Hydrochloric acid, also known as muriatic acid, is a colorless, highly corrosive and strong mineral acid with the chemical formula HCl. It is a key component of gastric acid and is widely used in industry for a variety of purposes such as metal cleaning and pickling, oil well acidizing, food processing, and production of inorganic chlorides. Hydrochloric acid is also used in the manufacture of fertilizers, dyes and paints, leather processing, and the production of rubber and plastics. It is in high demand in the chemical and pharmaceutical industries, and is also used in wastewater treatment.
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The global 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% during the forecast period. The increasing demand for hydrochloric acid in food and beverage, steel, chemical, and oil & gas provides momentum for the growth of the hydrochloric acid market.
The key players operating in the hydrochloric acid market include BASF SE (Germany), Covestro AG (Germany), Olin Corporation (US), Westlake Chemical Corporation (US), Occidental Petroleum Corporation (US), Formosa Plastics Corporation (Taiwan), Tata Chemicals Limited (India), AGC Chemicals (Japan), ERCO Worldwide (Canada), Detrex Corporation (US) and others.
By application, steel pickling accounted for the largest market for hydrochloric acid. Hydrochloric acid is mainly utilized as pickling agent for dissolving metal oxides, corrosion products, and other impurities from the surface of metal. Hydrochloric acid is preferred over other acids for pickling operation as it offers less pickling time, strong chemical solubility, and is suitable for pickling operation at room temperature. The steel industry is growing steadily owing to increase in demand from building & construction and automotive industry. The growth in steel pickling application in the steel industry further expected to propel the demand for hydrochloric acid during the forecast period.
By end-use industry, chemical industry accounts for the largest market for hydrochloric acid. Hydrochloric acid is used as a reducing agent, catalytic reagent, and hydrolyzing agent in organic chemistry. It is used in the preparation and identification of many important organic & inorganic compounds. Hydrochloric acid is utilized in production of polyvinyl chloride resins, polycarbonate resin, calcium chloride, and others.
Hydrochloric acid is a highly versatile chemical used in a wide range of industries, from food and beverage to pharmaceuticals and industrial manufacturing. The food and beverage industry is expected to be the largest market for hydrochloric acid, due to its use as a preservative and flavoring agent. Other common applications of hydrochloric acid in the food and beverage industry include cleaning, sanitizing, and pH adjustment. In addition, hydrochloric acid is used in the production of various food and beverage products, such as soft drinks, beer, and frozen desserts. Increasing demand for processed and packaged food and beverage products is expected to drive the demand for hydrochloric acid in the coming years.
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Based on region, The Asia Pacific is projected to be the largest and fastest-growing hydrochloric acid market followed by North America and Europe. Increase in demand from China and India expects to drive the demand for Hydrochloric acid in the region. China is the second largest importer of hydrochloric acid after the U.S. The increasing population has led to the food & beverage, chemicals, and steel, and oil & gas industry growth, which will drive the hydrochloric acid market. China emerged as one of the world’s manufacturing hubs, with relatively low raw materials and labor prices. This has led to considerable investments in the manufacturing sector. Additionally, the remarkable growth of the manufacturing sector in the Asia Pacific provides momentum for the development of the hydrochloric acid market. The abundance of raw materials, low utility cost, lenient regulation, and low cost of production, among others, are some of the factors that support the growth of the manufacturing industry in the Asia Pacific.
