Global Hydrochloric Acid Market 2018-2022
About Hydrochloric Acid
Hydrochloric acid is a transparent and a highly strong solution of hydrogen chloride in water. It is an important product which is used in many industrial processes.
Technavio’s analysts forecast the global hydrochloric acid market to grow at a CAGR of 5.06% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global hydrochloric acid market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Hydrochloric Acid Market 2018-2022
Technavio recognizes the following companies as the key players in the global hydrochloric acid market: Akzo Nobel, BASF, DowDuPont, Kemira, Occidental Petroleum, and Westlake Chemical.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is increasing demand-supply gap. The demand-supply gap of hydrochloric acid has become one of the major challenging factors for the growth of the global hydrochloric acid market. In Europe, this demand-supply gap is prominent in countries such as Spain, Germany, Italy, and others.”
According to the report, one driver in the market is growing demand for PVC. PVC is one the most widely used plastics, which is produced by the polymerization of the vinyl chloride monomer. PVC is made of 57% chlorine, which is derived from industrial-grade salt and 43% carbon extracted predominantly from oil or gas via ethylene.
Further, the report states that one challenge in the market is fluctuating crude oil prices affecting hydrochloric acid consumption. Hydrochloric acid is one of the majorly consumed chemicals in the oil industry for the extraction of crude oil and gas. Crude oil prices are dependent on the production of crude oil from oilfields. According to the EIA, Brent crude oil prices were recorded at $111.63 per barrel in 2012, which decreased to $43.29 per barrel in 2016.