Proliferating Applications across Industries to Upshot Growth of Hydrochloric Acid Market to reach USD 1.9 Bn
Considerable growth of the global hydrochloric acid market is envisaged in the coming years as an upshot of proliferating applications of hydrochloric acid. The global hydrochloric acid market was valued USD 1.4 Bn in the year 2017. The market will grow at a CAGR of 5.12% from 2018-2024 to reach USD 1.9 Bn by the year 2024.
Hydrochloric acid (HCl) is also known as, acidum salis, muriatic acid, spirits of salt, and hydronium chloride. Hydrochloric acid is a solution of hydrogen chloride and water. It is a corrosive, colorless, highly pungent, and strong mineral acid. It is necessary to keep it pressurized and cooled otherwise it will turn into gas if there is around 60% or less of water present in the solution. It was discovered by the alchemist Jabir Ibn Hayyan around 800 AD. Historically, it was initially produced from rock salt and "green vitriol" (Iron (II) sulfate) by Basilius Valentinus in 15thcentuary.
It has various industrial uses. In chemical industry, it serves the purpose of chemical reagent in large scale production of vinyl chloride for PVC (Polyvinyl chloride) plastic, and MDI (Methylene Diphenyl Diisocyanate or Diphenylmethane Diisocyanate) and TDI (Toluene Diisocyanate or Methylbenzene Diisocyanate) for polyurethane. Household cleaning, production of gelatin and other food additives, descaling, and leather processing are some of its small-scale applications. Tons of hydrochloric acid is produced cross the world annually. It is also present naturally in gastric acid.
Hydrochloric acid is used in a specific process to 'pickle' steel. In this process rust and scale are removed from a steel coil or sheet using a hydrochloric acid solution. Scaling demand from steel pickling and metal processing industry is the major aspect which will advance the growth of the market in the next few years.
The oil and gas industry need hydrochloric acid in well drilling process to dissolve contaminants in the well to clear the way and improve effective permeability for increasing the oil and gas flow into the well. Accelerating demand from oil well drilling industry is another aspect opening up opportunities for the growth of the market in the forthcoming years. Moreover, the expansion of the product portfolio is the rising concern of key players to favor their market presence and set up a niche worldwide. In the presence of such propitious factors the global hydrochloric acid market is expected to record a strong growth rate in the near future.
Irrespective of robust drivers, certain restraints are projected to impede the progress of the market. The diminishing demand for fluorocarbons owing to several environmental hazards might affect the acclivity of market growth. Besides, the undesirable harsh effects of HCl on human health are foreseen to retard the growth. On the positive side, the heightening demand for superior quality and pure hydrochloric acid and the widening gap between demand and supply are significantly contributing to develop promising opportunities for the key players operating in the market.
The global hydrochloric acid market is segmented on the basis of application and region wise. Further, on the ground of application market is classified into Water Treatment, Food Processing, Oil & Gas, Pharmaceutical, Steel Pickling, and Others. From the geographical perspective, it is divided into North America (NA), Europe (EU), Asia Pacific (APAC), Latin America (LA), and Middle East & Africa (MEA). Among these, Asia-Pacific has emerged as the leading market as it is the largest consumer worldwide. High growth and rising demand of HCl in this region can be accredited to its escalating application in food processing and TDI/MDI industries. Above stated factors are prognosticated to push the market growth in Asia-Pacific in next few years. Moreover, North America is the secondly ranked market in terms of revenue. Growing demand from oil well acidizing industry is prefigured to signify a hike in market growth in this region. Subsequently, Europe is estimated to register a decelerated growth of HCl as a result of effluent disposal and environmental regulations regarding on food and metal processing procedures.
The indubitable core players who have capitalized on the market are AkzoNobel N.V., Allan Chemical Corporation, BASF SE, Basic Chemical Solutions, LLC, Bayer, Brainerd Chemical Co, Inc., Compound Solutions Inc., Dow Corning, Du Pont, Eco-Tec, Inc., GFC Chemicals, International Petrochemicals Pvt. Ltd., Lyondell Chemical Company and Qingdao Henley Co., Ltd
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