Hydrochloric acid is a simple chlorine based acid having pungent smell and is an important chemical and chemical reagent used in various industrial processes and households.
Increasing demand from various end-use industries such as leather, food, oil well acidizing, and others is a major factor driving growth of the global hydrochloric acid market. Stringent government regulations are major factors restraining growth of the global hydrochloric acid market.
The global hydrochloric acid market is segmented on the basis of application, end-use industry, and region. On the basis of product type, the global market is segmented into steel pickling, oil well acidizing, calcium chloride, and brine treating.
On the basis of end-use industry, the global market is segmented into textiles, pharmaceuticals, food, oil & gas, and others such as chemical and agricultural industries. The oil and gas industry segment accounts for largest share in terms of revenue and is expected to witness highest growth over the forecast period.
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On the basis of region, the target market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The Asia Pacific market is expected to account for largest share in terms of revenue over the forecast period. The markets in North America is expected to register significant growth in next 10 years, followed by Europe. The market in Middle East & Africa is projected to witness moderate growth rate in coming years followed by the market in Latin America.
Some major players in the global hydrochloric acid market are The Dow Chemical Company, BASF SE, DuPont, AGC Chemicals Co., Ltd., Basic Chemical Solutions, LLC, Brainerd Chemical Co, Inc., Akzo Nobel Industrial Chemicals B.V., Qingdao Henley Co., Ltd., Compound Solutions Inc., and International Petrochemicals Pvt. Ltd.