Hydrochloric Acid Market by Grade (Synthetic, By-product), Application, End-use industry (Food & Beverage, Pharmaceutical, Textile, Steel, Oil & Gas, Chemical), Region (North America, Europe, APAC, MEA, South America), & Region - Global Forecast to 2029
Hydrochloric Acid Market
The global hydrochloric acid market is valued at USD 2.2 billion in 2024 and is projected to reach USD 3.0 billion by 2029, growing at 6.5% cagr from 2024 to 2029.
The hydrochloric acid market is seeing significant growth due to rising demand from key industries like steel manufacturing, chemical production, food processing, and water treatment. Rapid industrialization in emerging economies and stricter environmental regulations for effective water treatment solutions are also contributing to this market surge. This trend is particularly evident in the Asia Pacific (APAC) region, which stands out as the fastest-growing market for hydrochloric acid. China, in particular, plays a pivotal role in this growth trajectory, witnessing a substantial rise in both production and consumption of hydrochloric acid. The hydrochloric acid market in the Asia Pacific region is driven by rapid industrialization and increasing demand from the steel, chemical, and food processing industries. The key end-use industries experiencing growth in the hydrochloric acid market include steel manufacturing, chemical production, food processing, water treatment, and pharmaceuticals. These sectors drive demand for hydrochloric acid due to its use in processes such as steel pickling, chemical synthesis, food additive production, pH regulation in water treatment, and pharmaceutical manufacturing.
Attractive Opportunities in the Hydrochloric Acid Market
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Hydrochloric Acid Market Dynamics
Driver: Steel pickling to drive demand for hydrochloric acid
Steel pickling, a critical process in the steel industry, drives significant demand for hydrochloric acid. This process removes rust and impurities from steel surfaces before further processing like rolling and galvanizing. Hydrochloric acid, typically at an 18% concentration, is preferred for its efficiency and ability to work at room temperature. The steel industry has developed regeneration techniques, such as the fluidized bed and spray roaster methods, to recover used acid, creating a sustainable closed-loop system. These techniques also produce valuable by-products like iron (III) oxide. As the steel industry grows, particularly in emerging economies, the demand for hydrochloric acid in pickling processes is expected to increase.
Restraint: Storage system for hydrochloric acid
The storage of hydrochloric acid is a significant challenge due to its highly corrosive nature, which requires the use of specialized and costly containment solutions. Hydrochloric acid can corrode most metals and materials, necessitating storage in acid-resistant materials like PVC, fiberglass-reinforced plastic, or rubber-lined steel. This leads to higher initial investment and ongoing maintenance costs for storage facilities. Stringent regulations on the safe storage, handling, and transportation of hydrochloric acid are necessary to prevent leaks and spills that could cause severe environmental damage and health hazards. These factors collectively increase the complexity and expense of managing hydrochloric acid, thereby restraining its market growth.
Opportunities: Extensive laboratory use of hydrochloric acid
The widespread use of hydrochloric acid in laboratory settings creates a promising opportunity for the hydrochloric acid market. Laboratories rely on hydrochloric acid for various tasks, including pH adjustment, chemical synthesis, and analytical chemistry procedures. Its versatility makes it indispensable in a wide range of laboratory applications, from basic titrations to intricate organic and inorganic syntheses. With research and development activities expanding across sectors such as pharmaceuticals, chemicals, and materials science, the demand for hydrochloric acid in laboratory environments is poised to rise. This presents a favorable prospect for manufacturers and suppliers to meet the increasing requirements of laboratory facilities, thereby stimulating market growth.
Challenges: Gaseous chlorine compounds can lead to corrosion
The corrosion potential posed by gaseous chlorine compounds presents a significant challenge for the hydrochloric acid market. When hydrochloric acid interacts with metals, particularly in the presence of moisture, it can release corrosive chlorine gases such as chlorine gas (Cl2). These compounds accelerate the degradation of metal surfaces, equipment, and infrastructure, leading to increased maintenance costs and the risk of equipment failure.
The corrosive nature of gaseous chlorine compounds complicates the storage, handling, and transportation of hydrochloric acid. It requires the use of corrosion-resistant materials for storage tanks, pipelines, and other equipment, thereby adding to operational expenses. The potential for corrosion-related leaks and spills poses environmental and safety hazards, necessitating stringent preventive measures. Addressing the challenge of corrosion induced by gaseous chlorine compounds requires investments in corrosion-resistant infrastructure, implementation of effective maintenance practices, and strict adherence to safety protocols. Finding innovative solutions to mitigate corrosion and minimize its impact on equipment and infrastructure is essential for ensuring the sustainable growth of the hydrochloric acid market.
Hydrochloric Acid Market ECOSYSTEM
Steel pickling segment accounted for the third largest application of hydrochloric acid.
Steel pickling is a crucial treatment process that removes impurities like stains, rust, and scale from steel surfaces, preparing them for subsequent processes such as galvanizing or rolling. Hydrochloric acid is widely used in this process due to its effectiveness in dissolving oxides and contaminants formed during steel production. The acid reacts with these oxides, creating soluble salts that are easily washed away, resulting in a clean, smooth, and defect-free metal surface. Hydrochloric acid is favored for its efficiency, availability, cost-effectiveness, and stability, making it an essential reagent in the steel industry to ensure high-quality final products.
Steel end-use industry accounted for the fourth largest end-use industry of hydrochloric acid.
Hydrochloric acid is crucial in the steel industry, particularly in the pickling process to treat steel surfaces by removing rust, scale, and impurities. Its cost-effectiveness and efficiency makes it the preferred choice for large-scale pickling operations, ensuring precise control and uniform treatment while minimizing risks of damage. The demand for hydrochloric acid in steel production is propelled by global increases in construction, automotive, and manufacturing sectors, necessitating high-quality, clean steel surfaces for subsequent processes. Technological advancements in steel manufacturing and pickling processes, along with rapid infrastructure development and growth in the automotive industry, further drive demand. Adherence to quality standards and environmental regulations supports the adoption of hydrochloric acid pickling, integrated with acid recovery systems, promoting cleaner production practices. Economic growth and industrialization, particularly in developing countries, continue to boost steel production and consumption, sustaining the hydrochloric acid market in the steel industry.
Middle East & Africa is estimated to account for the fourth largest market share during the forecast period.
Several factors drive the hydrochloric acid market in the Middle East & Africa region. Primarily, the oil and gas industry's significant presence fuels demand for hydrochloric acid, particularly in well stimulation and acidizing processes for oil exploration and production. The expanding construction and infrastructure sectors drive market growth, as hydrochloric acid is extensively used for steel pickling and water treatment applications. The region's increasing industrialization and urbanization contribute to rising demand for chemicals and materials, further boosting hydrochloric acid usage in various manufacturing processes. Government initiatives aimed at promoting industrial development and infrastructure investments also stimulate market growth by fostering a conducive environment for industrial activities. The adoption of advanced technologies and sustainable practices, along with stringent environmental regulations, drives demand for hydrochloric acid for cleaner production methods and waste treatment applications. These factors collectively propel the growth of the hydrochloric acid market in the Middle East & Africa region.
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Hydrochloric Acid Market Players
The Hydrochloric acid market comprises key manufacturers such as are BASF SE (Germany), Covestro AG (Germany), Olin Corporation (US), Westlake Chemical Corporation (US), Occidental Petroleum Corporation (US), Formosa Plastics Corporation (Taiwan), Tata Chemicals Limited (India), AGC Inc. (Japan), ERCO Worldwide (Canada), Detrex Corporation (US), are the top manufacturers covered in the hydrochloric acid market. Expansions, mergers & acquisitions, new product launches and deals were some of the major strategies adopted by these key players to enhance their positions in the hydrochloric acid market. A major focus was given to the expansions and deals.
Hydrochloric Acid Market Report Scope
|
Report Metric |
Details |
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Market size available for years |
2020–2029 |
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Base year considered |
2023 |
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Forecast period |
2024–2029 |
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Forecast units |
Value (USD Million), Volume (Million Ton) |
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Segments Covered |
Grade, End-Use Industry, Application, and Region |
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Geographies covered |
North America, Asia Pacific, Europe, South America, and Middle East & Africa. |
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Companies covered |
BASF SE (Germany), Covestro AG (Germany), Olin Corporation (US), Westlake Chemical Corporation (US), Occidental Petroleum Corporation (US), Formosa Plastics Corporation (Taiwan), Tata Chemicals Limited (India), AGC Inc. (Japan), ERCO Worldwide (Canada), Detrex Corporation (US), among others. |
This research report categorizes the hydrochloric acid market based on Type, Scrap Type, Equipment Used, End-Use Industry, and Region.
Based on Grade:
- Synthetic Grade
- By-product Grade
Based on Application:
- Steel Pickling
- Oil Well Acidizing
- Ore Processing
- Food Processing
- Pool Sanitation
- Calcium Chloride
- Biodiesel
- Other Applications
Based on End-Use Industry:
- Food & Beverage
- Pharmaceutical
- Textile
- Steel
- Oil & Gas
- Chemical
- Other End-use Industries
Based on Region:
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Recent Developments
- In January 2022, BASF has decided to fundamentally modernize the entire infrastructure, including the facilities for the production of chloroformates and acid chlorides at its Ludwigshafen Verbund site. will increase the company's capacity for these products at the site by around 30 percent. It is expected to complete in the course pf 2025.
- In July 2021, Olin Corporation announced it has entered into an agreement with ASHTA Chemicals, Inc. to purchase and sell the chlorine produced at ASHTA's Ashtabula, OH facility.
Frequently Asked Questions (FAQ):
What is hydrochloric acid?
Hydrochloric acid is a strong, corrosive acid that is commonly used in various industrial processes and applications.
What are the grades of hydrochloric acid?
Synthetic Grade and By-Product Grade.
What are the major end-use industries of hydrochloric acid?
The major end-use industries of hydrochloric acid include Food and Beverages, Pharmaceuticals, Textile, Steel, Oil & Gas, Chemical Industry.
What are the major drivers of the hydrochloric acid market?
The major drivers of hydrochloric acid are the increased demand for water & wastewater treatment and steel pickling to drive demand for hydrochloric acid. .
What are the upcoming opportunities in the hydrochloric acid market globally?
Extensive laboratory use is the upcoming opportunity in the hydrochloric acid market globally.
What is the major restraint of the hydrochloric acid market?
Storage system for hydrochloric acid is the major restraint of the hydrochloric acid market.
What are the major challenges of the hydrochloric acid market?
Handling and safety considerations is the major challenge of the hydrochloric acid market.
Who are the key players in the global hydrochloric acid market?
The key players operating in the hydrochloric acid market, were BASF SE (Germany), Covestro AG (Germany), Occidental Petroleum Corporation (US), Westlake Chemical Corporation (US), and Olin Corporation (US). .
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The study involved four major activities for estimating the current size of the global hydrochloric acid market. Exhaustive secondary research was carried out to collect information on the market, the peer product market, and the parent product group market. The next step was to validate these findings, assumptions, and sizes with the industry experts across the value chain of hydrochloric acid through primary research. Both the top-down and bottom-up approaches were employed to estimate the overall size of the hydrochloric acid market. After that, market breakdown and data triangulation procedures were used to determine the size of different segments and sub-segments of the market.
Secondary Research
In the secondary research process, various secondary sources such as Hoovers, Factiva, Bloomberg BusinessWeek, and Dun & Bradstreet were referred to, to identify and collect information for this study on the Hydrochloric acid market. These secondary sources included annual reports, press releases & investor presentations of companies; white papers; certified publications; articles by recognized authors; regulatory bodies, trade directories, and databases.
Primary Research
The hydrochloric acid market comprises several stakeholders in the supply chain, which include raw material suppliers, processors, end-product manufacturers, buyers, and regulatory organizations. Various primary sources from the supply and demand sides of the markets have been interviewed to obtain qualitative and quantitative information. The primary participants from the demand side include key opinion leaders, executives, vice presidents, and CEOs of companies in the Hydrochloric acid market. Primary sources from the supply side include associations and institutions involved in the hydrochloric acid industry, key opinion leaders, and processing players.
Following is the breakdown of primary respondents
Notes: Other designations include product, sales, and marketing managers.
Tiers of the companies are classified based on their annual revenues as of 2022: Tier 1 = >USD 5 Billion, Tier 2 = USD 1 Billion to USD 5 Billion, and Tier 3= <USD 1 Billion.
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Market Size Estimation
Both the top-down and bottom-up approaches were used to estimate and validate the size of the global hydrochloric acid market. These approaches were also used extensively to estimate the size of various segments of the market. The research methodology used to estimate the market size included the following details:
- The key players in the industry were identified through extensive secondary research.
- The supply chain of the industry and market size, in terms of value and volume, were determined through primary and secondary research.
- All percentage share splits and breakdowns were determined using secondary sources and verified through primary sources.
- All possible parameters that affect the markets covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.
- The research includes the study of reports, reviews, and newsletters of key industry players, along with extensive interviews with key officials, such as directors and marketing executives.
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Data Triangulation
After arriving at the overall market size from the estimation process explained above, the total market was split into several segments and sub-segments. The data triangulation and market breakdown procedures were employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for all the segments and sub-segments of the hydrochloric acid market. The data was triangulated by studying various factors and trends from both the demand- and supply-side.
In addition, the market size was validated by using both the top-down and bottom-up approaches. Then, it was verified through primary interviews. Hence, for every data segment, there are three sources—top-down approach, bottom-up approach, and expert interviews. The data were assumed to be correct when the values arrived at from the three sources matched.
Market Definition
Hydrochloric acid (or muriatic acid) is a water-based solution of hydrogen chloride gas. This strong acid is highly corrosive and must be handled with appropriate safety precautions. Formed when hydrogen chloride gas dissolves in water, hydrochloric acid is essentially an odorless and colorless solution. Each molecule consists of a one-to-one ratio of hydrogen and chlorine. It is highly corrosive and can be toxic. Hydrochloric acid is a major component of gastric acid and is commonly used in chemical research laboratories and manufacturing plants. Its applications include the large-scale production of compounds such as vinyl chloride for polyvinyl chloride, removal of rust and scale from metals, petroleum production, and ore processing. On a smaller scale, it is used in the production of gelatin and other food ingredients, as well as in leather processing.
Key Stakeholders
- Hydrochloric acid producing companies
- Raw material suppliers and producers
- Regulatory bodies
- End-use industries of hydrochloric acid
- Associations and industrial bodies
- Local governments
- Market research and consulting firms
Report Objectives
- To define, analyze, and project the size of the hydrochloric acid market in terms of value based on grade, end-use industry, application and region.
- To project the size of the market and its segments with respect to the five main regions, namely, North America, Europe, Asia Pacific, Middle East & Africa, and South America
- To provide detailed information about the key factors, such as drivers, restraints, opportunities, and challenges, influencing the growth of the market
- To analyze the opportunities in the market for stakeholders and provide a detailed competitive landscape of the market leaders.
- To analyze the competitive developments, such as new product launches, expansions, and acquisitions, in the hydrochloric acid market
- To strategically profile the key players operating in the market and comprehensively analyze their market shares and core competencies.
Available Customizations
Along with the given market data, MarketsandMarkets offers customizations as per the specific needs of the companies. The following customization options are available for the report:
Product Analysis:
- Product Matrix which gives a detailed comparison of the product portfolio of each company
Regional Analysis:
- Further breakdown of the Rest of Asia Pacific market
- Further breakdown of Rest of Europe market
Company Information:
- Detailed analysis and profiling of additional market players (up to 5)
Generating Response ...
Growth opportunities and latent adjacency in Hydrochloric Acid Market