Hydrochloric Acid Market | Key players operating in the market include BASF SE, Covestro AG, Olin Corporation, Westlake Chemical Corporation, Occidental Petroleum Corporation

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 the steel pickling, production of inorganic compounds, pH control and neutralization, regeneration of ion exchangers, and increase demand for water & wastewater treatment.

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Browse 247 market data Tables and 43 Figures spread through 231 Pages and in-depth TOC on "Hydrochloric Acid Market"

Syntehtic grade segment to be the fastest growing grade during the forecast period

Synthetic hydrochloric acid is a chemical substance, an aqueous solution of hydrogen chloride gas. It is colorless to pale yellow and has strong corrosive qualities and an unpleasant odor. The process of burning chlorine in hydrogen and subsequently absorbing hydrogen chloride into water results in synthetic hydrochloric acid. A synthetic grade of hydrochloric acid is offered on the market with a concentration ranging from 33.3% to 35.5%. The synthetic grade of hydrochloric acid meets with European Standard EN939 for the use of a material used for water treatment. Such a high-quality product can be used in procedures that treat water for both industrial and domestic use and in highly demanding industries such as food and cosmetics.

Food-grade hydrochloric acid is manufactured by directly synthesizing elements, which involves burning chlorine in hydrogen and then absorbing the resultant hydrogen chloride in water. The concentration of hydrochloric acid sold on the market ranges from 33% to 35.5%.

Ore processing to be the third fastest growing segment in the hydrochloric acid market during the forecast period

Hydrochloric acid is required in many mining operations for ore treatment, extraction, separation, purification, and water treatment. Significant quantities are used in the recovery of molybdenum and gold. Hydrochloric acid is used to convert high-grade scheelite concentrate (CaWO4) and crude sodium tungstate to tungstic acid, which can produce tungsten metal and chemicals. It is also used in uranium and zirconium processing, solution mining of borate ores, as a pH regulator in the froth flotation of potash ores, and rare earth extraction from bastnasite.

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North America to be the second largest region in the hydrochloric acid market during the forecast period

North America has long been one of the critical markets for hydrochloric acid. The North American market mainly comprises the US, Canada, and Mexico; the US is the dominant market in the region, with a share of more than 87% in terms of volume. The market for hydrochloric acid in the US is driven by its local industrial demand and exports to NAFTA and South America.

The North American Free Trade Agreement (NAFTA) has helped develop a close trade relationship between the US, Mexico, and Canada, allowing these countries to extend their product reach to the world's leading economies at lower costs. The US is expected to continue dominating the hydrochloric acid market in North America between 2022 and 2027. The largest share of the US in the North American market can primarily be attributed to its establishment of oil & gas, food & beverage, and steel industries.

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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) are the key players operating in the hydrochloric acid market. Acquisitions, expansions, contracts, agreements & partnerships, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the hydrochloric acid market.

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