Hydrochloric Acid Market Share, Trends, Revenue, Growth Drivers, CAGR Status, Key Players, Challenges and Competitive Analysis Till 2033


Hydrochloric Acid Market Share, Trends, Revenue, Growth Drivers, CAGR Status, Key Players, Challenges and Competitive Analysis Till 2033: SPER Market Research

 Category : Chemical & Materials

 Published: Apr-2024
 Author: SPER Analyst

Hydrochloric Acid Market is projected to be worth USD 135.75 billion by 2033 and is anticipated to surge at a CAGR of 5.11%.

Hydrochloric acid, also known as HCl, is used to acidify oil wells and boost oil output. Also, this acid is used in the production of batteries, aluminium etching, fireworks, the regeneration of ion exchangers in the drinking water industry, laboratories for experiments, and other applications that meet the demand across various industries globally. It is also used in the processing of leather in the leather tanning industry and for household cleaning, including bathroom tiles. Manufacturers intend to extend the production process to meet worldwide demand. 

Global Hydrochloric Acid Market Driving Factors and Challenges
The increasing use of hydrochloric acid in a variety of chemical industries for the synthesis of inorganic and organic chemicals is likely to have a positive impact on market revenue growth during the forecast period. Calcium chloride is used to de-ice roads in the winter, zinc chloride is used to make batteries, and polyaluminum chloride (PAC) is a water treatment chemical. Dichloromethane and vinyl chloride are organic molecules used to create polyvinyl chloride (PVC) and bisphenol A (BPA), which is driving global demand for hydrochloric acid. The availability of replacements is a challenge for market expansion. There are various replacements on the market that have equivalent qualities, including emerald-safe acid, phosphoric acid, sodium bisulfate, and trisodium phosphate. These substances or compounds can be used as a substitute for this acid (even in huge quantities), but they are caustic and dangerous in nature. Furthermore, emerald-safe acid, phosphoric acid, and sodium bisulfate are commonly employed as alternatives in key applications. Similarly, phosphoric acid produces less vapour and is thus less damaging to the environment. As a result, the availability of such substitutes is projected to restrict market growth over the projection period.

Impact of COVID-19 on Global Hydrochloric Acid Market
The market for hydrochloric acid benefited from COVID-19. Growing worries over COVID-19 have led to an increase in demand for building and residential disinfection services. The demand for a variety of substances has increased as a result, including sodium chloride, lactic acid, ethyl alcohol, and hydrochloric acid. A variety of products, such as solutions, wipes, sanitizers, mists, liquid hand soap, and more, contain some of these chemicals. Additionally, a number of medical applications—such as fungicides, disinfectants, antivirus software, and microbicides for hydrochloric acid—are becoming more and more popular, which is anticipated to propel the market's revenue growth throughout the course of the projected period.

Global Hydrochloric Acid Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such BASF SE, AGC Chemicals, Coogee Chemicals, Olin Corporation, Detrex Corporation, Dongyue Group, Ercros SA, ERCO Worldwide, Inovyn, Nouryon Industrial Chemicals.

Global Hydrochloric Acid Market Segmentation:

By Grade: Based on the Type, Global Hydrochloric Acid Market is segmented as; Instruments & Accessories, Services

By Application: Based on the Application, Global Hydrochloric Acid Market is segmented as; Oil Well Acidizing, Food Processing, Steel Pickling, Ore Processing, Pool Sanitation, Calcium Chloride, others

By End Use Industry: Based on the End Use Industry, Global Hydrochloric Acid Market is segmented as; Petroleum, Food & Beverages, Mining, Steel, Textile, Water Treatment, Chemical Industry, Others

By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe. 

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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