DUBLIN--(BUSINESS WIRE)--The "Hydrochloric Acid Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The global hydrochloric acid market is expected to record a CAGR of over 5.33% during the forecast period of 2019-2024.
The major factors driving the market studied are increasing demand from the oil and gas industry, and the demand for pickling in the steel industry.
- The harmful effects of hydrochloric acid on humans and the environment are expected to hinder the growth of the market studied.
- Growing demand for synthetic hydrochloric acid is likely to act as an opportunity over the forecast period.
- Asia-Pacific dominated the global market studied, followed by North America.
Key Market Trends
Growing Demand for Pickling in Steel Industry
- Hydrochloric acid is used in the pickling process in the steel industry. Pickling is a process used for the removal of impurities, such as inorganic contaminants, stains, rust or scale from ferrous metals, copper, precious metals, and aluminum alloys.
- From 1964, hydrochloric acid has replaced sulfuric acid in many steel pickling facilities. Owing to this, the requirement for hydrochloric acid increased from various steel production facilities.
- The global production of crude steel increased to 1,808.60 million metric ton, registering a growth of 6.5% in 2018, over the previous year.
- Majority of the steel is produced in the Asia-Pacific region, in countries such as China, Japan, and India.
- China is projected to remain the largest consumer of iron and steel. The country's production of crude steel is likely to increase during the forecast period, owing to the recovery in consumption.
- In India, in the past decade, the production in the steel industry increased at a CAGR of about 6.4%. This production is estimated to reach 550-600 million metric ton/annum by 2025.
- Due to the aforementioned factors, the market for hydrochloric acid is expected to grow during the forecast period. A majority of this demand is likely to be witnessed in the Asia-Pacific region.
Asia-Pacific Dominated the Hydrochloric Acid Market
- In 2018, Asia-Pacific dominated the global market. With increasing demand in countries like China and India, oil & gas industries are expanding the manufacturing activities resulting in the increased consumption of hydrochloric acid.
- With the growing population, developments are taking place in the industries such as food, chemical, and textile, thereby increasing the market for hydrochloric acid. With these applications in this region, the consumption of hydrochloric acid is expected to increase significantly during the forecast period.
- India is a growing economy and holds great potential for future market opportunities. Its GDP grew over 7% during 2018. Despite demonetization and GST reforms affecting the national production volume, the impact of these reforms is slowly waning.
- Moreover, the country's government has been taking initiatives to attract FDI in the manufacturing sector, in order to make India a manufacturing hub. The government is targeting an increase in the share of the manufacturing sector in GDP, from 16% to 25%, by 2022.
- India was the world's third-largest steel producer in 2017 and had been on track to surpass Japan in becoming the second-largest steel producer in 2018. With the increasing investments and government initiatives in the steel industry, the requirement for pickling is increasing, thereby, increasing the demand for hydrochloric acid in the country during the forecast period.
The global hydrochloric acid market is fragmented in nature. The major companies include Solvay, BASF, ERCO Worldwide, Covestro AG and Detrex Corporation, among others.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Increasing Demand from the Oil & Gas Industry
4.1.2 Demand for Pickling in the Steel Industry
4.1.3 Other Drivers
4.2.1 Effects on Humans and Environment
4.2.2 Other Restraints
4.3 Industry Value-Chain Analysis
4.4 Porters 5 Force Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION
5.1 End-user Industry
5.1.1 Food & Beverage
5.1.3 Oil & Gas
5.1.6 Other End-user Industries (Leather, Rubber, etc.)
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.2.2 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
5.2.4 South America
220.127.116.11 Rest of South America
5.2.5 Middle East & Africa
18.104.22.168 Saudi Arabia
22.214.171.124 South Africa
126.96.36.199 Rest of Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 AGC Chemicals
6.4.2 BASF SE
6.4.3 Coogee Chemicals
6.4.4 Covestro AG
6.4.5 Detrex Corporation
6.4.6 Dongyue Group
6.4.7 DowDuPont Inc.
6.4.8 ERCO Worldwide
6.4.9 Ercros S.A.
6.4.12 Nouryon Industrial Chemicals
6.4.13 Occidental Petroleum Corporation
6.4.14 Olin Corporation
6.4.15 PCC Group
6.4.16 Shin-Etsu Chemical Co. Ltd.
6.4.18 Tessenderlo Group
6.4.19 Toagosei Co. Ltd.
6.4.20 Vynova Group
6.4.21 Westlake Chemical Corporation
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing Demand for Synthetic Hydrochloric Acid
7.2 Other Opportunities
For more information about this report visit https://www.researchandmarkets.com/r/94dr7o