The global hydrochloric acid market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
Hydrochloric acid is a colorless pungent, corrosive mineral acid with many industrial applications. It is primarily produced as a by-product in the production of chlorinated and fluorinated organic compounds, for example, Teflon, Freon and other CFCs, chloro-acetic acid, and polyvinyl chloride (PVC). It is a major raw material used in the manufacture of ethylene dichloride (EDC). Some of the other important uses include producing chlorides, acidizing petroleum wells, ore reduction and ore refining in the production of tin and tantalum, as a pickling and metal-cleaning agent, for pH adjustment and in general cleaning. It is also used in electroplating, scale removing, neutralization of basic systems, as a laboratory reagent, as a catalyst and solvent in organic syntheses. It is also used in the manufacture of fertilizers and dyes, for hydrolyzing starch and proteins in the preparation of various food products, and in photographic, textile, and rubber industries.
Rising demand of EDC from vinyl chloride market is likely to drive the hydrochloric acid market. As hydrochloric acid is a major raw material for EDC, demand for EDC is expected to fuel the growth of this market. Demand from vinyl chloride market is actually increasing because of growing demand from the construction, electronics and other industries due to increase in population and extra income in developing countries. Additionally, demand for refrigerants, reagents and cleaning agents is likely to increase at a greater rate because of an upsurge in demand due to growing end-use markets. This demand is growing at a higher rate, which in turn will boost consumption of hydrochloric acid.
Drivers and Restraints of Hydrochloric acid Market
Growing investments in downstream industries in regions like the Asia and Americas are likely to offer tremendous possibilities for hydrochloric acid market in the future. As a result of accessibility to raw material, multinational businesses are investing in resource-rich regions to be able to limit the overall production cost.
Hydrochloric acid has a probability of volatility in supply and price due to its availability as a by-product. The production costs and feedstock prices are influenced by energy prices. Global economic slowdown has been a challenge for the downstream growth of hydrochloric acid. Especially, slow growth of Chinese economy will hinder the growth of global hydrochloric acid market. Hydrochloric acid has an adverse effect on environment. Its remnants are normally found in air and its derivatives cause ozone depletion which often makes environmental regulatory institutions to implement strict regulations on usage of hydrochloric acid and its derivatives. Existing and future regulations concerning the use of hydrochloric acid in end products are likely to challenge the market growth.
Hydrochloric acid Market by Region
Asia was the largest consumer of hydrochloric acid and this pattern is anticipated to continue to be identical over the following few years. Consumption in Asia is showing upward trend because of increase in economic activity in China. China, Japan and South Korea were the largest consumers of hydrochloric acid in this region. Growing demand for construction, automotive, chemicals and others will drive hydrochloric acid market in Asia. Consumption of hydrochloric acid in North America was second highest and is likely to grow at a reasonable rate next to Asia. Europe is likely to grow at a significant rate due to demand from construction, automotive, chemicals industry. Demand from the Middle East and South America was low relatively and is likely to stay same in the next few years.
Top players in this market include Tessenderlo Partecipazioni S.p.A , Virdia, Allan Chemical Corporation, GFC Chemicals, Eco-Tec, Inc., Basic Chemical Solutions, LLC, Brainerd Chemical Co, Inc., AkzoNobel N.V., Qingdao Henley Co., Ltd., Compound Solutions Inc. and International Petrochemicals Pvt. Ltd.
The report covers exhaustive analysis on:
- Global Market Segments
- Global Market Size
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
- In depth summary of parent market
- Altering market characteristics in the industry
- Detailed market segmentation
- Historical and forecast market size in terms of volume and value
- Current industry developments
- Competitive landscape
- Potential and niche segments, regions showing promising growth