Hydrochloric Acid Market Trends

Statistics for the 2023 & 2024 Hydrochloric Acid market trends, created by Mordor Intelligence™ Industry Reports. Hydrochloric Acid trend report includes a market forecast to 2029 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

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Team License

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Corporate License

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Market Trends of Hydrochloric Acid Industry

Increasing Demand for Pickling in the Steel Industry

  • The steel industry uses hydrochloric acid in the pickling process. Pickling is a process used to remove impurities, such as inorganic contaminants, stains, rust, and scale, from different metals, including ferrous, copper, precious metals, and aluminum alloys.
  • Hydrochloric acid has replaced sulfuric acid in many steel pickling facilities. Owing to this, the requirement for hydrochloric acid increased in various steel production facilities.
  • According to the World Steel Association, global crude steel production in 2023 reached 1,849.7 million tons, registering a growth of about 1%, compared to 1,831.5 million tons in 2022, and is further expected to increase during the forecast period.
  • Asia-Pacific is the major producer of steel, particularly in countries like China, Japan, and India. China is also projected to remain the largest consumer of iron and steel. As China continues to grow in consumption, the country's production of crude steel is likely to increase during the forecast period.
  • Crude steel production in North America was recorded at 109.6 million tons in 2023, an increase of 5.3% compared to 2022. The United States produced 80.7 million tons in 2022, an increase of 7.6% from 2022.
  • Owing to the above factors, the hydrochloric acid market is expected to grow during the forecast period.
Hydrochloric Acid Market - Crude Steel Production, In Million Tons, Global, 2019-2023

Asia-Pacific Dominates the Market

  • In Asia-Pacific, the rising production capabilities of China, India, and other countries, as well as the increasing demand from the steel, oil and gas, and chemical industries, may boost the hydrochloric acid market.
  • In the oil and gas industry, HCl is commonly used to stimulate oil and gas wells, particularly in carbonate formations. With increasing demand in countries like China and India, oil and gas companies are planning to expand their manufacturing activities, resulting in increased hydrochloric acid consumption.
  • According to the International Energy Administration (IEA), the oil demand for Asia-Pacific is expected to reach 41.3 million barrels per day (mb/d) in 2028. In 2023, it was valued at 37.8 (mb/d), an increase of about 5.59% compared to 2022.
  • According to data from China's customs, in 2023, China, the globe's top importer of crude oil, brought in 11.3 million barrels of crude oil every day, marking a 10% rise from the previous year. Refineries in China saw their highest crude oil imports in 2023 to meet the nation's rising demand for refining, aiming to meet transportation fuel needs and generate raw materials for its expanding petrochemical industry .
  • According to official data, in the first quarter of 2024, India used 233.3 MMT of petroleum products and 66.6 BCM of natural gas, marking an increase of 4.6% and 11%, respectively, compared to the same period in 2023. As of April 2024, India's refining capacity is 256.8 MMTPA, with a total of 23 refineries.
  • The steel industry is one of the major end-user industries of hydrochloric acid. Asia produced 1,367.2 million tons of crude steel in 2023, an increase of 0.7% compared to 2022.
  • China's crude steel production in 2023 reached 1,019.1 million tons, an increase of about 0.6% compared to 2022. India's crude steel production in 2023 reached 140.2 million tons, an increase of 11.8% compared to 2022.
  • The growing development of food, chemical, and textile industries is driving the hydrochloric acid market. Moreover, the government has been taking initiatives to attract FDI in the manufacturing sector to make India a manufacturing hub.
  • Therefore, the market for hydrochloric acid in the region is expected to grow significantly during the forecast period.
Hydrochloric Acid Market - Growth Rate by Region

Hydrochloric Acid Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)