Chloride ion Titration
process and in Waste incinerators. In the Oil & gas sector,
hydrochloric acid is used for Acidizing of Carbonate formations and
Limestone formations. The use of hydrochloric acid in these
industries contributes significantly to the overall Hydrochloric
Acid Market.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Research Analysis
The hydrochloric acid market plays a significant role in various
industries, including the steel industry for pickling operations.
Pickling is a crucial process in the production of crude steel,
particularly for alloy steels and stainless steel, which involves
the removal of rust and mill scale using hydrochloric acid. The pH
control during pickling is essential to ensure efficient rust
removal and prevent further corrosion. Neutralization is another
process that utilizes hydrochloric acid to balance the acidity
levels in industrial processing. Environmental pollution is a
concern in the steel industry due to the usage of hydrochloric
acid. Proper management of dust and effective neutralization
techniques are necessary to minimize the environmental impact.
Hydrochloric acid is also used in the mining sector for ore
processing and in oil exploration for oil well acidizing.
Furthermore, hydrochloric acid finds applications in food
processing, particularly in the production of calcium chloride,
which is used as a food additive.
Market Research Overview
The Hydrochloric Acid market encompasses the production,
consumption, and trade of this inorganic compound. Hydrochloric
Acid is a strong mineral acid used extensively in various
industries, including the production of pharmaceuticals, food and
beverages, and in the refining processes of metals such as steel
and uranium. Its unique properties, such as high reactivity and
ability to dissolve various substances, make it an essential
component in numerous applications. The global Hydrochloric Acid
market is driven by the increasing demand from end-use industries
and the growing adoption of this acid in various sectors. The
market is segmented based on application, region, and production
capacity. The production process involves the reaction of chlorine
gas with water. The market is expected to grow significantly in the
coming years due to the increasing demand for Hydrochloric Acid in
various industries.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- End-user
-
- Food
- Steel
- Oil
- Chemicals
- Ore Processing And Others
- Grade Type
-
- By-product Grade
- Synthetic Grade
- Geography
-
- APAC
- North America
- Europe
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio