The global 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. The major driving factors for the growth of the hydrochloric acid market are steel pickling, production of inorganic compounds, pH control and neutralization, regeneration of ion exchangers, and increase demand for water & wastewater treatment.
Hydrochloric acid is a colourless liquid and depending upon the concentration, the boiling point ranges from 110 °C (383 K), 20.2% solution to 48 °C (321 K), 38% solution. This strong acid is highly corrosive and must be handled with appropriate safety precautions. Hydrochloric acid is extensively used in steel, ore processing, oil well acidizing, and food industries. In the steel industry, it runs operations in a pickling unit that helps remove impurities such as carbon and rust. The demand for hydrochloric acid is increasing due to the steel industry growth in developing countries such as China and India.
Asia Pacific witnessed the largest demand for hydrochloric acid in 2021. The region accounted for 40.2%, in terms of value, of the global hydrochloric acid market, and 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. Most key industry players focus on emerging markets and increase their footprint by setting up manufacturing facilities, distribution centers, and R&D centers.
The hydrochloric acid market is fragmented in nature with key players being 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.
