Global Hydrochloric Acid Market Overview:
Hydrochloric Acid is an inorganic chemical compound with the chemical formula HCL. It is a strong corrosive acid. It is a colorless solution with typical pungent smell. Hydrochloric acid is also known as muriatic acid or spirits of salt, is an aqueous solution of hydrogen chloride gas and water. It is obtained by using by four production methods, namely, co-products in the manufacture of silica and chemicals, combining hydrogen and chlorine, chlorination of organic compound, and salt-sulfuric acid production process. Hydrochloric acid also used as raw material for the manufacturing of various chemical and organic or inorganic compound.
As per latest study released by AMA Research, the Global Hydrochloric Acid market is expected to see growth rate of 5.7% and may see market size of USD116.0 Million by 2028.
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Hydrochloric Acid is Used in the Pickling Process in The Steel Industry. Pickling is a Process Used to Remove Impurities
Market Growth Drivers:
Increasing Demand in Oil & Gas Companies For Well Stimulation to Increase Production
Challenges:
Cost of Handling And Storage and Alternative Chemicals that can replace Hydrochloride Acid in Certain Application Due to its Corrosive Nature
Restraints:
Corrosive Nature of the Hydrochloric Acid and Hydrochloric Acid Can Cause Severe Burns on The Skin and Eyes
Opportunities:
The Increasing Demand Across Various Industries and the Ongoing Research to Explore New Application and Solutions
Competitive Landscape:
The global hydrochloric acid market is fragmented, with large and medium size players accounting for the majority of market profits. Major players are arranging various strategies, entering into merger and acquisition and introducing more effective hydrochloric acid.
Some of the key players profiled in the report are BASF SE (Germany), Merck KGaA (Germany), Dow Inc (United States), INEOS Limited (United Kingdom), Solvay (Belgium), Thermo Fisher Scientific (United States), DuPont (United States), Mitsubishi Chemical Corporation (Japan), Formosa Plastics Corporation (Taiwan), AkzoNobel (Netherland), Evonik Industries (Germany), Covestro (Germany), LANXESS (Germany), Clariant AG (Switzerland), Bayer (Germany) and LG Chem (South Korea). Analyst at AMA Research see German Vendors to retain maximum share of Global Hydrochloric Acid market by 2028. Considering Market by End Use Industry, the sub-segment i.e. Pharmaceutical will boost the Hydrochloric Acid market. Considering Market by Grade Type, the sub-segment i.e. Medical Grade will boost the Hydrochloric Acid market.
Latest Market Insights:
In 2021, Olin Corporation has entered into an agreement with ASHTA Chemical, Inc to engage in the purchase and sell of hydrochloric acid at ASHTA’s Ohio facility.
In 2021, Formosa Plastics Corporation announced signifies an expansion of hydrochloric acid production facilities in the U.S., Taiwan and China, aiming to increase manufacturing capacity of acid and meet growing market demand.
The U.S. Environmental Protection Agency (EPA) regulates hydrochloric acid and chlorine emissions from HCl production facilities through the National Emission Standards For Hazardous Air Pollutants (NESHAP) for Hydrochloric Acid Production and The Code of Federal Regulations Title 21 outlines the regulations related to the use of hydrochloric acid in food and pharmaceutical industries
What Can be Explored with the Hydrochloric Acid Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Hydrochloric Acid Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Hydrochloric Acid
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Hydrochloric Acid market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Hydrochloric Acid market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Hydrochloric Acid Manufacturer, Government Bodies, Research Organization, Suppliers & Distributors, Stakeholder and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.