Synopsis of Hydrochloric Acid Market
The Global Hydrochloric Acid Market is expected to witness a significant growth of USD ~ 1869.559 million by 2023 with CAGR of ~5.0% between 2016 and 2023.
Hydrochloric Acid is one of the names for muriatic acid with the chemical formula HCl. It is also known as acidum salis or spirits of salt. Hydrochloric acid is a, transparent, very strong solution of hydrogen chloride in water. It is an extremely important product of the chemical industry and used in many industrial processes such as used in manufacture of organic compounds, as cleaning agent, neutralise water in swimming pools, to regulate pH level, regenerate ion exchangers, oil-well acidization, Production of inorganic compounds, and other industrial applications.
The key driver for the market is the growing demand in application of end user industries such as food processing and steel pickling is anticipated to witness sharp rise. On the other hand limited supply is predictable to lead to inconsistent prices which seems as a major challenge for the growth of the hydrochloric acid market in near future.
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Key players of the Global Hydrochloric Acid Market are Dow Chemical Company (US), Axiall Corporation (US), INOVYN (UK), BASF SE (Germany), Detrex Corporation (US), Solvay S.A. Chemicals Company (Europe), ERCO Worldwide (US), Dupont (US), Coogee Chemicals (Australia), AGC Chemicals (Japan), and others.
Asia Pacific is the largest market of Hydrochloric Acid due to the increasing industrial applications in China, India and Indonesia. The second-largest growth rates are expected for North America, The growing demand from oil well acidizing industry is one of the key factors expected to fuel the growth of the Hydrochloride Acid Market in North America. On the other hand, Europe is estimated to witness sluggish growth in the forecast period, owing to the effluent disposal and environmental regulations concerning food and steel processing procedures. Latin America and Middle East also witnessed in growth of Hydrochloric Acid Market due to various application such as steel pickling, production of organic & inorganic compound, cleaning pools, regulate pH level, and others.
The Global Hydrochloric Acid Market is majorly segmented on the basis of application, end users and region. Based on application of Hydrochloric Acid the market is segmented into steel pickling, production of organic & inorganic compound, cleaning pools, regulate pH level, and others. Based on end user the market segmented into food industry, pharmaceutical, agricultural, textiles industry, chemical industry and others and based on region market is segmented into North America, Europe, APAC, Latin America, Middle East & Africa.
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