Hydrochloric Acid Market Size to Grow by USD 978.77 million, 5.72% YOY market growth in 2023-2024, Technavio

NEW YORK, March 14, 2024 /PRNewswire/ -- The hydrochloric acid market size is estimated to grow at a CAGR of 6.12% between 2023 and 2028. The market size is forecast to increase by USD 978.77 million. The YoY growth rate for 2023-2024 in the Hydrochloric Acid Market Analysis is 5.72%. This indicates a positive trend, suggesting a significant increase in market demand, production, or revenue during this period.

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Vendor Analysis
Vendor Landscape - The global hydrochloric acid market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer hydrochloric acid in the market are 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. and others.

• AGC Inc.: The company offers hydrochloric acid which is strong acid product with acute toxicity and corrosivity.

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Segment Overview
Technavio has segmented the market based on type, 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). 

• The food segment, valued at USD 689.47 million in 2018, drives significant growth in the hydrochloric acid market. It's extensively used in food processing, notably in producing high fructose corn syrup (HFCS) for beverages. Hydrochloric acid's role in regenerating ion exchange resins is vital for purifying HFCS. Additionally, it serves as an acidifier in sauces, vegetable juices, and canned goods. With the agricultural industry's expansion, especially in corn production, demand for hydrochloric acid is expected to rise, further boosting market growth in the forecast period.

Geography Overview
By geography, the global hydrochloric acid market is segmented into APAC, North America, Europe, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global hydrochloric acid market.

• APAC is set to drive 68% of the global market growth in the forecast period. China, a major consumer, uses hydrochloric acid primarily for PVC production. Increased usage across various sectors like food, steel, and oil and gas further fuels demand. The region's expanding pharmaceutical, chemical, and textile industries will significantly boost hydrochloric acid demand. Despite the COVID-19 pandemic's initial impact in 2020, the region saw a resurgence in supply chain activities post-2021 lockdowns, fostering optimism for the market's growth trajectory in the forecast period.

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Growing demand for PVC is the key factor driving market growth

Hydrochloric acid plays a vital role in PVC production, where it's utilized to manufacture key components like dichloroethane and vinyl chloride. PVC, renowned for its fire-retardant properties and resistance to oil and chemicals, finds extensive application in pipes, fittings, flooring, automotive parts, and packaging materials. As PVC usage continues to rise across diverse sectors, the demand for hydrochloric acid is poised to grow, bolstering market expansion in the forecast period.

• Expansion of hydrochloric acid facilities, like SGL Carbon's unit delivery to Travancore-Cochin Chemicals Ltd., drives market growth, enabling companies to enhance their market presence and offer a wider product range, boosting the global hydrochloric acid market.
• Substitutes like emerald-safe acid, phosphoric acid, sodium bisulfate, and trisodium phosphate pose challenges to hydrochloric acid market growth. These alternatives offer similar properties and are increasingly used in various applications, potentially hindering market expansion.

Driver, Trend & Challenges are the factor of market dynamics which states about consequences & sustainability of the businesses, find some insights from a 

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Analyst Review:

The hydrochloric acid market plays a pivotal role in various industries, ranging from chemical manufacturing to water treatment. Chemical synthesis of hydrochloric acid involves the reaction of chlorine gas with hydrogen gas, resulting in a highly corrosive and versatile acid solution. This acidification process is vital in chemical processing, especially in the production of PVC, where hydrochloric acid is a key component.

Industries like the petrochemical, mining, and metal processing sectors heavily rely on hydrochloric acid for various applications, including pickling, desalination, and pH regulation. Moreover, hydrochloric acid finds extensive use in the pharmaceutical, textile, and food industries, highlighting its diverse range of industrial applications.

However, the widespread use of hydrochloric acid also raises concerns regarding environmental impact and health hazards. Effective management of hazardous waste and adherence to regulatory standards are imperative to mitigate these risks. Additionally, advancements in chemical manufacturing technologies and sustainable practices offer opportunities for market expansion and green chemistry initiatives.

Overall, the hydrochloric acid market faces both challenges and opportunities in meeting the diverse needs of industries while ensuring environmental sustainability and regulatory compliance. Collaboration through strategic partnerships and continuous innovation in chemistry are essential for driving growth and addressing industry challenges in the coming years.

Market Overview:

The HCl acid market is driven by various industries such as chemical manufacturing, acid production, and the pharmaceutical sector. Chemical synthesis utilizing chlorine gas and hydrogen gas plays a pivotal role in HCl acid production, which is extensively used in acidification processes. The petrochemical industry utilizes HCl acid for various applications, contributing to market demand. Furthermore, water treatment processes heavily rely on HCl acid for pH regulation and chemical reactions. The pharmaceutical industry also utilizes HCl acid in drug synthesis and formulation. Overall, the HCl acid market experiences steady growth due to its essential role in numerous industrial applications and its significance in chemical reactions and synthesis processes.

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The Alkyl Polyglycoside (APG) Market size is estimated to grow at a CAGR of 6.89% between 2023 and 2028. The market size is forecast to increase by USD 531.43 million.

About US
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.

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Website: www.technavio.com/

SOURCE Technavio

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