Global Hydrochloric Acid Market - Growing Demand for PVC to Promote Growth | Technavio

Technavio has published a new market research report on the global hydrochloric acid market from 2018-2022. (Graphic: Business Wire)

LONDON--()--The latest market research report by Technavio on the global hydrochloric acid market predicts a CAGR of around 5% during the period 2018-2022.

The report segments the global hydrochloric acid market by end-user (food industry, steel industry, oil industry, and chemicals industry) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

Here are some key findings of the global hydrochloric acid market, according to Technavio chemicals and materials researchers:

  • Growing demand for PVC: a major market driver
  • Availability of substitutes of hydrochloric acid: emerging market trend
  • APAC dominated the global hydrochloric acid market with approximately 43% share in 2017
  • In 2017, the food sector held the largest share of the market

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Growing demand for PVC: a major market driver

The growing demand for PVC is one of the major factors driving the global hydrochloric acid market. PVC is one the most extensively used plastics that is produced by the polymerization of the vinyl chloride monomer. PVC is made of 57% chlorine that is derived from industrial-grade salt and 43% carbon extracted predominantly from oil or gas via ethylene. Hydrochloric acid is usually used in the manufacturing of organic compounds such as dichloroethane and vinyl chloride, which is later used to manufacture PVC. PVC has an amorphous structure with chlorine atoms. It has fire retardant properties and oil/chemical resistance.

According to a senior analyst at Technavio for research on specialty chemicals, “Some of the properties of PVC are abrasion resistance, lightweight, high mechanical strength, and toughness that make it a widely used material in major end-user industries such as automotive, construction, packaging, electrical and electronics, and others. PVC is generally used in many products such as pipes and fittings, rigid plates, rigid films, flooring, automotive parts, cables and wires, and packaging materials.”

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Availability of substitutes of hydrochloric acid: emerging market trend

There are many substitutes of hydrochloric acid, which are available in the market. They include emerald safe acid, phosphoric acid, sodium bisulfate, and trisodium phosphate that have similar properties as that of hydrochloric acid. These chemicals or compounds can be used as substitutes of hydrochloric acid because hydrochloric acid is highly corrosive and toxic in nature. Emerald safe acid, phosphoric acid, and sodium bisulfate are presently used as substitutes of hydrochloric acid in major applications. Emerald safe acid is a non-corrosive chemical that is used in the de-scaling of boilers, evaporators, steam coils, and papermaking equipment.

Global market opportunities

In terms of regional dominance, APAC led the global hydrochloric acid market, accounting for a share of approximately 43%. The Americas contributed the second largest share in the market. The market in the APAC region is expected to witness significant growth during the forecast period. However, the market in the Americas and EMEA will project a slight decrease in market share during this period.

 

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com

Release Summary

The latest market research report by Technavio on the global hydrochloric acid market predicts a CAGR of around 5% during the period 2018-2022.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com