Market Size of Hydrochloric Acid Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 5.46 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Hydrochloric Acid Market Analysis
The Hydrochloric Acid Market size is estimated at 6.91 Million tons in 2024, and is expected to reach 9.02 Million tons by 2029, growing at a CAGR of 5.46% during the forecast period (2024-2029).
The COVID-19 pandemic had a mixed impact on the global hydrochloric acid market. Initially, there was a decline in demand due to disruptions in industries like manufacturing, oil and gas , steel industry, and others. However, the increased use of hydrochloric acid in pharmaceuticals and disinfectants partially offset this decline. As the world is recovering, the market is expected to stabilize, with potential growth driven by the oil, gas, pharmaceutical, and steel industries.
- Over the medium term, the significant factors driving the growth of the market studied are increasing demand from the oil and gas industry and growing demand for pickling in the steel industry.
- On the flip side, pollution, environmental damage, and health hazards associated with HCL are likely to affect the market studied. HCL in the atmosphere causes atmospheric pollution and acid rain, among other things, and it has short-term and long-term effects on human health.
- Nevertheless, increasing demand for synthetic hydrochloric acid is expected to create lucrative growth opportunities for the global market.
- Asia-Pacific dominated the market worldwide, followed by North America.
Hydrochloric Acid Industry Segmentation
Hydrochloric acid is a colorless solution. It is a strong inorganic acid with a distinctive pungent smell. Hydrochloric acid is a necessary laboratory reagent and industrial chemical. It is industrially prepared by dissolving hydrogen chloride in water.
The hydrochloric acid market is segmented by end-user industry and geography. By end-user industry, the market is segmented into food and beverage, steel, oil and gas, chemical, textile, and other end-user industries (leather and rubber). The report also covers the market sizes and forecasts for the hydrochloric acid market in 27 countries across major regions. For each segment, the market sizes and forecasts are provided in terms of volume (kiloton).
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| Food and Beverage | |
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| Steel | |
| Textile | |
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Hydrochloric Acid Market Size Summary
The hydrochloric acid market is poised for growth, driven by increasing demand from the oil and gas and steel industries. The market experienced a downturn due to the COVID-19 pandemic but has shown signs of recovery, with expectations of continued expansion. The steel industry, in particular, has seen a shift from sulfuric acid to hydrochloric acid in pickling processes, enhancing the latter's demand. The Asia-Pacific region leads the market, with countries like China, Japan, and India at the forefront, benefiting from robust steel production and rising industrial activities. However, environmental concerns and health hazards associated with hydrochloric acid pose challenges to market growth.
Despite these challenges, the market is expected to capitalize on opportunities presented by the increasing demand for synthetic hydrochloric acid. The oil and gas sector's need for hydrochloric acid in well stimulation, especially in carbonate formations, further bolsters market prospects. The Asia-Pacific region's expanding production capabilities and the government's initiatives to attract foreign direct investment in manufacturing are likely to contribute to significant market growth. The market remains fragmented, with key players such as Solvay, BASF SE, AGC Chemicals, Occidental Petroleum Corporation, and ERCO Worldwide actively participating in shaping its future.
Hydrochloric Acid Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Increasing Demand from the Oil and Gas Industry
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1.1.2 Demand for Pickling in the Steel Industry
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1.1.3 Other Drivers
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1.2 Restraints
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1.2.1 Effects on Humans and the Environment
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1.2.2 Other Restraints
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Volume)
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2.1 End-user Industry
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2.1.1 Chemical
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2.1.2 Food and Beverage
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2.1.3 Oil and Gas
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2.1.4 Steel
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2.1.5 Textile
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2.1.6 Other End-user Industries (Leather, Rubber)
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2.2 Geography
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2.2.1 Asia-Pacific
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2.2.1.1 China
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2.2.1.2 India
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2.2.1.3 Japan
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2.2.1.4 South Korea
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2.2.1.5 Malaysia
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2.2.1.6 Thailand
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2.2.1.7 Indonesia
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2.2.1.8 Vietnam
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2.2.1.9 Rest of Asia-Pacific
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2.2.2 North America
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2.2.2.1 United States
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2.2.2.2 Canada
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2.2.2.3 Mexico
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2.2.3 Europe
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2.2.3.1 Germany
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2.2.3.2 United Kingdom
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2.2.3.3 Italy
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2.2.3.4 France
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2.2.3.5 Spain
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2.2.3.6 NORDIC
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2.2.3.7 Turkey
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2.2.3.8 Russia
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2.2.3.9 Rest of Europe
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2.2.4 South America
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2.2.4.1 Brazil
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2.2.4.2 Argentina
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2.2.4.3 Colombia
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2.2.4.4 Rest of South America
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2.2.5 Middle East and Africa
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2.2.5.1 Saudi Arabia
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2.2.5.2 South Africa
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2.2.5.3 Nigeria
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2.2.5.4 Qatar
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2.2.5.5 Egypt
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2.2.5.6 United Arab Emirates
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2.2.5.7 Rest of Middle East and Africa
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Hydrochloric Acid Market Size FAQs
How big is the Hydrochloric Acid Market?
The Hydrochloric Acid Market size is expected to reach 6.91 million tons in 2024 and grow at a CAGR of 5.46% to reach 9.02 million tons by 2029.
What is the current Hydrochloric Acid Market size?
In 2024, the Hydrochloric Acid Market size is expected to reach 6.91 million tons.
