Growing Demand for Hydrochloric Acid in Steel Industry to Drive Market
Hydrochloric acid is generally used in the steel industry in pickling operations for carbon, alloy, and stainless steels for the removal of rust and impurities that are formed during the process of production. It is also used in the food production industry for the production of numerous products including organic and inorganic compounds for different applications. Hence, with the proliferating developments in the chemical, food, rubber, textile, and leather industries, the consumption of hydrochloric acid is increasing, driving the market to a great extent.
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The global hydrochloric acid has been segmented and studied on the basis of application, end-users, and region. On the basis of application, the hydrochloric acid market is segmented into steel pickling, cleaning pools, regulate pH levels, and production of organic and inorganic compounds. On the basis of end-users, the market is studied for the segments of food industry, agricultural, textiles industry, pharmaceutical, and chemical industry.
The global hydrochloric acid market is expected to exhibit a steady 4.5% CAGR over the forecast period from 2019 to 2025, according to the latest research report from Market Research Future (MRFR). The global hydrochloric acid market is expected to reach a valuation of USD 1.9 billion by 2025, according to the report. The report profiles the global hydrochloric acid market and provides a complete analysis of the major drivers and restraints affecting the market. The leading players in the global hydrochloric acid market are also profiled in the report in order to give readers a complete overview of the market’s competitive dynamics. The impact of the COVID-19 pandemic on the global hydrochloric acid market is also assessed in the report.
Hydrochloric acid is an important industrial raw material in processes such as acidizing, food processing, production of calcium chloride, ore processing, and steel pickling. Hydrochloric acid is a strong solution of hydrogen chloride gas in water and presents as a transparent, colorless liquid. It is also known as muriatic acid. Hydrochloric acid is mainly produced using four methods, including combining hydrogen and chlorine, chlorination of organic chemicals, as a co-product in the manufacturing of silica, and via the salt-sulfuric acid production process.
The growing food and beverage industry is likely to be a major driver for the global hydrochloric acid market over the forecast period due to the growing demand for hydrochloric acid in food processing. The production of soft drinks is a vital end use of hydrochloric acid. The growing mining sector is also a major driver for the global hydrochloric acid market, as hydrochloric acid is used to extract, separate, and purify various types of ores. The growing demand for steel in the construction and automotive industries is also likely to be a major driver for the global hydrochloric acid market, as hydrochloric acid is used in the pickling of steel.
Oxy Chemical Corp (US), BASF SE (Germany), The Dow Chemical Company (US), Axiall Corporation (US), INTERNATIONAL CHEMICAL INVESTORS SE (Germany), Heetu Chemicals & Alkalies Ltd (India), Lords Chloro Alkali Limited (India), Aditya Birla Chemicals Ltd (India), Solvay SA (Belgian), AGC Chemicals (Japan), INOVYN ChlorVinyls Limited (UK), Detrex Corporation (US), and Hangzhou Hengmao Chemical Co., Ltd (China) are some of the prominent names showings substantial efforts in retaining their market position and boosting the prospect of the market. Their moves depend much on its strategic ideology. These generally include spurring the research-related activities by increasing the investment, innovations, mergers, launching of brands, acquisitions, collaborations, and others. MRFR recorded the latest moves of these companies to understand how the market is getting inspired by various trends.
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The Asia Pacific market may emerge as both the largest and the fastest-growing market. This is for the rising demand from countries like India and China, where industrial growth is backing the surge in demand for the product. However, the COVID-19 impact can change market equations.
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