Overview:
The Global Hydrochloric Acid Market is on track to surpass a valuation worth USD 1.9 billion during the forecast period of 2022 to 2030. Market Research Future (MRFR) predicts that the process will witness a CAGR of 4.5% during the same period.
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The global market is expected to witness the rising inclusion of the product in end user industries like oil & power, food & beverage, and others, which will ensure a rise in the market valuation. Its use in the manufacturing process of soft drinks will boost its market outcome. In the mining industry, the intake of hydrochloric acid is rising. In addition, the market can expect support from the construction and automotive industry.
Segmentation:
The global study on the hydrochloric acid market has been segmented on the basis of application and end-use industry. These segments help in analyzing factors and other points using graphs, charts, and figures, which is essential for a close study of the market and development of future strategies.
By application, the global market review of the hydrochloric acid market has been segmented into the oil well acidizing, ore processing, steel pickling, calcium chloride, food processing, and others. The food processing segment is expected to provide substantial traction with the rise in the consumption of food.
By end-use industry, the study on the global hydrochloric acid market includes pharmaceuticals, textile, chemical industry, steel, oil & gas, food and beverages, and others. The food & beverage segment is getting ample traction as the growing urbanization is impacting the market and transforming consumption patterns.
Regional Analysis:
The global hydrochloric acid revenue forecast has been geographically segmented into North America, Latin America, the Middle East and Africa, Asia Pacific, and Europe. Asia Pacific is estimated to gain the largest market share for hydrochloric acid owing to the increasing industrial applications in India, Indonesia, and China. North America is anticipated to garner the second-largest share in the global hydrochloric acid market, following Asia Pacific. Such speedy growth can be attributed to the growing demand from the oil well acidizing industry in the region.
Alternatively, Europe is projected to witness sluggish growth during the forecast period for the hydrochloric acid market. Factors such as effluent disposal and environmental regulations regarding food and steel processing procedures are hindering the market growth in Europe. The Middle East & Africa and Latin America are also speculated to witness growth in the hydrochloric acid market owing to numerous applications such as steel pickling, cleaning pools, production of organic & inorganic compounds, and regulation of pH levels.
Competitive Analysis:
Oxy Chemical Corp (US), BASF SE (Germany), The Dow Chemical Company (US), Axiall Corporation (US), INTERNATIONAL CHEMICAL INVESTORS SE (Germany), Heetu Chemicals & Alkalies Ltd (India), Lords Chloro Alkali Limited (India), Aditya Birla Chemicals Ltd (India), Solvay SA (Belgian), AGC Chemicals (Japan), INOVYN ChlorVinyls Limited (UK), Detrex Corporation (US), and Hangzhou Hengmao Chemical Co., Ltd (China) are some of the prominent names showings substantial efforts in retaining their market position and boosting the prospect of the market. Their moves depend much on its strategic ideology. These generally include spurring research-related activities by increasing investment, innovations, mergers, launching of brands, acquisitions, collaborations, and others. MRFR recorded the latest moves of these companies to understand how the market is getting inspired by various trends.
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Industry News:
In June 2020, Geomega Resources Inc. Announced that they received approval for their patent application from the United States Patent and Trademark Office. The company has made a name for itself in the mining and recycling with rare earth clean technologies. The company is also known for its technology that works well in extracting and separating REE, reagent regeneration and curbing effluent amount and solid waste generated in the process. The entire process will witness the use of hydrochloric acid as it is one of the prime components that provide the needed support.
The hydrochloric acid market suffered some serious damages in the last few months due to the ongoing pandemic COVID-19 crisis. The market witnessed a steep fall in demand for the product owing to the temporary closure of several end user industries. However, with the gradual removal of the ban, the market may experience a rise in the intake pattern.
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