Increasing use of hydrochloric acid in manufacturing dyes and fertilizers, for cleaning metallic products, and in photographic industry are key factors expected to continue to drive market growth
NEW YORK, Dec. 8, 2021 /PRNewswire/ -- Reports and Data has published its latest report titled "Hydrochloric Acid Market By Product Type (Synthetic Hydrochloric Acid, By-product Hydrochloric Acid), By Application (Steel Pickling, Water Treatment, Oil Well Acidizing, Ore Processing, Calcium Chloride Production, Food Production and Processing, Laboratory Reagent Others), By End-Use Industry (Food and Beverage, Oil and Gas, Steel, Pharmaceutical, Textiles, Agriculture, Others), And By Region Forecast to 2028."
According to the latest report, the global hydrochloric acid market size was USD 7,733.8 million in 2020 and is expected to reach USD 8,704.2 Million in 2028 and register a revenue CAGR of 1.5% during the forecast period, 2021-2028.
Hydrochloric Acid (HCl) is a non-oxidizing acid that has weak reducing properties and is often used for decomposition of inorganic matrices. Concentrated hydrochloric acid is a robust solvent for some metal oxides. Hydrochloric acid is a colorless watery liquid that has a sharp and annoying odor and produces irritating vapor. Hydrochloride acid has numerous applications and is widely used in the manufacturing of pharmaceutical chlorides, dyes, and fertilizers. Hydrochloric acid is widely used for steel picking, food manufacturing, oil well acidizing, and ore processing, and these key applications are expected to boost demand for hydrochloric acid and contribute to market revenue growth over the forecast period.
Hydrochloric acid is a robust and highly corrosive acid and is widely used in the chemical industry for the production of vinyl chloride for PVC plastic. Hydrochloric acid is one of the most important industrial chemicals and is widely used in batch pickling to remove mill scale and fluxing and to clean steel before galvanization and other processes. Hydrochloric acid is also used in the production of sugars and high fructose corn syrup, for acidizing crushed bone for gelatin, and in the manufacturing of apple sweetener, vegetable juice, and soya sauce to enhance flavor and reduce spoilage. Hydrochloric acid is used in the oil and gas industry to increase production of oil and gas wells by acidizing and formation fracturing and cleaning and descaling equipment. Hydrochloric acid has been approved by the FDA and FAO to be used as an additive in certain food categories or individual food items as an acid regulator with adherence to Good Manufacturing Practices (GMP). It also plays a crucial role in water treatment such as for cleaning and disinfecting. Hydrochloric acid is used for a wide range of small-scale applications such as in building construction, leather processing, and household cleaning.
However, long-term exposure to hydrochloric acid is hazardous to human health. Exposure to hydrochloric acid can result in burns on the skin and mucous membranes, can reduce vision or cause blindness, and cause dental decay. Hydrochloric acid fumes cause irritation to the respiratory tract, bring on a choking sensation, and result in coughing, and severe exposure can lead to serious respiratory distress. These are some factors that can potentially hamper market growth to a certain extent over the forecast period.
COVID-19 Impact Analysis
Social distancing and restrictions severely disrupted businesses and operations
Lockdowns caused disruptions in transportation and logistics
impacted manufacturing activities and mining operations globally
Took a toll on economy of various countries
Caused sudden and drastic downturn in economic activity
Disrupted agriculture, fisheries, dairy, and other sectors
Caused loss of employment and financial crisis
Supply impacts were further compounded owing to reduced disposable income
Emergence of variants continue to cause concerns and impact normal routines
Synthetic Hydrochloric Acid Segment Accounted for Largest Revenue Share in 2020:
Synthetic hydrochloric acid segment accounted for largest revenue share in the global market in 2020, attributed to increasing use of synthetic hydrochloric acid as an alternative to traditional hydrochloric acid for a wide range of commercial and industrial purposes. Synthetic hydrochloric acid is less volatile, has low reactivity to metals and causes less corrosion, and is easy to handle.
Food Production and Processing Segment to Support Revenue Growth:
Food production and processing segment is expected to register a significantly faster revenue growth rate over the forecast period, attributable to rising demand for food products with longer shelf life and of high quality, increasing use of hydrochloric acid as a food additive and acid regulator, and expanding global population.
Steel Industry Segment to Register Rapid Revenue Growth Rate:
Steel industry segment is expected to register rapid revenue CAGR over the forecast period, attributed to rising global demand for steel and increasing use of hydrochloric acid in steel pickling and to remove rust or iron oxide from steel before galvanization and other processes.
North America to Account for Largest Revenue Share:
North America is expected to dominate other regions in terms of revenue share over the forecast period, which is attributable to increasing number of chemical industries, rising demand for pharmaceutical chlorides due to ongoing research activities, and presence of key companies in countries in the region.
Asia Pacific Market Revenue to Expand Steadily:
Asia Pacific is expected to register steady revenue CAGR over the forecast period, which is attributable to rising demand for and consumption of steel in China and India, growing focus on wastewater treatment and purification, rapid growth of leather and textile industries, and increasing use of hydrochloric acid in food and beverages industry.
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The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
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