Hydrochloric Acid Market Size Expected to Reach USD 3.58 Billion by 2032 | CAGR of 5.4% By Emergen Research
The global hydrochloric acid market size reached USD 2.13 Billion in 2021 and is expected to register a revenue CAGR of 5.4% during the forecast period, according to the latest analysis by Emergen Research. Rising adoption of hydrochloric acid for steel pickling is the key factor driving market revenue growth.
Hydrochloric Acid (HCL) has been widely used in still industry in recent years for the pickling process. In the pickling process, steel is immersed in a bath of hydrochloric acid to remove rust, scale, and other impurities from its surface. This makes the steel smoother, more even, and prepares it for further processing. The demand for hydrochloric acid for steel pickling has risen due to the rising demand for high-quality steel products in various industries, such as construction, automotive, and infrastructure. In 2021, the worldwide production of crude steel was approximately 1.951 billion metric tons. The use of hydrochloric acid in steel pickling is a well-established and cost-effective process that offers numerous benefits, including improved surface quality, increased production efficiency, and reduced production costs. These factors have driven the rising adoption of hydrochloric acid for steel pickling, making it a significant trend in the global hydrochloric acid market.
In addition, the use of HCl in the laboratory has increased significantly in recent years due to its versatility and effectiveness in various applications. Its ability to adjust pH levels, clean and etch surfaces, extract and purify compounds, neutralize basic solutions, and activate chemical reactions make it a valuable tool in many laboratory processes. In addition, its relatively low cost compared to other strong acids has contributed to its growing popularity in the scientific community. The rising demand for HCl is resulting in its wider availability and more frequent use in a variety of laboratory settings.
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However, HCl is highly acidic and can cause severe damage to materials and equipment if not handled properly. Another restraint is the potential toxicity of HCl fumes, which can cause respiratory and eye irritation, and long-term exposure can lead to serious health problems. In addition, HCl can be highly reactive and dangerous if mixed with certain substances, making it important to take proper safety measures in its storage and usage. These factors can make the use of HCl challenging and limit its applications in certain industries.
Some Key Highlights from the Report
- The steel pickling segment is expected to register a fast revenue growth rate over the forecast period due to the growing adoption of HCL in steel pickling. The use of hydrochloric acid in steel pickling has seen a significant increase in recent years due to its effectiveness in removing impurities and rust from steel surfaces. HCl’s strong acidity makes it an efficient cleaning agent, allowing for quicker and more thorough cleaning of steel surfaces compared to other pickling agents. In addition, HCl’s relatively low cost compared to other pickling agents has made it an attractive option for steel manufacturers, which creates a high demand for HCL in steel pickling.
- The food and beverage segment is expected to account for a significantly large revenue share over the forecast period. Hydrochloric acid has seen a growing adoption in the food and beverage industry due to its versatility as a food preservative and pH adjuster. HCl is used to control the acidity of various food and beverage products, helping to extend their shelf life and improve their taste and appearance. It is also used as a cleaning agent in food processing facilities, as its high acidity makes it effective in removing impurities and maintaining the hygiene of production lines.
- The market in Asia Pacific is expected to register a significantly fast revenue growth rate during the forecast period due to the growing development of still industries which create high demand for HCL in countries across the region, especially in China, Japan, and India. In 2021, China’s steel production reached a total of almost 1,337 million tons, which represents a 0.9% rise compared to the previous year. Over the past 10 years, China’s steel production has consistently risen, starting from 880 million tons in 2011.
- On 31 March 2022, ERCO Worldwide, located in the Greater Toronto Area, and its subsidiary IDI declared the establishment of a PurDOX production facility in Valdosta, Georgia. This facility will produce PurDOX, a unique mixture of 40% sodium chlorate and 8% hydrogen peroxide, which generates chlorine dioxide for water treatment purposes. The target markets for PurDOX are disinfecting municipal drinking water and controlling biocides in cooling towers. PurDOX is approved by the U.S. EPA as a biocide and has NSF 60 certification for use in drinking water.
Key Players Profiled in the Report are:
BASF SE, Detrex Corporation, Merck KGaA, Westlake Corporation, AGC Chemicals, ERCO Worldwide, Ercros S.A, Dongyue Group Co., Ltd., Olin Corporation, and PCC Group
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Emergen Research has segmented the global hydrochloric acid market on the basis of grade, application, end-use:
- Grade Outlook (Revenue, USD Billion; 2019-2032)
- Synthetic Grade
- By-Product Grade
- Application Outlook (Revenue, USD Billion; 2019-2032)
- Oil Well Acidizing
- Steel Pickling
- Food Processing
- Pool Sanitation
- Calcium Chloride
- Ore Processing
- End-Use Outlook (Revenue, USD Billion; 2019-2032)
- Food and Beverage
- Oil and Gas
The report sheds light on the region expected to dominate the hydrochloric acid market in the coming years. The report estimates the market size in terms of volume and value and offers an accurate estimate of the market share each region is anticipated to hold during the forecast period. The report analyzes the spread of the hydrochloric acid market in key geographies covering North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The regional analysis offers an idea about the production and consumption pattern, import/export, supply and demand ratio, revenue contribution, market share and size, and the presence of prominent players in each region.
How will this Report Benefit you?
An Emergen Research report of 250 pages features 194 tables, 189 charts, and graphics. Our new study is ideal for anyone who wants to learn about the global hydrochloric acid market commercially and deeply, as well as to analyze the market segments in depth. With the help of our recent study, you can analyze the entire regional and global market for hydrochloric acid. To increase market share, you must obtain financial analysis of the entire market and its segments. Our research suggests there are significant opportunities in this rapidly expanding market for energy storage technology. Look at how you might take advantage of these revenue-generating opportunities. Additionally, the research will help you develop growth strategies, strengthen competitor analysis, and improve business productivity by enabling you to make better strategic decisions.
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