Hydrochloric Acid Market Forecast 2022-2027: A Comprehensive Analysis| MarketsandMarkets™

Hydrochloric acid (HCl) is a powerful, very corrosive acid that is commonly employed in industrial and scientific settings. Dissolving hydrogen chloride gas in water produces a colorless, smelly, and extremely acidic solution. Hydrochloric acid has a wide range of uses, including chemical reagents, pickling agents, and laboratory reagents for testing and analysis. It is also widely utilized in the manufacturing of organic and inorganic chemicals such as PVC and fertilizers.

The report "Hydrochloric Acid Market by Grade (Synthetic, By-product), Application, End-use industry (Food & Beverage, Pharmaceutical, Textile, Steel, Oil & Gas, Chemical), Region (North America, Europe, APAC, MEA, South America) - Global Forecast to 2027 ", is projected to grow from USD 2.5 billion in 2022 to USD 3.4 billion by 2027, at a CAGR of 6.6% during the forecast period. 

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Synthetic grade segment to be the fastest-growing grade during the forecast period

Synthetic hydrochloric acid is a chemical compound that is an aqueous solution of hydrogen chloride gas. It is colorless to pale yellow, with strong corrosive properties and a foul odor. The process of burning chlorine in hydrogen and then absorbing hydrogen chloride into water yields synthetic hydrochloric acid. On the market, a synthetic grade of hydrochloric acid with concentrations ranging from 33.3% to 35.5% is available. The synthetic grade of hydrochloric acid complies with European Standard EN939 for the use of a material used in water treatment. Such a high-quality product can be utilized in water-treatment methods for both industrial and home use, as well as in highly demanding industries such as food and cosmetics.

Food-grade hydrochloric acid is manufactured by directly synthesizing elements, which involves burning chlorine in hydrogen and then absorbing the resultant hydrogen chloride in water. The concentration of hydrochloric acid sold on the market ranges from 33% to 35.5%.

The steel pickling segment accounted for the largest revenue share in the Hydrochloric Acid market.

Steel pickling is a prominent application of hydrochloric acid and has the greatest revenue share in the hydrochloric acid market. Steel pickling, which is the process of removing surface oxides and impurities from steel before further processing, is a common application of hydrochloric acid. This is critical for enhancing steel product quality and durability. The use of hydrochloric acid for steel pickling is popular in the production of automobiles, construction equipment, and industrial machinery, among other things. Because steel is widely used in a variety of sectors, the steel pickling industry is projected to continue driving market demand for hydrochloric acid.

Ore processing is to be the third fastest-growing segment in the hydrochloric acid market during the forecast period

Hydrochloric acid is required in many mining operations for ore treatment, extraction, separation, purification, and water treatment. Significant quantities are used in the recovery of molybdenum and gold. Hydrochloric acid is used to convert high-grade scheelite concentrate (CaWO4) and crude sodium tungstate to tungstic acid, which can produce tungsten metal and chemicals. It is also used in uranium and zirconium processing, solution mining of borate ores, as a pH regulator in the froth flotation of potash ores, and rare earth extraction from bastnasite.

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Asia-Pacific Region Dominates in the Hydrochloric Acid Market during the forecast period  

The Asia-Pacific region has the largest and fastest-growing hydrochloric acid market, accounting for a sizable portion of the global industry. The increasing demand for hydrochloric acid in a variety of end-use sectors, including chemicals, food processing, and steel manufacturing, is driving market growth in this area. Furthermore, the availability of low-cost raw materials and labour, as well as favourable government efforts, is fuelling regional market expansion. Because of their massive industrial industries and expanding infrastructure development, China and India are the Asia-Pacific region's top consumers of hydrochloric acid. 

North America to be the second largest region in the hydrochloric acid market during the forecast period 

North America has long been one of the critical markets for hydrochloric acid. The North American market mainly comprises the US, Canada, and Mexico; the US is the dominant market in the region, with a share of more than 87% in terms of volume. The market for hydrochloric acid in the US is driven by its local industrial demand and exports to NAFTA and South America.

The key players operating in the hydrochloric acid market are BASF SE (Germany), Covestro AG (Germany), Olin Corporation (US), Westlake Chemical Corporation (US), Occidental Petroleum Corporation (US), Formosa Plastics Corporation (Taiwan), Tata Chemicals Limited (India), AGC Chemicals (Japan), ERCO Worldwide (Canada), Detrex Corporation (US) and others.

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