The global Hydrochloric Acid (HCl) market is expected to reach a considerable value by 2026, expanding at a CAGR of 5% during the forecasted period from 2020 to 2026. Hydrochloric acid is an inorganic compund and is also known as muriatic acid. It is a colorless liquid with pungent smell. HCL is a solution of hydrogen chloride and water and contains various other chemical compounds. HCL acts as a chemical reagent and is used for producing polyvinyl chloride which is used in producing plastic.
The hydrochloric acid market is growing rapidly in recent times due to its high usage in the pickling process in the steel industry. The pickling process is used to remove impurities such as rust, inorganic compounds, and ferrous metals. The rising demand from the toluene diisocyanate (TDI) and methylene diphenyl diisocyanate (MDI) industries worldwide has catalyzed the growth for the hydrochloric acid market. HCL acid market is growing at a rapid pace in the Asia Pacific region owing to increased development. Countries such as India, China, Japan, South Korea, and Indonesia are investing in manufacturing industries such as Steel, Oil & Gas, and Food & Beverages that has fueled the demand for HCL acid market. India is one of the largest producers of steel, owing to government initiatives in the steel industry and increased requirement for pickling. The rising demand for high quality and pure hydrochloric acid and a large gap in demand and supply of these products are the factors driving the growth for the Hydrochloric acid market and is predicted to continue the same in the forecasted period. Get Free Sample Before Purchasing
Market Trends, Drivers, Restraints, and Opportunities:
- Increased demand in industries such as water treatment, oil & gas, and pharmaceuticals, the rapid growth of industrialization in the Asia Pacific countries such as India, China, South Korea, Japan, and Indonesia, and the growing need for polyvinyl chloride that contains 57% of chlorine are some of the factors driving the growth for hydrochloric acid (HCL) market.
- The demand for HCL in the pharmaceutical industry has increased in recent times; the latest trend is using HCL to control pH, using it as a catalyst, and for deionization of water as a reducing agent are expected to accelerate the market growth.
- Factors that are hampering the growth for the HCL acid market are the harmful effects caused by the use of hydrochloric acid on human health, and the stringent government regulations on Chlorofluorocarbons (CFCs) carbons.
- Synthetic HCL is another form of HCL and provides many opportunities for the growth for the market. The demand for synthetic HCL is growing exponentially since, it is less harmful compared to traditional hydrochloric acid.