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What's driving the Hydrochloric Acid Market trends? | Top Companies are AkzoNobel, Allan Chemical, Eco-Tec, Brainerd Chemical
Hydrochloric Acid Market
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The hydrochloric acid market growth is majorly restrained by strict government regulations regarding environment safety as hydrochloric acid production results in large CFC emissions. Another curb to growth of the market is negative health impacts caused by direct contact of the product with skin. HCL is highly corrosive to skin, eyes and other mucous membranes. Even a short-term exposure can cause nose, eye as well as irritation in respiratory tracts.
Company Profiles:
1. Allan Chemical Corporation
2. GFC Chemicals
3. Eco-Tec
4. Basic Chemical Solutions, LLC
5. Brainerd Chemical Co, Inc.
6. AkzoNobel N.V.,
7. Qingdao Henley Co., Ltd
8. Compound Solutions Inc
9. International Petrochemicals Pvt. Ltd.
10. Ishtar Company Llc
11. Aditya Birla Chemicals
12. Ajanta Chemical Industries
13. Jones-Hamilton Co.
14. AGC Chemicals Company
Some of the end user industries of hydrochloric acid market id includes food & beverage, oil & gas, steel, pharmaceutical and other industries. HCL is used to remove dust and unwanted deposits of carbonates in the oil wells to allow crude oil or gas flow in the well. This application is called as stimulation. In steel industry, the product is utilized in steel pickling operations in stainless steel, carbon and alloys. In this process ion oxides are removed from steel surface by using hydrochloric acid. The chemical compound is also used in metal prefixing, aluminum etching and metal cleaning operation. However, in food & beverage industry, the product is majorly used in producing corn syrups and in the processing of soft drinks.
Asia Pacific and North America emerged as the largest hydrochloric acid market in 2018. Growing food and beverage industry in the region due to robust population growth is expected to drive the overall product demand in the near future. Moreover, hydrochloric acid production in North America has been witnessing high growth rates as a result of availability of low-price feedstocks supported by unconventional crude oil boom. North America demand is concentrated to oil and gas industry as the product is extensively used in hydraulic fracturing. With the growing oil production in the region, hydrochloric acid market is also expected to achieve high growth rates in the near future.
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Rising demand from end user industries like food processing, water treatment and oil and gas is the major driver likely to uplift the global hydrochloric acid market growth in the forthcoming years. Furthermore, rising product demand in pharmaceutical and steel industry is anticipated to trigger the market growth by 2025. For instance, it is used as a reducing agent in deionizing processes and as catalyst in the pharmaceutical industry. Furthermore, increasing utilization of HCL in oil wells for acidizing purpose as a result of enhancement in reservoir rock flow is another factor likely to accelerate the global market growth in the near future.
Hydrochloric Acid Market, By Type, 2014-2025 (USD Million)
1. Synthetic Hydrochloric Acid
2. By-product Hydrochloric Acid
Hydrochloric Acid Market, By End User, 2014-2025 (USD Million)
1. Food & beverage
2. Oil & gas
3. Steel
4. Pharmaceutical
5. Others
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Corporate Sales, USA
Global Market Insights, Inc.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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