The global high purity hydrochloric acid market was valued at USD 110 million in 2019 and is expected to reach USD 180 million by 2026, expanding at a CAGR of around 6.2% during the forecast period, 2020 – 2026. High Purity hydrochloric acid is a pure aqueous solution of hydrochloric acid. The acid is strongly volatile and has features such as being toxic, corrosive, and has a pungent odor due to which it easily reacts with most metals and metal oxides. Hydrogen and chlorine are the major raw products used for the acid.
Market Drivers, Restraints, Opportunities, and Trends:
- The rising demand of the hydrochloric acid in the region due to increasing applications in food processing and TDI/MDI industries is set to propel the growth of the market.
- Surging demand from oil well acidizing industry due to the enhancement in the flow of reservoir rock by dissolving calcite cement, dolomite, and limestone is a driving force for increasing the growth of the global high purity hydrochloric acid market.
- Increasing environmental hazards are diminishing the demand for fluorocarbons, which is a restraining factor creating a roadblock in the growth of the market.
- However, increasing gap between demand and supply for the production of high quality and high purity hydrochloric acid is set to provide lucrative opportunities in the market.
Scope of the Report
The report on the global high purity hydrochloric acid market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report. AttributesDetailsBase Year2019Historic Data2015–2018Forecast Period2020–2026Regional ScopeAsia Pacific, Europe, North America, the Middle East & Africa, and Latin AmericaReport CoverageCompany Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Global high purity hydrochloric acid market Report Segment Insights:
Based on product types, the global high purity hydrochloric acid market is divided into concentration in the range 31-33% and concentration more than 33%. Both the techniques are widely used in the segment owing to high technical advancements and increasing R & D investments in the manufacturing sector. In terms of applications, the market is fragmented into semiconductor, food ingredient & supplement, pharmaceutical, and others. Food ingredient & supplement is the widely used application in this segment owing to rising demands and satisfying consumers’ lifestyle by growth in the food & packaging industry. On the basis of regions, the global high purity hydrochloric acid market is segmented into Asia Pacific, Europe, North America, the Middle East & Africa, and Latin America. Asia Pacific is the dominating sector in this segment. The rising demand of the hydrochloric acid in the region due to increasing applications in food processing and TDI/MDI industries is set to propel the growth of the market in this segment. North American market is also expected to have significant growth in the forecasted period due to the surging demand from oil well acidizing industry. Environmental regulations and effluent disposals concerning food and metal processing procedures are the reasons for the sluggish growth in the European market.
Major companies in the global high purity hydrochloric acid market include BASF, Oxy Chem, TOAGOSEI, Detrex Chemicals, KMG Electronic Chemicals, Akzo Nobel, PCC Group, Vynova, Dongyue Group Ltd, Jinmao Group, Suhua Group, Sanonda, Siping Haohua Chemical, Suzhou Crystal Clear Chemical, Jianghua Microelectronics Materials, and Chuandong Chemical. The high purity hydrochloric market is filled with competitors in a cut throat fragmented competitive market. Increasing gap between demand and supply for the production of high quality and high purity hydrochloric acid is set to provide lucrative opportunities in the market. In December 2017, Italmatch Chemicals Group acquired Detrex Corporation which helped in strengthening Italmatch’s presence in North American region and helped it in the expansion of its current product line in lubricant additive segment. Italmatch has been a leader in marketing and production of performance additives such as oil & gas, industrial lubricants, water & process treatment, and plastics. Detrex is an American company which is specialized in the production of high-performance lubricant additives, for industrial applications and high purity hydrochloric acid with the assistance of its subsidiary The Elco Corporation. Oxychem is one of the leading producers of high purity hydrochloric acid market in the market. It uses hydrogen and chlorine as raw materials in acid burners. The resultant gas is then absorbed in demineralized water which yields high purity hydrochloric acid. The chemical is used in numerous applications such as oil well acidizing, steel pickling, production of calcium chloride, ore processing, and other food application processes.
The global high purity hydrochloric acid market has been segmented on the basis of
- Concentration in the range 31-33%
- Concentration more than 33%
- Food Ingredient & Supplement
- Asia Pacific
- North America
- Middle East & Africa
- Latin America