In the chemical industry, Hydrochloric Acid is important because it is used in many industrial processes such as cleaning agent and raw ingredient for manufacturing other chemicals. It is also used in the manufacturing of organic compounds. Other important uses of the Hydrochloric Acid include regenerating ion exchangers, and oil-well acidization. Demand for Hydrochloric Acid is growing in end-user industries owing to increased application. For example, its demand in food processing and steel pickling is anticipated to witness a sharp rise in near future.
Market Research Future (MRFR) has published a research report on Global Hydrochloric Acid Market. According to this report, the market is expected to grow at 5% CAGR (Compound Annual Growth Rate) during the forecast period (2016-2023). By 2023, this market is expected to grow to US $1869.559 million. MRFR’s report offers a detailed segmental analysis of the Global Hydrochloric Acid Market on the basis of application, end user and region. Application-based segmentation of Hydrochloric Acid Market includes cleaning pools, production of the organic & inorganic compound; regulate pH level and steel pickling. By end user, this market has been segmented into agricultural industry, chemical industry, food industry, the pharmaceutical industry, textiles industry, and others.
Regional segmentation of Global Hydrochloric Acid Market covers North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). Due to the expansion of the industrial sector in China, India, and Indonesia, Asia Pacific remains a highly lucrative market for hydrochloric acid. After China and India, Japan is where Hydrochloric Acid Market expected to witness the highest revenue in the region during the forecast period. North America is currently the second largest market for hydrochloric market. The growth of the oil well acidizing industry in North America is having a major influence on the region’s market. In North America, USA and Canada are the biggest markets for Hydrochloric Acid. Europe market is the third largest market for hydrochloric acid where countries such as France, Germany, Italy, Netherlands and United Kingdom (UK) account for maximum demand, supply, and sales. In Latin America, the largest market for hydrochloric acid is Brazil followed by rest of Latin America.
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Latest Industry News
After buying Detrex Corporation last December, Italmatch Chemicals has acquired Chinese Jiayou Chemical from Ecolab. This acquisition will enable Italmatch Chemicals to bolster its presence in the Asia-Pacific region. The purchase of this location will also complement the other facilities that Italmatch has in Europe and North America.
Eight months after Justice Department approved a $62 billion merger between the chemical giants Dow and DuPont, the merged company DowDuPont has decided to break itself into three businesses. Recently, they announced the names of the three businesses. Its agriculture division will be called Corteva Agriscience, based in Wilmington, Delaware. The division earned more than $14 bn in revenue last year. The second company, focused on materials science, will be based in Midland and will keep the Dow name. The third company that produces and sells specialty products will be called DuPont. Its headquarters will also be Wilmington, Delaware.
After establishing itself as a key player in the market of hydrochloric acid, Inovyn is set to deliver a major expansion project at Rafnes Site, Norway. Through this project, Inovyn will increase vinyl chloride monomer (VCM) capacity at the site by around 70,000 metric tons per year, which will be used in the production of vinyl at its Porsgrunn, Stenungsund and Newton Aycliffe sites.
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