U.S. Hydrochloric Acid Market Share Analysis Report, 2023-2032
The U.S. hydrochloric acid market size was estimated at USD 671.45 million in 2022 and is expected to surpass around USD 1,083.36 million by 2032 and poised to grow at a compound annual growth rate (CAGR) of 4.9% during the forecast period 2023 to 2032.
Key Pointers:
U.S. Hydrochloric Acid Market Report Scope
|
Report Coverage |
Details |
|
Market Size in 2023 |
USD 704.35 million |
|
Market Size by 2032 |
USD 1,083.36 million |
|
Growth Rate from 2023 to 2032 |
CAGR of 4.9% |
|
Base year |
2022 |
|
Forecast period |
2023 to 2032 |
|
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
|
Segments covered |
Application, states |
|
Key companies profiled |
ASHTA Chemicals; Thermo Fisher Scientific Inc.; ERCO Worldwide; Continental Chemical Company; Miles Chemical Company Inc.; Tronox Holdings plc; Jones-Hamilton Co.; Olin Corporation; Spectrum Chemical Manufacturing Corp.; Detrex Corporation; TRInternational; Formosa Plastics Corporation, U.S.A. |
The growth can be attributed to the increasing consumption of HCL in the food and beverages industry as an acidifier coupled with rising demand for steel in the construction industry for manufacturing construction materials, such as metal roofing, steel beams, and mounting brackets.
The growth of the U.S. market for hydrochloric acid is attributed to the factors such as the increasing demand from the oil and gas industry and growing demand for pickling in the steel industry. Pickling is used for the removal of impurities, such as inorganic contaminants, rust or scale, stains, from ferrous metals, copper, precious metals, and aluminum alloys.
Chlorine and hydrogen are the key raw materials required for producing HCL. About 70% of the chlorine produced in the U.S. is used for manufacturing a variety of organic chemicals such as vinyl chloride monomer, glycerin, ethylene dichloride, chlorinated solvents, and glycols. Natural gas is the primary source for producing hydrogen. Hydrogen can be extracted from biomass and fossil fuel or a mix of both.
The U.S. hydrochloric acid market is moderately fragmented and manufacturers such as Olin Corporation and Occidental Petroleum have integration across the value chain to maintain consistent raw material supply and quality of the final product.
Application Insights
The food processing segment accounted for the largest revenue share of 33.2% in 2022. This is attributed to higher usage of hydrochloric acid in food processing applications such as the production of hydrolyzed vegetable protein and soy sauce. It is used as an acidifier in products such as vegetable juices, sauces, and canned goods and for acidulating crushed bones in the manufacturing of gelatin.
The calcium chloride segment is anticipated to expand at the highest CAGR over the forecast period. Hydrochloric acid is used in the production process of calcium chloride which is used in several applications such as industrial processing, dust control, concrete treatment, tire ballasting, oil recovery, and others. Wide industrial applications of calcium chloride are forecasted to bolster its demand, which, in turn, is likely to have a positive impact on the demand for hydrochloric acid in the predicted years.
Hydrochloric acid is used in several other applications to produce organic chemicals. It can be used to produce polycarbonate resins, p-phenylenediamine, polyvinyl chloride resins, ethanol, and bisphenol-A. In the pharmaceutical industry, hydrochloric acid is used for pH control, as a reduction agent, as a catalyst in synthesis, and for the deionization of water.
Regional Insights
California accounted for the largest revenue share of around 62% in 2022. This is attributed to the fast construction growth in California over the past few years owing to the rising investments in the sector. Steel is a major component used in construction activities due to its immense strength, ductility, flexibility, and cost-effectiveness. Thus, it is in high demand from the construction industry, which is anticipated to fuel the demand for steel picking applications in the state.
New Mexico is predicted to register the highest CAGR over the forecast period. Oil and gas is one of the major industries in New Mexico and accounts for a large amount of government spending in the state. According to the State’s Oil Conservation Division, New Mexico produced around 367.8 million barrels of oil in 2020, registering a 10.8% increase compared to 2019. The increasing rate of oil and gas production in the state is expected to bolster the demand for hydrochloric acid in the oil well acidizing over the forecast period.
Key Companies & Market Share Insights
The key raw material suppliers in the market include NextEra Energy, Inc.; Air Liquide; Linde plc; Dow; Olin Corporation; Occidental Petroleum Corporation; and Westlake Chemical Corporation. These suppliers are well-established and have been operating for a long time in the industry with a strong distribution network. These companies dominate the U.S. hydrochloric acid market with their extensive presence throughout the value chain. HCL manufacturers are focusing on improving their product solutions and enhancing their manufacturing capabilities to distinguish their products and gain a higher market share Some of the prominent players operating in the U.S. hydrochloric acid market are:
Segments Covered in the Report
This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the U.S. Hydrochloric Acid market.
By Application
By Regional
Chapter 1 Methodology and Scope
1.1 Market Segmentation & Scope
1.2 Market Definition
1.3 Information Procurement
1.3.1 Purchased Database
1.3.2 Nova one advisor’s Internal Database
1.3.3 List to Data Sources
1.3.4 Third-Party Perspective
1.4 Information Analysis
1.5 Market Formulation & Data Visualization
1.6 Data Validation & Publishing
1.7 Research Scope And Assumptions
Chapter 2 Executive Summary
2.2 Market Snapshot
2.3 Segmental Outlook
Chapter 3 U.S. Hydrochloric Acid Market: Market Variables, Trends & Scope
3.1 Market Lineage Outlook
3.2 Penetration & Growth Prospect Mapping
3.3 Industry Value Chain Analysis
3.3.1 Raw Material Trends
3.3.2 Manufacturing Trends
3.3.3 Production Cost Analysis
3.3.3.1 Cost Components Involved In Hydrochloric Acid Production
3.3.3.2 Transportation Cost Analysis
3.3.4 Sales Channel Analysis
3.3.4.1 Assessment of Route - to - Market
3.4 Price Trend Analysis, 2020 - 2032
3.4.1 Assessment by Product/Grade
3.4.1.1 Price Assessment By States
3.5 U.S. Hydrochloric Acid Trade Scenario, 2020 - 2023 (HS Code: 280610)
3.6 Regulatory Framework
3.6.1.1 U.S. Food and Drug Administration
3.6.1.2 U.S. Environmental Protection Agency
3.6.1.3 Safety Precaution
3.6.1.4 Storage & Handling
3.7 Market Dynamics
3.7.1 Market Driver Analysis
3.7.1.1 Increasing Demand For Steel In Construction Industry Of U.S.
3.7.1.2 Growing Consumption Of Processed Food And Beverages In U.S.
3.7.2 Market Restraint Analysis
3.7.2.1 Toxicity Concerns Related To Use Of Hydrochloric Acid
3.7.3 Market Challenge Analysis
3.7.4 Market Opportunity Analysis
3.8 Impact Of The Covid-19 Pandemic
3.9 Business Environment Analysis
3.9.1 Industry Analysis - Porter’s
3.9.2 U.S. Hydrochloric Acid -Macroeconomic Analysis
Chapter 4 U.S. Hydrochloric Acid Market: Application Estimates & Trend Analysis
4.1 U.S. Hydrochloric Acid Application Movement Analysis & Market Share, 2023 & 2032 (Kilotons)
4.2 U.S. Hydrochloric Acid Market Size & Forecasts And Trend Analysis, By Application, 2020 - 2032 (Kilotons) (USD Million)
4.2.1 Oil Well Acidizing
4.2.2 Food Processing
4.2.3 Steel Pickling
4.2.4 Ore Processing
4.2.5 Pool Sanitation
4.2.6 Calcium Chloride
4.2.7 Other Applications
Chapter 5 U.S. Hydrochloric Acid Market: States Estimates & Trend Analysis
5.1 U.S. Hydrochloric Acid States Movement Analysis & Market Share, 2023 & 2032 (Kilotons)
5.2 U.S. Hydrochloric Acid Market Size & Forecasts And Trend Analysis, By States, 2020 - 2032 (Kilotons)(USD Million)
5.2.1 Utah
5.2.1.1 Utah Hydrochloric Acid Market Size & Forecasts And Trend Analysis, By Application, 2020 - 2032 (Kilotons) (USD Million)
5.2.1.2 California
5.2.1.2.1 California Hydrochloric Acid Market Size & Forecasts And Trend Analysis, By Application, 2020 - 2032 (Kiloton) (USD Million)
5.2.1.3 Nevada
5.2.1.3.1 Nevada Hydrochloric Market Size & Forecasts And Trend Analysis, By Application, 2020 - 2032 (Kiloton) (USD Million)
5.2.1.4 Arizona
5.2.1.4.1 Arizona Hydrochloric Acid Market Size & Forecasts And Trend Analysis, By Application, 2020 - 2032 (Kiloton) (USD Million)
5.2.1.5 Idaho
5.2.1.5.1 Idaho Hydrochloric Acid Market Size & Forecasts And Trend Analysis, By Application, 2020 - 2032 (Kiloton) (USD Million)
5.2.1.6 Colorado
5.2.1.6.1 Colorado Hydrochloric Acid Market Size & Forecasts And Trend Analysis, By Application, 2020 - 2032 (Kiloton) (USD Million)
5.2.1.7 Oregon
5.2.1.7.1 Oregon Hydrochloric Acid Market Size & Forecasts And Trend Analysis, By Application, 2020 - 2032 (Kiloton) (USD Million)
5.2.1.8 Wyoming
5.2.1.8.1 Wyoming Hydrochloric Acid Market Size & Forecasts And Trend Analysis, By Application, 2020 - 2032 (Kiloton) (USD Million)
5.2.1.9 Montana
5.2.1.9.1 Montana Hydrochloric Acid Market Size & Forecasts And Trend Analysis, By Application, 2020 - 2032 (Kiloton) (USD Million)
5.2.1.10 NEW Mexico
5.2.1.10.1 NEW Mexico Hydrochloric Acid Market Size & Forecasts And Trend Analysis, By Application, 2020 - 2032 (Kiloton) (USD Million)
5.2.1.11 Rest Of U.S.
5.2.1.11.1 Rest Of U.S. Hydrochloric Acid Market Size & Forecasts And Trend Analysis, By Application, 2020 - 2032 (Kiloton) (USD Million)
Chapter 6 Competitive Analysis
6.1 Key Global Players, Recent Developments, And Their Impact On The Industry
6.2 Vendor Landscape
6.3 Major Deals & Strategic Initiatives
Chapter 7 Company Profiles
7.1 ASHTA Chemicals
7.1.1 Company Overview
7.1.1 Financial Performance
7.1.2 Product Benchmarking
7.2 Thermo Fisher Scientific Inc.
7.2.1 Company Overview
7.2.2 Financial Performance
7.2.3 Product Benchmarking
7.2.4 Strategic Initiatives
7.3 ERCO Worldwide
7.3.1 Company Overview
7.3.2 Financial Performance
7.3.3 Product Benchmarking
7.3.4 Strategic Initiatives
7.4 Continental Chemical Company
7.4.1 Company Overview
7.4.2 Financial Performance
7.4.3 Product Benchmarking
7.5 Miles Chemical Company Inc.
7.5.1 Company Overview
7.5.2 Financial Performance
7.5.3 Product Benchmarking
7.6 Tronox Holdings plc
7.6.1 Company Overview
7.6.2 Financial Performance
7.6.3 Product Benchmarking
7.7 Jones-Hamilton Co.
7.7.1 Company Overview
7.7.2 Financial Performance
7.7.3 Product Benchmarking
7.8 Olin Corporation
7.8.1 Company Overview
7.8.2 Financial Performance
7.8.3 Product Benchmarking
7.9 Spectrum Chemical Manufacturing Corp.
7.9.1 Company Overview
7.9.2 Financial Performance
7.9.3 Product Benchmarking
7.10 Detrex Corporation
7.10.1 Company Overview
7.10.2 Financial Performance
7.10.3 Product Benchmarking
7.11 TRInternational
7.11.1 Company Overview
7.11.2 Financial Performance
7.11.3 Product Benchmarking
7.12 Formosa Plastics Corporation, U.S.A.
7.12.1 Company Overview
7.12.2 Financial Performance
7.12.3 Product Benchmarking
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers