Yahoo Finance The hydrochloric acid market 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. Hydrochloric acid is utilized in production of organic & inorganic compounds, PVC (polyvinyl chloride), steel pickling, food processing, and others. Steady growth in steel and food & beverage industry, expects to drive further propel the demand of hydrochloric acid, during the forecast period.
New York, Sept. 30, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Hydrochloric Acid Market by Grade, Application, End-use industry, Region - Global Forecast to 2027" - https://www.reportlinker.com/p06323918/?utm_source=GNW
However, hydrochloric acid is highly volatile and corrosive; therefore, many governments have imposed regulations regarding the impact on environmental pollution and storage & transport of hydrochloric acid, which restrains the market.
• By Grade, by-product is largest market for hydrochloric acid during forecast period
By-product grade accounts for largest market share for hydrochloric acid.By-product is primarily used in the mining sector for ore extraction, the production of biofuels, oils, and lubricants, as well as refinement procedures.
Hydrochloric acid is used in metalworking for pickling steel, aluminum, titanium, and magnesium and to clean metal surfaces during galvanizing processes.
• By Application, Steel Pickling account for larger share during forecast period
Steel pickling is account for largest market share by application for hydrochloric acid market.Hydrochloric acid is used in pickling operations for carbon, alloy, and stainless steel.
Steel pickling is the process by which iron oxides and scale are removed from the surface of steel by converting the oxides to soluble compounds.Pickling is required for steel products that undergo further processing, such as wire production, coating of sheets and strips, and tin mill products.
Hydrochloric acid is used primarily for continuous pickling operations in which hot-rolled strip steel passes through a counter-current flow of acid solution. Hydrochloric acid is used in aluminum etching, metal prefixing for galvanizing and soldering, and metal cleaning.
Asia Pacific account for largest share by region in hydrochloric acid market
APAC is to be the world’s largest and fastest-growing market during the forecast period.The growth was led by rapidly growing economies such as India and China and emerging Southeast Asian countries such as Thailand and Indonesia.
Increasing government spending on infrastructure activities and rapid industrialization and the growing demand from end-use industries such as steel, chemicals, oil & gas, and food & beverage in these countries are significant drivers of the hydrochloric acid market.
Extensive primary interviews were conducted to determine and verify the market size for several segments and sub-segments and information gathered through secondary research.
The break-up of primary interviews is given below:
• By Company type: Tier1:30% Tier2:50% Tier3:20%
• By Designation: C-level executives: 20% Directors: 20% and Others: 60%
• By region: North America: 20% Europe: 40% APAC: 30% Middle East & Africa: 5% South America: 5%
Notes: Others include sales, marketing, and product managers.
Tier 1: >USD 1 Billion; Tier 2: USD 500 million–1 Billion; and Tier 3:
The companies profiled in this market research report include 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), among others.
Research Coverage:
This research report categorizes the hydrochloric acid market on the basis of grade, application, end-use industry, and region.The report includes detailed information regarding the major factors influencing the growth of the hydrochloric acid market, such as drivers, restraints, challenges, and opportunities.
A detailed analysis of the key industry players has been done to provide insights into business overviews, products & services, key strategies, expansions, new product developments, and recent developments associated with the market.
Reasons to Buy the Report
The report will help market leaders/new entrants in this market in the following ways:
1. This report segments the hydrochloric acid market comprehensively and provides the closest approximations of market sizes for the overall market and subsegments across verticals and regions.
2. The report will help stakeholders understand the pulse of the market and provide them information on the key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders understand the major competitors and gain insights to enhance their position in the business. The competitive landscape section includes expansions, new product developments, and joint ventures.
Read the full report: https://www.reportlinker.com/p06323918/?utm_source=GNW
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