The global hydrochloric acid market is projected to grow from USD 2.2 billion in 2024 to USD 3.0 billion by 2029, at a CAGR of 6.5% during the forecast period. The major driving factors for the growth of the hydrochloric acid market are the steel pickling, production of inorganic compounds, pH control and neutralization, regeneration of ion exchangers, and increase demand for water & wastewater treatment.
Hydrochloric acid is a colorless liquid with a boiling point that varies based on its concentration, ranging from 110°C (383 K) for a 20.2% solution to 48°C (321 K) for a 38% solution. As a strong acid, it is highly corrosive and requires stringent safety measures during handling. Hydrochloric acid finds extensive applications in the steel industry, ore processing, oil well acidizing, and food industries. In the steel sector, it is crucial for the pickling process, which removes impurities like carbon and rust. The rising demand for hydrochloric acid is driven by the growth of the steel industry, particularly in developing countries such as China and India.
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The hydrochloric acid market is fragmented in nature with key players being 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), among others.
BASF SE is a chemical company with a presence in over 80 countries worldwide. The company operates through six business segments: surface technologies, materials, chemicals, agricultural solutions, industrial solutions, nutrition & care, and other. Its products are utilized across various sectors, including agriculture, chemicals, construction, energy and resources, home care and cleaning, paints and coatings, personal care and hygiene, and pulp and paper. BASF SE operates globally through its subsidiaries, such as BASF Personal Care and Nutrition GmbH in Germany, BASF Beauty Care Solutions in France, BASF Corporation in the US, and BASF Chemicals in China. The company engages in research and development in collaboration with global customers, scientists, and partners. BASF SE maintains a network of manufacturing facilities worldwide, with a presence in Europe, the Asia-Pacific region, South America, Africa, the Middle East, and North America.
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Covestro AG (Covestro) is one of the world’s leading manufacturers of high-quality polymer materials and their components. The company serves customers globally in key industries such as mobility, building, and electrical and electronics. Covestro’s polymers are also utilized in sectors like sports and leisure, cosmetics and health, and chemicals. The company is dedicated to becoming fully circular and aims to achieve climate neutrality by 2035. Covestro operates through two business segments: performance materials and solutions and specialties. The performance materials segment encompasses Covestro’s standard polycarbonates, standard urethane components, and base chemicals businesses. The solutions and specialties segment includes six business entities: engineering plastics, coatings and adhesives, tailored urethanes, thermoplastic polyurethanes, specialty films, and elastomers. Covestro’s Tarragona site features a plant for producing isocyanates and hydrochloric acid, as well as a logistics and distribution center for hydrochloric acid.
Olin Corporation manufactures chemicals and ammunition, operating through three segments: Chlor-Alkali Products and Vinyls, Epoxy (epoxy materials and precursors), and Winchester (arms and ammunition). The Chlor-Alkali Products segment includes chlorine, caustic soda, methyl chloride, methylene chloride, ethylene dichloride and vinyl chloride monomer, chloroform, hydrochloric acid, perchloroethylene, carbon tetrachloride, trichloroethylene, bleach products, hydrogen, and potassium hydroxide. These Chlor-Alkali and Epoxy businesses were acquired from The Dow Chemical Company in a 2015 spin-off. Olin offers burner-grade hydrochloric acid in concentrations of 18, 20, and 22 Degree Baume strength, used in various applications including steel, oil well acidizing, plastics, organic chemical synthesis, water and wastewater treatment, brine treatment, artificial sweeteners, food processing, ore and mineral processing, photography, textiles, and rubber. The company produces chlorine, caustic soda, and hydrogen through salt electrolysis, known as the Electrochemical Unit (ECU), with a production ratio of 1 ton of chlorine to 1.1 tons of caustic soda and 0.03 tons of hydrogen.. Olin supplies chlor-alkali products for polyvinyl chloride (PVC), water treatment, alumina, pulp and paper, detergents and soaps, and other applications. It operates seven production facilities for chlorine and caustic soda in the US and Canada, maintaining a strong presence in North America and distributing products across Europe, Asia Pacific, and Latin America.
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