Press release
Europe hydrochloric acid market to gain traction through 2026 | By key players Eco-Tec, Allan Chemical Corporation, Compound Solutions Inc, and AkzoNobel N.V
o Hydrochloric acid market size, historical from 2015 to 2019 and annual forecast from 2020 to 2026
o Major hydrochloric acid industry trends, technology evolution, economic indicators and business challenges
o Regulatory and geopolitical trends impacting the industry
o Business drivers and pitfalls impacting key regional markets
o Competitive landscape of the industry and detailed profiles on the major companies
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Hydrochloric acid (HCL) is an important chemical compound which is extensively used in industrial processes such as food processing, oil well acidizing, ore processing, and steel pickling. Based on type, the industry is segmented into synthetic hydrochloric acid and by-product hydrochloric acid. Synthetically produced hydrochloric acid is relatively easy to handle and is prominently used as a raw material in food processing, industrial chemicals, and metal surface treatment.
The food industry remains one of the largest consumers for synthetic hydrochloric acid industry. The compound is used in the processing of cereals, ketchups, soft drinks, cookies, crackers, ad corn syrups. Furthermore, it finds use as an acidifier in canned goods, vegetable juices, and sauces to improve flavor reduce spoilage.
Growing reliance on packaged and processed foods is likely to fuel the product demand. Due to the ongoing coronavirus outbreak, the consumption of FMCG products including packaged foods and beverages has surged notably, with consumers stocking up on groceries and essentials. These trends indicate that a consistent demand across the food processing sector will certainly boost HCL demand.
In addition to the food & beverage sector, hydrochloric acid finds wide use in oil & gas, steel, pharmaceutical, and countless other applications. Pharmaceutical sector is likely to emerge as a key consumer of HCL in the future. The compound is mainly used to regulate the pH of pharmaceutical products.
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The global pharmaceutical sector continues to expand, mainly due to a strong need for drugs to treat chronic diseases and health problems associated with ageing. According to the United Nations World Population Prospects 2019, the number of people aged 65 or more is projected to hit 1.5 billion by 2050, compared to 703 million in 2019. A massive geriatric population is likely to propel the pharmaceutical sector valuation significantly.
Europe could be a profitable revenue terrain for hydrochloric acid market in the near future. Majority of the consumption of the compound can be linked with well-established food processing industry and the presence of major pharmaceutical companies in the region. The regional steel industry is also anticipated to be a major consumer of hydrochloric acid in the forthcoming years.
Recent statistics suggest that oil & gas production in the North Sea has hit a seven-year high. With the North Sea remaining the largest source for Europe's oil & gas sector, numerous large-scale projects are currently in development, including multiple drilling projects and the construction of plants and pipelines around the Eastern Mediterranean.
Some of the key players mentioned in the report include Qingdao Henley Co., Ltd., Brainerd Chemical Co, Inc., Eco-Tec, Allan Chemical Corporation, Compound Solutions Inc, and AkzoNobel N.V.
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