Hydrochloric Acid Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Hydrochloric Acid Market Report is Segmented by End-User Industry (Chemical, Food and Beverage, Oil and Gas, Steel, Textile, and Other End-User Industries) and Geography (Asia-Pacific, North America, Europe, South America, and Middle East and Africa). The Report Offers Market Sizes and Forecasts in Terms of Volume (Kiloton) for all the Above Segments.

Hydrochloric Acid Market Size

Hydrochloric Acid Market Summary
Study Period 2019 - 2029
Market Volume (2024) 6.91 Million tons
Market Volume (2029) 9.02 Million tons
CAGR (2024 - 2029) 5.46 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Medium

Major Players

Hydrochloric Acid Market Major Players

*Disclaimer: Major Players sorted in no particular order

Compare market size and growth of Hydrochloric Acid Market with other markets in Chemicals & Materials Industry

Plastics, Polymers, and Elastomers

Adhesives and Sealants

Commodity Chemicals

Water and Wastewater Treatment

Advanced Materials

Construction Chemicals and Materials

Hydrochloric Acid Market Analysis

The Hydrochloric Acid Market size is estimated at 6.91 Million tons in 2024, and is expected to reach 9.02 Million tons by 2029, growing at a CAGR of 5.46% during the forecast period (2024-2029).

The COVID-19 pandemic had a mixed impact on the global hydrochloric acid market. Initially, there was a decline in demand due to disruptions in industries like manufacturing, oil and gas , steel industry, and others. However, the increased use of hydrochloric acid in pharmaceuticals and disinfectants partially offset this decline. As the world is recovering, the market is expected to stabilize, with potential growth driven by the oil, gas, pharmaceutical, and steel industries.

  • Over the medium term, the significant factors driving the growth of the market studied are increasing demand from the oil and gas industry and growing demand for pickling in the steel industry.
  • On the flip side, pollution, environmental damage, and health hazards associated with HCL are likely to affect the market studied. HCL in the atmosphere causes atmospheric pollution and acid rain, among other things, and it has short-term and long-term effects on human health.
  • Nevertheless, increasing demand for synthetic hydrochloric acid is expected to create lucrative growth opportunities for the global market.
  • Asia-Pacific dominated the market worldwide, followed by North America.

Hydrochloric Acid Market Trends

Increasing Demand for Pickling in the Steel Industry

  • The steel industry uses hydrochloric acid in the pickling process. Pickling is a process used to remove impurities, such as inorganic contaminants, stains, rust, and scale, from different metals, including ferrous, copper, precious metals, and aluminum alloys.
  • Hydrochloric acid has replaced sulfuric acid in many steel pickling facilities. Owing to this, the requirement for hydrochloric acid increased in various steel production facilities.
  • According to the World Steel Association, global crude steel production in 2023 reached 1,849.7 million tons, registering a growth of about 1%, compared to 1,831.5 million tons in 2022, and is further expected to increase during the forecast period.
  • Asia-Pacific is the major producer of steel, particularly in countries like China, Japan, and India. China is also projected to remain the largest consumer of iron and steel. As China continues to grow in consumption, the country's production of crude steel is likely to increase during the forecast period.
  • Crude steel production in North America was recorded at 109.6 million tons in 2023, an increase of 5.3% compared to 2022. The United States produced 80.7 million tons in 2022, an increase of 7.6% from 2022.
  • Owing to the above factors, the hydrochloric acid market is expected to grow during the forecast period.
Hydrochloric Acid Market - Crude Steel Production, In Million Tons, Global, 2019-2023

Asia-Pacific Dominates the Market

  • In Asia-Pacific, the rising production capabilities of China, India, and other countries, as well as the increasing demand from the steel, oil and gas, and chemical industries, may boost the hydrochloric acid market.
  • In the oil and gas industry, HCl is commonly used to stimulate oil and gas wells, particularly in carbonate formations. With increasing demand in countries like China and India, oil and gas companies are planning to expand their manufacturing activities, resulting in increased hydrochloric acid consumption.
  • According to the International Energy Administration (IEA), the oil demand for Asia-Pacific is expected to reach 41.3 million barrels per day (mb/d) in 2028. In 2023, it was valued at 37.8 (mb/d), an increase of about 5.59% compared to 2022.
  • According to data from China's customs, in 2023, China, the globe's top importer of crude oil, brought in 11.3 million barrels of crude oil every day, marking a 10% rise from the previous year. Refineries in China saw their highest crude oil imports in 2023 to meet the nation's rising demand for refining, aiming to meet transportation fuel needs and generate raw materials for its expanding petrochemical industry .
  • According to official data, in the first quarter of 2024, India used 233.3 MMT of petroleum products and 66.6 BCM of natural gas, marking an increase of 4.6% and 11%, respectively, compared to the same period in 2023. As of April 2024, India's refining capacity is 256.8 MMTPA, with a total of 23 refineries.
  • The steel industry is one of the major end-user industries of hydrochloric acid. Asia produced 1,367.2 million tons of crude steel in 2023, an increase of 0.7% compared to 2022.
  • China's crude steel production in 2023 reached 1,019.1 million tons, an increase of about 0.6% compared to 2022. India's crude steel production in 2023 reached 140.2 million tons, an increase of 11.8% compared to 2022.
  • The growing development of food, chemical, and textile industries is driving the hydrochloric acid market. Moreover, the government has been taking initiatives to attract FDI in the manufacturing sector to make India a manufacturing hub.
  • Therefore, the market for hydrochloric acid in the region is expected to grow significantly during the forecast period.
Hydrochloric Acid Market - Growth Rate by Region

Hydrochloric Acid Industry Overview

The hydrochloric acid market is highly fragmented. Some of the major players (not in any particular order) in the market include Solvay, BASF SE, AGC Chemicals, Occidental Petroleum Corporation, and ERCO Worldwide.

Hydrochloric Acid Market Leaders

  1. Solvay

  2. BASF SE

  3. Occidental Petroleum Corporation

  4. ERCO Worldwide

  5. AGC Chemicals

*Disclaimer: Major Players sorted in no particular order

Hydrochloric Acid Market Concentration
Need More Details on Market Players and Competitors?
Download PDF

Hydrochloric Acid Market News

  • August 2023: Wacker Chemie AG expanded its hyperpure hydrogen chloride production capacity at its Burghausen site in Germany to cater to the growing demand for HCL from the semiconductor industry.

Hydrochloric Acid Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Demand from the Oil and Gas Industry

      2. 4.1.2 Demand for Pickling in the Steel Industry

      3. 4.1.3 Other Drivers

    2. 4.2 Restraints

      1. 4.2.1 Effects on Humans and the Environment

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size in Volume)

    1. 5.1 End-user Industry

      1. 5.1.1 Chemical

      2. 5.1.2 Food and Beverage

      3. 5.1.3 Oil and Gas

      4. 5.1.4 Steel

      5. 5.1.5 Textile

      6. 5.1.6 Other End-user Industries (Leather, Rubber)

    2. 5.2 Geography

      1. 5.2.1 Asia-Pacific

        1. 5.2.1.1 China

        2. 5.2.1.2 India

        3. 5.2.1.3 Japan

        4. 5.2.1.4 South Korea

        5. 5.2.1.5 Malaysia

        6. 5.2.1.6 Thailand

        7. 5.2.1.7 Indonesia

        8. 5.2.1.8 Vietnam

        9. 5.2.1.9 Rest of Asia-Pacific

      2. 5.2.2 North America

        1. 5.2.2.1 United States

        2. 5.2.2.2 Canada

        3. 5.2.2.3 Mexico

      3. 5.2.3 Europe

        1. 5.2.3.1 Germany

        2. 5.2.3.2 United Kingdom

        3. 5.2.3.3 Italy

        4. 5.2.3.4 France

        5. 5.2.3.5 Spain

        6. 5.2.3.6 NORDIC

        7. 5.2.3.7 Turkey

        8. 5.2.3.8 Russia

        9. 5.2.3.9 Rest of Europe

      4. 5.2.4 South America

        1. 5.2.4.1 Brazil

        2. 5.2.4.2 Argentina

        3. 5.2.4.3 Colombia

        4. 5.2.4.4 Rest of South America

      5. 5.2.5 Middle East and Africa

        1. 5.2.5.1 Saudi Arabia

        2. 5.2.5.2 South Africa

        3. 5.2.5.3 Nigeria

        4. 5.2.5.4 Qatar

        5. 5.2.5.5 Egypt

        6. 5.2.5.6 United Arab Emirates

        7. 5.2.5.7 Rest of Middle East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share(%)**/ Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 AGC Chemicals

      2. 6.4.2 BASF SE

      3. 6.4.3 Coogee Chemicals

      4. 6.4.4 Covestro AG

      5. 6.4.5 Detrex Corporation

      6. 6.4.6 Dongyue Group

      7. 6.4.7 ERCO Worldwide

      8. 6.4.8 Ercros SA

      9. 6.4.9 Inovyn

      10. 6.4.10 Nouryon Industrial Chemicals

      11. 6.4.11 Occidental Petroleum Corporation

      12. 6.4.12 Olin Corporation

      13. 6.4.13 PCC Group

      14. 6.4.14 Shin-Etsu Chemical Co. Ltd

      15. 6.4.15 Solvay

      16. 6.4.16 Tessenderlo Group

      17. 6.4.17 Toagosei Co. Ltd

      18. 6.4.18 Vynova Group

      19. 6.4.19 Merck KGaA

      20. 6.4.20 Westlake Chemical Corporation

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Increasing Demand for Synthetic Hydrochloric Acid

    2. 7.2 Other Opportunities

**Subject to Availability
You Can Purchase Parts Of This Report. Check Out Prices For Specific Sections
Get Price Break-up Now

Hydrochloric Acid Industry Segmentation

Hydrochloric acid is a colorless solution. It is a strong inorganic acid with a distinctive pungent smell. Hydrochloric acid is a necessary laboratory reagent and industrial chemical. It is industrially prepared by dissolving hydrogen chloride in water.

The hydrochloric acid market is segmented by end-user industry and geography. By end-user industry, the market is segmented into food and beverage, steel, oil and gas, chemical, textile, and other end-user industries (leather and rubber). The report also covers the market sizes and forecasts for the hydrochloric acid market in 27 countries across major regions. For each segment, the market sizes and forecasts are provided in terms of volume (kiloton).

End-user Industry
Chemical
Food and Beverage
Oil and Gas
Steel
Textile
Other End-user Industries (Leather, Rubber)
Geography
Asia-Pacific
China
India
Japan
South Korea
Malaysia
Thailand
Indonesia
Vietnam
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Spain
NORDIC
Turkey
Russia
Rest of Europe
South America
Brazil
Argentina
Colombia
Rest of South America
Middle East and Africa
Saudi Arabia
South Africa
Nigeria
Qatar
Egypt
United Arab Emirates
Rest of Middle East and Africa
Need A Different Region Or Segment?
Customize Now

Hydrochloric Acid Market Research FAQs

The Hydrochloric Acid Market size is expected to reach 6.91 million tons in 2024 and grow at a CAGR of 5.46% to reach 9.02 million tons by 2029.

In 2024, the Hydrochloric Acid Market size is expected to reach 6.91 million tons.

Solvay, BASF SE, Occidental Petroleum Corporation, ERCO Worldwide and AGC Chemicals are the major companies operating in the Hydrochloric Acid Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia Pacific accounts for the largest market share in Hydrochloric Acid Market.

In 2023, the Hydrochloric Acid Market size was estimated at 6.53 million tons. The report covers the Hydrochloric Acid Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Hydrochloric Acid Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Hydrochloric Acid Industry Report

The Hydrochloric Acid Market Report provides a comprehensive market analysis segmented by end-user industries such as chemical, food and beverage, oil and gas, steel, textile, and others. The report covers various geographical regions including Asia-Pacific, North America, Europe, South America, and Middle East and Africa. This industry analysis includes market sizes and forecasts in terms of volume for all the mentioned segments. The market outlook is positive, with significant growth expected across different regions and industries.

The market report offers an in-depth industry overview, highlighting key market trends and market growth. The report includes a detailed market segmentation, providing insights into the market share of different end-user industries. The industry reports also cover the market forecast, giving a clear picture of the expected market value and industry size.

The industry research indicates that the market leaders in the hydrochloric acid market are poised to benefit from the rising demand in various sectors. The industry statistics and market data presented in the report are based on thorough industry information and market review. The report example and report pdf are available for further reference, providing additional details on the market predictions and industry outlook.

The market analysis also delves into price trends and the global market scenario, offering a holistic view of the market dynamics. The research companies involved in this study have provided valuable insights into the market forecast and market growth, ensuring that the industry trends are accurately represented. The market segmentation and market overview sections of the report provide a detailed examination of the market value and industry sales, making it a valuable resource for stakeholders.

In summary, the Hydrochloric Acid Market Report is a comprehensive guide that offers detailed industry analysis, market data, and market forecast. It provides a clear market outlook and industry statistics, making it an essential tool for understanding the market dynamics and future growth prospects.

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!

Hydrochloric Acid Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)