Hydrochloric Acid Market Share, Analysis by Top Leading Player and Forecast by 2029

The increasing demand for hydrochloric acid from the steel industry is a key factor predicted to foster the growth of the market during the forecast period, mentioned in a report, titled “Hydrochloric Acid Market Size, Share & Industry Analysis, By End-Use Industry (Food & Beverage, Pharmaceutical, Steel, Oil & Gas, Chemical Synthesis, Others), Others and Regional Forecast, 2022-2029” the rising demand for steel from various industries is predicted to favor the growth of the market

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The report on the Hydrochloric Acid Market Contains:

  • Grander insights on all the latest industry developments
  • Analytical data with thorough research
  • Factors exhibiting market growth
  • Detailed information about the eminent players in the market

Market Driver:

Acquisition of REHAU’s TUBE PLANT by TESSENDERLO GROUP to Bolster Growth

TESSENDERLO GROUP, a diversified industrial group announced that it has signed an agreement to acquire the production plant of REHAU Tube in La Chapelle-Saint-Ursin (Cher) from the German REHAU Group. The plant produces and manufactures sewer, soil & waste, stormwater management, and telecom pipes and fittings for various industries. Tessenderlo Group will obtain the real estate, production assets, stocks and retain 75 employees in sales and operations connected to wastewater and cable ducting business under the terminologies of the agreement. The strategic acquisition of the company is likely to have a tremendous impact on the hydrochloric acid market share owing to the Tessenderlo’s vision to expand and reinforce DYKA’s position in the French market for wastewater plastic pipe systems. The heavy demand for steel from various sectors including construction, automotive & transport, energy, packaging, and appliances is expected to boost the market in the forthcoming years.

However, the corrosive nature of the hydrochloric acid can play as a restraining factor for the expansion of the market. Hydrochloric acid can cause severe burns to the skin and eyes during handling and storage, which, in turn, can inhibit the growth of the market.

 

Regional Analysis:

High Demand from Food & Beverage Industry to Enable Growth in North America

Geographically, the global hydrochloric acid market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is predicted to account for the largest share in the global market owing to the booming construction industry. The rising demand for HCl from the food & beverage industry is expected to escalate the growth of the market during the forecast period. HCl is utilized in the application of corn syrup and the regeneration of the ion-exchange resin. The market size in Asia Pacific is predicted to witness a rapid growth rate during the forecast period owing to the well-established steel plants in the region. The booming healthcare industry in Latin America is likely to spur opportunities for the market in the forthcoming years. The healthcare and pharmaceutical industry uses HCl for the production of ascorbic acid, which is utilized for the treatment and deficiency of Vitamin C. The Middle East and Africa is predicted to rise tremendously during the forecast period owing to the rising exploration activities for oil and gas.

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Key Development:

October 2, 2018:Tessenderlo Group announced the acquisition of the remaining 80% of the shares of T-Power NV. The investment involved a sum of 313 million EUR in the attainment of the remaining shares in T-Power NV,

The Report Lists the Key Companies in the Hydrochloric Acid Market:

  • Dow
  • Tessenderlo Group
  • Olin Corporation
  • Occidental Chemical Corporation
  • Westlake Chemical Corporation
  • Tosoh Corporation
  • Nouryon, Covestro AG
  • Orica Limited
  • BASF SE
  • AGC Chemicals
  • Detrex Chemicals

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