CHICAGO, July 10, 2024 /PRNewswire/ -- 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), & Region - Global Forecast to 2029", is projected to grow from USD 2.2 billion in 2024 to USD 3.0 billion by 2029, at a CAGR of 6.5% during the forecast period. The growth of the hydrochloric acid market is driven by various small-scale applications, including household cleaning, construction, and leather processing. Additionally, hydrochloric acid is used to dissolve calcium carbonate, such as in descaling kettles and removing mortar from masonry. When applied to brickwork, the reaction between the acid and mortar continues until the acid is completely converted, resulting in calcium chloride, carbon dioxide, and water.
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322 - Tables
53 - Figures
277 - Pages
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Synthetic grade segment to be the fastest growing grade during the forecast period.
Synthetic hydrochloric acid, a solution of hydrogen chloride (HCl) in water, is produced by directly synthesizing hydrogen and chlorine gases. It is a clear, colorless to slightly yellow liquid with a strong, pungent odor and high corrosiveness. Typically, available in concentrations ranging from 30% to 38% HCl by weight, it is widely used in industrial applications such as chemical manufacturing, metal processing, and water treatment due to its reactivity and ability to dissolve various substances. Synthetic hydrochloric acid offers advantages like ease of handling, consistent quality, and versatility in food processing, cosmetics production, and pharmaceutical synthesis. However, it poses risks of skin, eye, and mucous membrane irritation upon contact, emphasizing the need for careful handling and safety measures.
Ore processing to be the third fastest growing segment in the hydrochloric acid market during the forecast period.
Hydrochloric acid plays a crucial role in various mining operations, where it is utilized for ore treatment, extraction, separation, purification, and water treatment purposes. It is particularly significant in the recovery processes of molybdenum and gold. In specific applications, hydrochloric acid is essential for converting high-grade scheelite concentrate (CaWO4) and crude sodium tungstate into tungstic acid, a precursor for producing tungsten metal and chemicals. Additionally, it finds application in uranium and zirconium processing, solution mining of borate ores, as a pH regulator in the froth flotation of potash ores, and in the extraction of rare earth elements from bastnasite.
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Europe is projected to be the third largest region in terms of value during the forecast period.
The hydrochloric acid market in Europe is being propelled by several key factors. The region's robust industrial sector, which includes chemical manufacturing, steel production, and water treatment, drives significant demand for hydrochloric acid. Stringent environmental regulations governing industrial operations necessitate the use of hydrochloric acid for various applications such as wastewater treatment and emissions control. There is a growing emphasis on sustainable practices and eco-friendly alternatives in manufacturing processes, further boosting the demand for hydrochloric acid due to its versatility as a reagent in numerous industrial applications. The rising adoption of hydrochloric acid in the food and beverage industry for food processing and preservation purposes contributes to market growth in Europe. Furthermore, continuous advancements in technology and manufacturing processes enhance the efficiency and efficacy of hydrochloric acid utilization, driving further market expansion in the region.
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Market Players
Some of the leading companies in the global 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 Inc. (Japan), ERCO Worldwide (Canada), Detrex Corporation (US) and others.
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