CHICAGO, Sept. 13, 2022 /PRNewswire/ — Hydrochloric Acid Market is projected to grow from USD 2.5 billion in 2022 to USD 3.4 billion by 2027, at a CAGR of 6.6% during the forecast period, according to a new report by MarketsandMarkets™. The growth of the hydrochloric acid market is attributed to many small-scale applications including household cleaning, constructing buildings, and processing leather. Further, hydrochloric acid has been used to dissolve calcium carbonate, for example, to descale kettles and remove mortar from masonry. When used on brickwork, the interaction between the acid and the mortar only lasts until the entire amount of acid has been converted, producing calcium chloride, carbon dioxide, and water.
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Synthetic grade segment to be the fastest growing grade during the forecast period
Synthetic hydrochloric acid is a chemical substance, an aqueous solution of hydrogen chloride gas. It is colorless to pale yellow and has strong corrosive qualities and an unpleasant odor. The process of burning chlorine in hydrogen and subsequently absorbing hydrogen chloride into water results in synthetic hydrochloric acid. A synthetic grade of hydrochloric acid is offered on the market with a concentration ranging from 33.3% to 35.5%. The synthetic grade of hydrochloric acid meets with European Standard EN939 for the use of a material used for water treatment. Such a high-quality product can be used in procedures that treat water for both industrial and domestic use and in highly demanding industries such as food and cosmetics.
Ore processing to be the third fastest growing segment in the hydrochloric acid market during the forecast period
Hydrochloric acid is required in many mining operations for ore treatment, extraction, separation, purification, and water treatment. Significant quantities are used in the recovery of molybdenum and gold. Hydrochloric acid is used to convert high-grade scheelite concentrate (CaWO4) and crude sodium tungstate to tungstic acid, which can produce tungsten metal and chemicals. It is also used in uranium and zirconium processing, solution mining of borate ores, as a pH regulator in the froth flotation of potash ores, and rare earth extraction from bastnasite.
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North America to be the second largest region in the hydrochloric acid market during the forecast period
North America has long been one of the critical markets for hydrochloric acid. The North American market mainly comprises the US, Canada, and Mexico; the US is the dominant market in the region, with a share of more than 87% in terms of volume. The market for hydrochloric acid in the US is driven by its local industrial demand and exports to NAFTA and South America.
Covestro AG (Covestro) is one of the world’s leading manufacturers of high-quality polymer materials and their components. The company supplies its customers worldwide in key industries such as mobility, building, and electrical & electronics. Polymers from Covestro are also used in sports & leisure, cosmetics & health, and chemical sectors. The company is committed to becoming fully circular and is striving to become climate neutral by 2035. At the end of 2021, the company had 50 production sites worldwide. It operates in two business segments: performance materials and solutions & specialties. The performance materials segment forms a separate business entity comprising Covestro’s standard polycarbonates, standard urethane components, and base chemicals businesses. The solutions & specialties segment comprises six business entities: engineering plastics, coatings and adhesives, tailored urethanes, thermoplastic polyurethanes, specialty films, and elastomers. Covestro’s Tarragona site has a plant to produce isocyanates and hydrochloric acid and a logistics and distribution center for hydrochloric acid. It is currently building a plant to produce chlorine and caustic soda.
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BASF SE (Germany), Covestro AG (Germany), Olin Corporation (US), Westlake Chemical Corporation (US), Occidental Petroleum Corporation (US), Formosa Plastics Corporation (Taiwan), Tata Chemicals Limited (India), AGC Chemicals (Japan), ERCO Worldwide (Canada), Detrex Corporation (US) are the key players operating in the hydrochloric acid market. Acquisitions, expansions, contracts, agreements & partnerships, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the hydrochloric acid market.
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