Hydrochloric Acid Market Size Worth USD 4.16 Billion By 2030 |...

Hydrochloric Acid Market Size Worth USD 4.16 Billion By 2030

Posted 2023-07-21 11:06:26

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Market Overview The global hydrochloric acid market had a value of USD 2.34 billion in 2021, with an expected revenue Compound Annual Growth Rate (CAGR) of 6.6% during the forecast period. Factors such as the growth of the pharmaceutical industry, the prevalence of water crises, and significant investments in the construction sector are anticipated to drive the market's revenue growth.

Addressing the Global Water Crisis The global water crisis is a significant concern that can be alleviated by proper utilization of hydrochloric acid. Research indicates that approximately 785 million people lack access to clean water, affecting around 1 in 10 individuals worldwide. Additionally, almost 3.6 billion people, or approximately 47% of the global population, live in regions facing severe water scarcity, which can be mitigated through the proper use of hydrochloric acid. Its effectiveness in neutralizing impurities makes it a valuable choice for water treatment applications. Industrial effluent treatment relies on hydrochloric acid to emulsify and break down oils and food waste, ensuring compliance with environmental wastewater regulations. Growing environmental concerns are also driving the demand for water treatment and, consequently, increasing the need for hydrochloric acid on a global scale.

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Diverse Applications and Market Growth Hydrochloric acid finds applications in various industries, including oil well acidizing to enhance oil production, ion exchanger regeneration in drinking water production, laboratory experiments, household cleaning due to its effective stain removal properties, aluminum etching, battery production, fireworks, leather processing in the tanning industry, and more. As a result, the global demand for hydrochloric acid is supported by its use across different sectors. Manufacturers are actively expanding production processes to meet the rising global demand. For example, Sur Industrial City and Al Ghaith jointly invested USD 40 million in establishing a chemical plant with a 60,000 sqm area, which is expected to bolster the chemical industries, including hydrochloric acid, in Oman.

Impact of COVID-19 on the Market The COVID-19 pandemic had a positive impact on the hydrochloric acid market. With the increasing demand for disinfection in buildings and residences to combat the spread of the virus, the demand for various compounds, including hydrochloric acid, has risen. It is used in the production of solutions, liquid hand soap, wipes, sanitizers, and other disinfectant products. Moreover, the medical sector's growing demand for antiviruses, disinfectants, fungicides, and microbicides that contain hydrochloric acid has contributed to the market's revenue growth during the pandemic.

Market Dynamics Drivers: The adoption of hydrochloric acid in food additives and various chemical industries is increasing, driving market revenue growth. It is utilized in the production of inorganic and organic compounds, such as calcium chloride, zinc chloride, and Polyaluminium Chloride (PAC), supporting various industries like water treatment, battery production, and more. Additionally, the need to regulate the pH of solutions in industries such as pharmaceuticals, drinking water, swimming pools, and food and beverages is further boosting market growth. Moreover, the demand for food products with longer shelf lives has led to increased use of hydrochloric acid as an acidifier in vegetable juices, canned foods, and sauces, thus driving the market's expansion.

Restraints: The health hazards associated with the handling of hydrochloric acid, including chemical burns and potential blindness, pose limitations on its use. Continuous exposure to the acid can also lead to gastritis and chronic bronchitis, causing safety concerns. Furthermore, hydrochloric acid's inclusion in the list of Table II precursors under the 1988 United Nations Convention Against Illicit Traffic in Narcotic Drugs and Psychotropic Substances restricts its production due to its use in the production of illicit substances like cocaine, heroin, and methamphetamine. Additionally, government regulations aimed at preventing acid attacks and violent crimes have also impacted the production of hydrochloric acid, limiting market growth.

Segmentation and Regional Analysis The market is segmented based on product type, application, and end-use industry. The product types include synthetic hydrochloric acid and by-product hydrochloric acid, with synthetic hydrochloric acid holding the largest revenue share in 2021 due to its easy availability, low cost, and various applications. In terms of application, steel pickling accounted for the largest revenue share in 2021, supported by the booming construction industry and the growing demand for steel-based products. Among end-use industries, food and beverage led the market in 2021, driven by the increasing global population and the widespread use of hydrochloric acid in food ingredient production and additives.

The North American market held the largest revenue share in 2021, fueled by the significant use of hydrochloric acid in agriculture and food industries, and the growth of the textile industry. The market in the Asia Pacific region is also expected to register steady revenue growth during the forecast period, primarily due to China's dominance in the textile and steel industries, creating a strong demand for hydrochloric acid. Europe is projected to witness moderately high revenue growth as the importance of water reuse and wastewater treatment drives demand for hydrochloric acid in the region.

Competitive Landscape The global hydrochloric acid market is consolidated, with key players operating at both global and regional levels. Companies such as AGC Chemicals Americas, BASF SE, Coogee, Covestro AG, Detrex Corporation, ERCO Worldwide, Ercros S.A, Nouryon, Olin Corporation, and Westlake Corporation dominate the market. These players engage in product development and strategic alliances to expand their product portfolios and establish a strong presence in the global market.

Conclusion The global hydrochloric acid market is expected to experience steady growth during the forecast period, driven by factors such as the increasing demand for hydrochloric acid in various industries, its vital role in water treatment, and the rising awareness of environmental concerns. However, health hazards associated with its usage and government regulations limiting acid manufacturing remain significant challenges for market growth. The market's growth potential is further reinforced by the increasing need for disinfection and medical applications during the COVID-19 pandemic. Overall, the hydrochloric acid market is anticipated to witness continued expansion, supported by its diverse applications across industries and the growing demand for chemical compounds worldwide.

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