Hydrochloric Acid Market Revenues Pegged at US$ 3.4 Billion During 2022-2027, at a CAGR of 6.6%- Latest Report by MarketsandMarkets™


Hydrochloric Acid Market Revenue Anticipated at $3.4 Billion from 2022-2027, at a CAGR of 6.6% – Latest Report by MarketsandMarkets™

“Search 247 market data tables and 43 figures spread over 231 pages and a detailed table of contents on the “Hydrochloric Acid Market”

Hydrochloric Acid Market by Quality (Synthetic, By-Product), Application, End-Use Industry (Food & Beverage, Pharmaceutical, Textile, Steel, Oil & Gas, Chemical), Region (North America, Europe, APAC, MEA, South America). )

The globe Hydrochloric Acid Market is expected to grow from $2.5 billion in 2022 to $3.4 billion by 2027, at a CAGR of 6.6% over the forecast period. The main driving factors behind the growth of the hydrochloric acid market are pickling of steel, production of inorganic compounds, pH control and neutralization, regeneration of ion exchangers and increasing demand for water and wastewater treatment.

Hydrochloric acid is a colorless liquid and, depending on the concentration, has a boiling point of 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 used extensively in the steel, ore processing, oil well acidifying, and food industries. In the steel industry, it runs operations in a pickling plant that helps remove impurities such as carbon and rust. Demand for hydrochloric acid is increasing due to the growth of the steel industry in developing countries like China and India.

Get an exclusive sample PDF copy of the report at https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=75705978

By application, steel pickling was the largest market for hydrochloric acid. Hydrochloric acid is primarily used as a pickling agent to dissolve metal oxides, corrosion products, and other contaminants from the metal surface. Hydrochloric acid is preferred over other acids for the pickling process because it offers a shorter pickling time, strong chemical solubility, and is suitable for the room temperature pickling process. The steel industry is growing steadily due to increasing demand from the construction and automotive industries. The growth of steel pickling application in the steel industry is expected to further drive the demand for hydrochloric acid during the forecast period.

After the end-use industry, the chemical industry is the largest market for hydrochloric acid. Hydrochloric acid is used as a reducing agent, catalytic reagent, and hydrolyzing agent in organic chemistry. It is used in the manufacture and identification of many important organic and inorganic compounds. Hydrochloric acid is used in the manufacture of polyvinyl chloride resins, polycarbonate resins, calcium chloride and others.

READ:  Taking a deep dive into acrylamide

The hydrochloric acid market is fragmented by nature, with the major players being BASF SE (Germany), Covestro AG (Germany), Olin Corporation (USA), Westlake Chemical Corporation (USA), Occidental Petroleum Corporation (USA), Formosa Plastics Corporation (Taiwan). . , Tata Chemicals Limited (India), AGC Chemicals (Japan), ERCO Worldwide (Canada), Detrex Corporation (USA), among others.

BASF is a chemical company that is present in more than 80 countries worldwide. The Company operates through six business segments: Chemicals, Performance Products, Functional Materials & Solutions, Agricultural Solutions, Oil & Gas and Others. Its products are used in various sectors including agriculture, chemicals, construction, energy and resources, home care and I&I cleaning, paints and coatings, personal care and hygiene, and pulp and paper. The company operates worldwide through its subsidiaries such as BASF Personal Care and Nutrition GmbH (Germany), BASF Beauty Care Solutions (France), BASF Corporation (USA) and BASF Chemicals (China). It also conducts research and development in collaboration with global customers, scientists and partners. The company operates through a network of manufacturing facilities around the world. It is present in Europe, Asia-Pacific, South America, Africa, the Middle East and North America.

Request a custom report according to your needs at https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=75705978

Covestro AG (Covestro) is one of the world’s leading manufacturers of high-quality polymer materials and their components. The company supplies its customers worldwide in key industries such as mobility, construction and electrical & electronics. Polymers from Covestro are also used in the areas of sports & leisure, cosmetics & health and chemicals. The company has committed to becoming fully circular and aims to become carbon neutral by 2035. At the end of 2021, the company had 50 production sites worldwide. It operates through two business segments: Performance Materials and Solutions & Specialties. The Performance Materials segment forms a separate business unit that includes Covestro’s businesses with commodity polycarbonates, commodity urethane components and base chemicals. The Solutions & Specialties segment comprises six business units: engineering plastics, coatings and adhesives, custom urethanes, thermoplastic polyurethanes, specialty films and elastomers. The Covestro site in Tarragona has a plant for the production of isocyanates and hydrochloric acid as well as a logistics and distribution center for hydrochloric acid. It is currently building a plant for the production of chlorine and caustic soda.

READ:  Berkeley Humane Joins 280+ Shelters Nationally & BISSELL Pet Foundation in Fall “Empty the Shelters” Event

Olin Corporation manufactures chemicals and ammunition. The business is divided into three segments: Chlor-Alkali Products and Vinyls, Epoxy (epoxy materials and precursors) and Winchester (guns and ammunition). Its chlor-alkali products include chlorine and caustic soda, methyl chloride, methylene chloride, ethylene dichloride and vinyl chloride monomer, chloroform, hydrochloric acid, at the same time with 1 ton of perchlorethylene, carbon tetrachloride, trichlorethylene, bleach products, hydrogen and potassium hydroxide. The chlor-alkali and epoxy businesses were added to the company in 2015 as a spin-off from The Dow Chemical Company. The company supplies burner quality hydrochloric acid and offers it in different concentrations – 18, 20 and 22 degrees Baume. Strength. The hydrochloric acid produced by the company is used for various applications such as steel, oil well acidification, plastics, organic chemical synthesis, water and wastewater treatment, brine treatment, artificial sweeteners, food processing, ore and mineral processing, photography, textiles, etc. Rubber. The company produces chlorine, caustic soda and hydrogen through the electrolysis of salt, also known as the Electrochemical Unit (ECU). These products are produced simultaneously in the ratio of 1 ton of chlorine to 1.1 ton of caustic soda and 0.03 ton of hydrogen. The company offers these chlor-alkali products for polyvinyl chloride (PVC), water treatment, alumina, pulp and paper, detergents and soaps and other applications. It has seven chlorine and caustic soda manufacturing facilities in the United States and Canada. The company has a strong presence in North America and offers products throughout Europe, Asia Pacific and Latin America.

The companies have initiated the following developments:

  • In July 2021, Olin Corporation entered into an agreement with ASHTA Chemicals, Inc. (USA) for the purchase and sale of chlorine produced at ASHTA’s facility in Ohio, USA.
  • In January 2021, Formosa Plastics announced the expansion of manufacturing facilities in the United States, Taiwan and China.
  • In February 2018, Westlake Chemical Corporation planned to expand chlor-alkali, PVC and VCM production capacities at its sites in Germany and Louisiana, USA.
  • In December 2019, Tata Chemicals acquired a 25% interest in Tata Chemicals Partners Holdings from The Andover Group, Inc., a subsidiary of Owens-Illinois Inc., for $195 million. This gave the company full ownership of Tata Chemicals Limited.
READ:  Laser Marking Market by Laser Type, Industry, Offering,

For any questions related to the report, contact an analyst at https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=75705978

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats that will impact 70% to 80% of global company sales. It currently serves 7,500 customers worldwide, including 80% of the global Fortune 1000 companies as customers. Nearly 75,000 top executives across eight industries worldwide turn to MarketsandMarkets™ for their pain points related to revenue decisions.

Our 850 full-time analysts and SMBs at MarketsandMarkets™ track global high-growth markets using the Growth Engagement Model – GEM. The GEM seeks to proactively work with clients to identify new opportunities, identify top customers, write “Attack, Avoid and Defend” strategies, and identify sources of additional revenue for both the company and its competitors . MarketsandMarkets™ now provides 1,500 micro-quadrants (positioning of top players in leadership positions, emerging companies, innovators, strategic players) annually in high-growth emerging segments. MarketsandMarkets™ is committed to helping more than 10,000 companies with their revenue planning this year and helping them bring their innovations/disruptions to market early by providing them with predictive research.

MarketsandMarkets’ flagship competitive analysis and market research platform, Knowledge Store, connects over 200,000 markets and entire value chains for a deeper understanding of unmatched insights along with market size and forecasts of niche markets.

media contact
Name of the company: MarketsandMarkets™ Research Private Ltd.
Interlocutor: Mr Aashish Mehra
E-mail: Send e-mail
Phone: 18886006441
Address:630 Dundee Road-Suite 430
City: Northbrook
Federal State: IL60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/hydrochloric-acid-market-75705978.html



Source link