Global Hydrochloric Acid Market – Industry Trends and Forecast to 2031

Hydrochloric Acid Market Analysis and Size

Technological advancements in the hydrochloric acid market drive efficiency and safety, benefiting various industries. Enhanced production processes ensure higher purity levels and meet stringent standards. These advancements streamline manufacturing, reduce environmental impact, and offer cost-saving benefits. As demand grows, innovations shape the market, fostering sustainable solutions and expanding applications.

For instance, according to the World Steel Association, global crude steel production in 2021 reached 1,958.5 million tons, showing a growth of 3.7% from 2020. This upward trend is expected to continue, driven by infrastructure development, urbanization, and industrial expansion worldwide.

The global hydrochloric acid market size was valued at USD 75.84 million in 2023, is projected to reach USD 111.20 million by 2031, with a CAGR of 4.9% during the forecast period 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Report Scope and Market Segmentation

Market Definition

Hydrochloric acid, a strong, corrosive mineral acid, is hydrogen chloride dissolved in water. With a pungent odour, it's vital in industrial processes such as pickling and metal cleaning. In biology, it aids digestion in the stomach. However, exposure requires caution due to its acidic nature, capable of causing severe burns and respiratory issues.

Hydrochloric Acid Market Dynamics

Drivers

• Increasing Demand for Chemicals

The expanding chemical industry worldwide fuels the demand for hydrochloric acid, a crucial ingredient in various chemical manufacturing processes. For instance,  Hydrochloric acid is integral to PVC production for synthesizing vinyl chloride monomer and pivotal in manufacturing fertilizers, dyes, and pharmaceuticals. With these industries expanding to meet global demand, the requirement for hydrochloric acid is anticipated to increase proportionally. Its versatile applications across various sectors underscore its crucial role in supporting industrial growth and meeting evolving market demands.

• Increasing Urbanization and Infrastructure Development

Rapid urbanization and infrastructure development in emerging economies propel the demand for construction materials, particularly steel. This surge in steel demand subsequently drives the need for hydrochloric acid, which is essential in the steel manufacturing. The correlation between urban growth and infrastructure projects directly contributes to the increased demand for hydrochloric acid.

Opportunities

• Growing Demand in Pharmaceuticals

Hydrochloric acid is indispensable in the pharmaceutical sector for drug synthesis and pH adjustment during formulation. With ongoing medical advancements and the emergence of novel therapies for chronic and rare conditions, the demand for hydrochloric acid in pharmaceutical manufacturing is on the rise, reflecting the industry's evolving needs. For instance, hydrochloric acid plays a crucial role in the production of various medications, including pain relievers, antibiotics, and cardiovascular drugs, fueling its increasing demand in this sector.

• Growing Demand in the Oil and Gas Industry

Hydrochloric acid is vital in the oil and gas industry, particularly in well stimulation and enhanced oil recovery processes. As exploration activities continue and the demand for advanced recovery techniques rises, the need for hydrochloric acid is anticipated to increase, driving growth in its usage within this sector.

 Restraints/Challenges

• Price Volatility of Raw Materials

Hydrochloric acid, mainly a by-product of chlorine manufacturing, faces cost fluctuations due to variable prices of chlorine and hydrogen. These raw materials influence production expenses, affecting hydrochloric acid's market price. Volatility in these inputs adds uncertainty to production costs, challenging profitability and pricing strategies within the hydrochloric acid market.

• Safety Concerns and Handling Risks

Hydrochloric acid's production, handling, and transportation entail substantial safety risks. Accidents can result in severe injuries, environmental harm, and regulatory consequences. Robust safety protocols and thorough employee training are imperative to mitigate these dangers. Compliance is essential to prevent mishaps and ensure responsible handling of this corrosive substance.

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions. Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Development

• In February 2022, Westlake Chemical Corporation's acquisition of Hexion Inc. strengthened its position in the hydrochloric acid market, leveraging Hexion's expertise in specialized products. The move expands Westlake's downstream offerings, enhancing its integrated business and market presence
• In January 2022, BASF's investment in modernizing Ludwigshafen Verbund Sites triples production capacity by 2025, reinforcing its role in global chloroformates and acid chlorides markets. The initiative aligns with BASF's commitment to meeting increasing demand and solidifying its influence
• In August 2021, Occidental Petroleum Corporation's closure of its Niagra Falls plant reduced the supply of critical chemicals such as hydrochloric acid. Reflecting industry dynamics, the decision underscores companies' adaptability to market conditions and strategic priorities
• In March 2021, AGC's restructuring consolidated three Chlor-Alkali companies into a unified entity, optimizing operations and enhancing agility in the hydrochloric acid market. The move underscores AGC's commitment to efficiency and responsiveness to market demands

Hydrochloric Acid Market Scope

The market is segmented on the basis of type, form, application, distribution channel, and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Synthetic Hydrochloric Acid
• By-Product Hydrochloric Acid

Form

• Water-Based
• Aqueous
• Solution

 Application

• Steel Pickling
• Oil Well Acidizing
• Ore Processing
• Food Processing
• Pool Sanitation
• Calcium Chloride
• Others

Distribution Channel

• E-Commerce
• B2B
• Specialty Stores
• Others

 End-User

• Food and Beverages
• Steel Industry
• Pharmaceuticals
• Textile
• Oil and Gas
• Chemistry Industry
• Others

Hydrochloric Acid Market Regional Analysis/Insights

The market is analysed and market size insights and trends are provided by type, form, application, distribution channel, and end-user as referenced above.

The countries covered in the market report are U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina, and Rest of South America.

North America is poised to lead the market, driven by its burgeoning utilization in aerospace applications. The region's emphasis on aerospace technologies fuels demand, propelling its dominance in the market landscape.

Asia-Pacific is expected to show significant growth in the market, driven by increasing spending on research and development for defense and aerospace applications in emerging economies. This trend underscores the region's expanding industrial and technological capabilities.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Hydrochloric Acid Market Share Analysis

The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the market.

Some of the major players operating in the market are:

• Ashland (U.S.)
• Arkema (France)
• BASF SE (Germany)
• Kemira (Finland)
• The Lubrizol Corporation (U.S.)
• NIPPON SHOKUBAI CO. LTD (Japan)
• Dow (U.S.)
• Henan Qingshuiyuan Technology CO., Ltd., (China)
• Aurora Fine Chemicals (U.S.)
• Zouping Dongfang Chemical Co., Ltd. (China)
• ACURO ORGANICS LIMITED (U.S.)
• Maxwell Additives Pvt. Ltd (India)
• Chemtex Speciality Limited (India)
• Polysciences, Inc.(U.S.)
• PROTEX INTERNATIONAL (France)
• Corporate.Evonik (Germany)

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