Detailed Study of Hydrochloric Acid Market by Research Cosmos
Hydrochloric Acid Market Size and Growth Rate:
As per the latest reports published by Research Cosmos, Hydrochloric Acid Market was valued at USD 1276 million in 2017 and projected to reach USD 1341 million by 2022 growing at a CAGR of 1.30% during the forecast period 2017 to 2022.
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Hydrochloric Acid Market Growth Drivers and Restraints:
The growing demand from the global MDI/TDI industry is one of the key factors expected to drive the growth of the global hydrochloric acid market in the coming years. The market for hydrochloric acid is expected to grow over the forecast period due to growing demand from application industries such as water treatment, processing food, and oil and gas. In addition, the increasing use of HCl in the steel and pharmaceutical industries is expected to stimulate the market over the next six years.
However, it is expected that the uncertain supply of raw materials and the resulting price fluctuations will hinder market growth. In addition, stringent government regulations on CFC emissions during HCl production are expected to be a constraint on the market during the forecast period.
Increased investment in the oil and gas sector, as well as in the mining industry, has led market players to undertake R&D for application development, which offers many opportunities for market growth.
In the iron and steel industry, hydrochloric acid is used in the pickling operations of carbon, alloys and stainless steels to remove rust and impurities formed during the production process. It is also used in the food industry for the manufacture of various products and in the production of organic and inorganic compounds for different applications. With increasing developments in the chemical, food, textile, rubber and leather industries, the consumption of hydrochloric acid is increasing and is expected to increase over the forecast period.
Geographical Analysis of Hydrochloric Acid Market:
From a geographic perspective, the global market for hydrochloric acid has been divided between the Middle East and Africa, Asia-Pacific, North America, Latin America and Europe. Among these segments, Asia-Pacific is expected to lead the global market as it is the largest consumer in the world. In addition, North America is expected to remain second in the world market in terms of revenue. On the other hand, it is estimated that Europe will grow slowly over the forecast period due to the elimination of effluents and environmental regulations related to food and metal processing procedures.
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Key Market Players of Hydrochloric Acid Market:
Dow Corning, DuPont, Pioneer America, BASF SE, Lyondell Chemical Company and Bayer are among the leading players in the hydrochloric acid market worldwide.
Hydrochloric Acid Market Segmentation:
By Product:
- Synthetic hydrochloric acid
- By-product hydrochloric acid
By Industry:
- Organic Chemical Raw Materials
- Metal Cleaning and Treatment
- Food and Dairy Industry
- Water Treatment
By Production:
- Raw Material Cost
- Technology Cost
- Labor Cost
- Cost Overview
By Region:
- North America
- South America
- Europe
- Asia Pacific
- Middle East and Africa
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