Hydrochloric Acid Market Size
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | > 5.00 % |
Fastest Growing Market | North America |
Largest Market | Asia Pacific |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Hydrochloric Acid Market Analysis
The Hydrochloric Acid Market is expected to reach over 6,240 kilotons by the end of this year and is projected to register a CAGR of around 5% during the forecast period.
The market was negatively affected due to COVID-19 in 2020. However, the condition has started to recover in 2021, expected to drive the market during the forecast period.
- Over the medium term, the significant factors driving the growth of the market studied are increasing demand from the oil and gas industry and growing demand for pickling in the steel industry.
- On the flip side, the pollution, environmental damage, and health hazards of HCL are likely to affect the market studied. HCL in the atmosphere causes atmospheric pollution and acid rain, among others, and it has short-term and long-term effects on human health.
- Nevertheless, increasing demand for synthetic hydrochloric acid will likely create lucrative growth opportunities for the global market soon.
- The Asia-Pacific region dominated the market worldwide, followed by North America.
Hydrochloric Acid Market Trends
This section covers the major market trends shaping the Hydrochloric Acid Market according to our research experts:
Increasing Demand for Pickling in the Steel Industry
- Hydrochloric Acid is used in the pickling process in the steel industry. Pickling is a process used to remove impurities, such as inorganic contaminants, stains, rust, or scale, from ferrous metals, copper, precious metals, and aluminum alloys.
- Hydrochloric Acid has replaced sulfuric acid in many steel pickling facilities. Owing to this, the requirement for hydrochloric acid increased in various steel production facilities.
- According to the World Steel Association, global crude steel production in 2021 reached 1,958.5 million tons, registering a growth of 3.7% compared to 1,881.4 million tons in 2020 and is further expected to increase during the forecast period.
- The largest quantity of steel globally is produced in the Asia-Pacific region, particularly in countries like China, Japan, and India. China is also projected to remain the largest consumer of iron and steel. The country's production of crude steel is likely to increase during the forecast period, owing to the recovery in consumption.
- Crude steel production in North America was 117.8 million tons in 2021, increasing by 16.6% compared to 2020. The United States produced 86 million tons in 2020, increasing by 18.3% from 2020.
- Owing to the above factors, the hydrochloric acid market is expected to grow during the forecast period.
Asia-Pacific Region Dominates the Market
- In the Asia-Pacific region, the rising production capabilities of China, India, and other countries and increasing demand from the steel, oil & gas, and chemical industries may boost the hydrochloric acid market in the region.
- In the oil and gas industry, HCl is commonly used to stimulate oil and gas wells, particularly in carbonate formations. With increasing demand in countries like China and India, oil and gas companies are planning to expand their manufacturing activities, resulting in increased hydrochloric acid consumption.
- According to U.S Energy Information Administration(EIA), in 2021, the Asia-Pacific region produced oil (crude oil, shale oil, oil sands, and NGLs) around 9.08 million barrels per day.
- The steel industry is one of the major end-user industries of hydrochloric acid. Asia produced 1,382 million tons of crude steel in 2021, an increase of 0.6% compared to 2020.
- China's crude steel production in 2021 reached 1,032.8 million tons, down 3% compared to 2020. India's crude steel production in 2021 reached 118.1 million tons, which increased by 17.8% compared to 2020.
- The growing development of food, chemical, and textile industries is driving the hydrochloric acid market. Moreover, the government has been taking initiatives to attract FDI in the manufacturing sector to make India a manufacturing hub.
- Therefore, the market for hydrochloric acid in the region is expected to have high growth during the forecast period.
Hydrochloric Acid Industry Overview
The Hydrochloric Acid Market is fragmented in nature. Some of the major players (not in any particular order) in the market include Solvay, BASF SE, AGC Chemicals, Occidental Petroleum Corporation, and ERCO Worldwide.
Hydrochloric Acid Market Leaders
Solvay
BASF SE
Occidental Petroleum Corporation
ERCO Worldwide
AGC Chemicals
*Disclaimer: Major Players sorted in no particular order
Hydrochloric Acid Market News
- August 2021: Occidental Petroleum Corporation closed its Niagra Falls plant, which was responsible for the production of chlorine, hydrochloric acid, sodium hypochlorite, and caustic soda.
- March 2021: AGC integrated and reorganized its three Chlor-Alkali companies in Thailand and CLMV Markets. With this, AGC dissolved three companies to merge them into one.
Hydrochloric Acid Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Demand from the Oil and Gas Industry
4.1.2 Demand for Pickling in the Steel Industry
4.1.3 Other Drivers
4.2 Restraints
4.2.1 Effects on Humans and the Environment
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Volume)
5.1 End-user Industry
5.1.1 Chemical
5.1.2 Food and Beverage
5.1.3 Oil and Gas
5.1.4 Steel
5.1.5 Textile
5.1.6 Other End-user Industries (Leather, Rubber)
5.2 Geography
5.2.1 Asia-Pacific
5.2.1.1 China
5.2.1.2 India
5.2.1.3 Japan
5.2.1.4 South Korea
5.2.1.5 Rest of Asia-Pacific
5.2.2 North America
5.2.2.1 United States
5.2.2.2 Canada
5.2.2.3 Mexico
5.2.3 Europe
5.2.3.1 Germany
5.2.3.2 United Kingdom
5.2.3.3 Italy
5.2.3.4 France
5.2.3.5 Rest of Europe
5.2.4 South America
5.2.4.1 Brazil
5.2.4.2 Argentina
5.2.4.3 Rest of South America
5.2.5 Middle-East and Africa
5.2.5.1 Saudi Arabia
5.2.5.2 South Africa
5.2.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share(%)**/ Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 AGC Chemicals
6.4.2 BASF SE
6.4.3 Coogee Chemicals
6.4.4 Covestro AG
6.4.5 Detrex Corporation
6.4.6 Dongyue Group
6.4.7 ERCO Worldwide
6.4.8 Ercros SA
6.4.9 Inovyn
6.4.10 Nouryon Industrial Chemicals
6.4.11 Occidental Petroleum Corporation
6.4.12 Olin Corporation
6.4.13 PCC Group
6.4.14 Shin-Etsu Chemical Co., Ltd
6.4.15 Solvay
6.4.16 Tessenderlo Group
6.4.17 TOAGOSEI CO. LTD
6.4.18 Vynova Group
6.4.19 Merck KGaA
6.4.20 Westlake Chemical Corporation
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Demand for Synthetic Hydrochloric Acid
7.2 Other Opportunities
Hydrochloric Acid Industry Segmentation
Hydrochloric Acid is a colorless solution. It is a strong inorganic acid with a distinctively pungent smell. Hydrochloric Acid is a necessary laboratory reagent and industrial chemical. It is industrially prepared by dissolving hydrogen chloride in water. The Hydrochloric Acid Market is segmented by end-user industry and by geography. By the end-user industry, the market is segmented into food and beverage, steel, oil and gas, chemical, textile, and other end-user industries. The report also covers the market size and forecast for the hydrochloric acid market in 15 countries across major regions. For each segment, the market sizing and forecast have been done based on Volume (Kiloton).
End-user Industry | |
Chemical | |
Food and Beverage | |
Oil and Gas | |
Steel | |
Textile | |
Other End-user Industries (Leather, Rubber) |
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Hydrochloric Acid Market Research FAQs
What is the current Hydrochloric Acid Market size?
The Hydrochloric Acid Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Hydrochloric Acid Market?
Solvay , BASF SE , Occidental Petroleum Corporation, ERCO Worldwide and AGC Chemicals are the major companies operating in the Hydrochloric Acid Market.
Which is the fastest growing region in Hydrochloric Acid Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Hydrochloric Acid Market?
In 2024, the Asia Pacific accounts for the largest market share in Hydrochloric Acid Market.
What years does this Hydrochloric Acid Market cover?
The report covers the Hydrochloric Acid Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Hydrochloric Acid Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Hydrochloric Acid Industry Report
Statistics for the 2024 Hydrochloric Acid market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Hydrochloric Acid analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.