Synthetic Hydrochloric Acid Market: Current Analysis and Forecast (2023-2030)
Emphasis on Type (Industrial Hydrochloride Acid and Food-Class Hydrochloric Acid), End User (Food and Beverages, Pharmaceuticals, Textile, Steel, Oil & Gas, Chemical Industry, and Others), Application (Organic Chemical Raw Materials, Metal Cleaning and Treatment, Food & Dairy Industry, Water Treatment, and Others) and Region/Country
The synthetic hydrochloric acid market is expected to grow at a strong CAGR of around 6.9 % during the forecast period. Hydrochloric acid is used to produce a variety of drugs and vaccines. It is used in a variety of chemical reactions, such as neutralization, acidification, and salt formation. The expanding global pharmaceutical market, as well as the growing demand for new and innovative drugs, is driving the demand for hydrochloric acid globally. Moreover, Hydrochloric acid is used to clean and sanitize equipment in the food and beverage industry. It is also used to process food products, such as fruits and vegetables, and to adjust the pH of food and beverages. The rising demand for packaged and processed foods, as well as the growing awareness of food safety and hygiene, is driving the demand for hydrochloric acid globally. For example, In January 2020, Formosa Plastics announced the expansion of its chlor-alkali production facilities in the United States, Taiwan, and China. The expansion will also increase Formosa Plastics’ hydrochloric acid production capacity.
Some of the major players operating in the market are DuPont, Olin Corporation, Occidental Petroleum Corporation, Westlake Corporation, INEOS AG, BASF, Shin-Etsu Chemical Co., Ltd., Detrex Corporation, Solvay and ERCO Worldwide. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst type, the industrial hydrochloride acid segment held significant growth in the market in 2022.”
Based on type, the market is segmented into industrial hydrochloride acid and food-class hydrochloric acid. Amongst these, the industrial hydrochloride acid segment held significant growth in the market in 2022. This growth is because this acid is used in a wide range of industrial applications including steel, pickling, food processing and chemical manufacturing. Additionally, high-purity hydrochloric acid is used in a number of emerging applications such as the production of semiconductors and solar. The demand for high-purity hydrochloric acid is expected to grow in the upcoming years.
“Amongst end user, the food and beverages segment held the significant share of the market in 2022.”
Based on end user, the market is segmented into food and beverages, pharmaceuticals, textile, steel, oil and gas, chemical industry, and others. Among these, the food and beverages segment held a significant share in the synthetic hydrochloric acid market in 2022 because of an increase in demand for processed and packaged food. The global demand for processed and packaged food and beverages is increasing which is driving demand for the hydrochloric acid market. Consumers are becoming aware of the safety of foods which is leading to an increase in the demand for food-grade hydrochloric acid.
“Europe is experiencing a significant growth in the synthetic hydrochloric acid market in 2022.”
Europe has a strong industrial base, which includes several industries that are major consumers of hydrochloric acid, such as steel, chemicals, and food and beverage. Furthermore, European companies are at the forefront of developing and using advanced technologies to produce hydrochloric acid. This gives them a competitive advantage in the global market. In addition to these factors, Europe has a well-developed transportation and logistics infrastructure, which makes it easy to transport hydrochloric acid to customers. Europe has a large pool of skilled workers who are experienced in the Overall, Europe’s strong industrial base, advanced technologies, favorable regulatory environment, and other advantages make it a significant growth in the synthetic hydrochloric acid market.Top of Form For instance, In September 2022, Solvay announced that it had completed the construction of its new hydrochloric acid production facility in Antwerp, Belgium. The new facility has a capacity of 200,000 tons per year and will help to meet the growing demand for hydrochloric acid in Europe.
Synthetic Hydrochloric Acid Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global synthetic hydrochloric acid market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Synthetic Hydrochloric Acid Market Analysis (2022-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global synthetic hydrochloric acid market were the three major steps undertaken to create and analyze the adoption of synthetic hydrochloric acids in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global synthetic hydrochloric acid market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the synthetic hydrochloric acid market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the synthetic hydrochloric acid market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, end user and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the synthetic hydrochloric acid market. Further, we conducted factor analysis using dependent and independent variables such as type, end user and application of the synthetic hydrochloric acid market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the synthetic hydrochloric acid market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global synthetic hydrochloric acid market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the synthetic hydrochloric acid market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global synthetic hydrochloric acid market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global synthetic hydrochloric acid market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, end user and application in the global synthetic hydrochloric acid market.
The main objective of the Global Synthetic Hydrochloric Acid Market Study
The current & future market trends of the global synthetic hydrochloric acid market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the synthetic hydrochloric acid market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of the type, end user and application.
- Define and analyze the regulatory framework for the synthetic hydrochloric acid
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the synthetic hydrochloric acid market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the synthetic hydrochloric acid market and the growth strategies adopted by the market players to sustain in the fast-growing market.
- Deep dive regional level analysis of the industry
Frequently Asked Questions FAQs
Q1: What is the current market size and growth potential of the global synthetic hydrochloric acid Market?
Q2: What are the driving factors for the growth of the global synthetic hydrochloric acid market?
Q3: Which segment has the largest share of the global synthetic hydrochloric acid market by end user?
Q4: Which region will dominate the global synthetic hydrochloric acid Market?
Q5: Who are the key players operating in the global synthetic hydrochloric acid market?
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