Hydrochloric Acid Market Overview:
Hydrochloric acid is an inorganic chemical that is commonly used in laboratories. It is produced naturally by the stomach cells as part of gastric acid, important for the digestive system, and is produced industrially by dissolving hydrogen chloride in water. It is mainly used in the acidification of oil wells in the oil and gas industry. The consumption of hydrochloric acid increases with the increase of manufacturing activities in the oil and gas industries, which drives the market. In addition, it is used as a cleaning agent in the treatment of textiles, rubber, leather, etc., which results in a greater consumption of hydrochloric acid and this trend is expected to continue during the forecast period.
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Hydrochloric Acid Market Size Analysis:
With the slowdown in world economic growth, the Hydrochloric Acid industry has also suffered a certain impact, but still maintained a relatively optimistic growth, the past four years, Hydrochloric Acid market size to maintain the average annual growth rate of 1.30% from USD 1227 million in 2014 to USD 1276 million in 2017, Research Cosmos analysts believe that in the next few years, Hydrochloric Acid market size will be further expanded, we expect that by 2022, The market size of the Hydrochloric Acid will reach USD 1341 million.
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Hydrochloric Acid Market Growth, and Drivers:
The growing utilization of hydrochloric acid in oil well acidizing industry is the principal factor likely to accelerate the growth of the global market. On the other hand, the decrease in the demand for fluorocarbons due to various environmental risks should limit the growth of the hydrochloric acid world market in the coming years. In addition, it is expected that the adverse effects of hydrochloric acid on human health will slow down the growth of the market. However, the growing demand for high quality, pure hydrochloric acid and the growing gap between demand and supply are some of the important factors that can generate promising opportunities for the main players working there.
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Hydrochloric Acid Market Geographical Segmentation
From a geographical point of view, the global hydrochloric acid market is divided between the Middle East and Africa, Asia Pacific, North America, Latin America and Europe. Among these, Asia-Pacific is expected to lead the global market, since it is the world's largest consumer. The strong growth and growing demand for hydrochloric acid in this region can be attributed to the increasing application in the food processing industries. It is expected that the growing number of hydrochloric acid applications will accelerate market growth in the Asia-Pacific region in the coming years. In addition, North America is expected to remain in second place in the global hydrochloric acid market in terms of turnover. The increased demand from the oil well acidification industry is one of the key factors driving the growth of the hydrochloric acid market in North America. In contrast, it is estimated that Europe has experienced slow growth during the forecast period due to the elimination of effluents and environmental regulations for food and metal processing.
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Hydrochloric Acid Market Key Players:
Du Pont, Dow Corning, BASF SE, Pioneer America, Bayer, and Lyondell Chemical Company are the major players of the Global Hydrochloric Acid Market.
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