[Online Quarterly Update]Indian Hydrochloric acid market is projected to grow at a healthy CAGR of 7.31% during the forecast period. Hydrochloric acid (HCl) is a colorless inorganic chemical with pungent smell. It can be produced by the combination of Hydrogen and Chlorine. It is extensively used in steel, textile, and food industries. HCl in the steel industry runs the operations in pickling unit where it helps in removing the impurities like carbon and rust. In the wake of growing steel industry in India, there is a boost in the demand of HCl in the market. Growing construction and mining activities are other major drivers for the Indian HCl market. The rising awareness regarding wastewater treatment is causing a surge in the production and demand of HCl in water treatment plants. India is a major exporter of HCl, refined petroleum and textiles are among the most exported products from India accounting for around 2% of India’s GDP. Moreover, with the increasing demand of HCl for the development of food and chemical products globally, the demand for Hydrochloric Acid exports from India is also expected to rise. Due to the of its lower cost and easy domestic availability, HCl has replaced the Sulfuric Acid in the steel pickling Industry. The rising demand of HCl has led the replacement of Sulfuric Acid in other cleaning industries and household applications. A major end use of Hydrochloric Acid is the oil well acidulation and manufacturing of dyes.
In 2020, due to the onset of COVID-19, The food and beverage and textile industry has been severely impacted. the decline in the demand of chemicals and petrochemicals has created a slump in demand of Hydrochloric Acid. However, the rising demand of the Hydrochloric acid in the steel and textile industry will boost the HCl market during the forecast period.
Region wise, western region holds the major share of Indian demand of Hydrochloric acid due to the growing demand of water treatment plants in west India, and the growing steel industry, the demand of hydrochloric acid is set to rise during the forecast period. The Grasim industries and GACL have largest production capacities in the western region.
Years considered for this report:
Historical Period: 2015-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022–2030
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Objective of the Study:
• To assess the demand-supply scenario of Hydrochloric Acid which covers production, demand and supply of Hydrochloric acid market in India.
• To analyse and forecast the market size of Hydrochloric Acid.
• To classify and forecast Indian Hydrochloric Acid market based on fibre, technology, end-use and regional distribution.
• To identify drivers and challenges for Indian Hydrochloric Acid market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., of Hydrochloric Acid market in India.
• To identify and analyse the profile of leading players involved in the manufacturing of Hydrochloric Acid.
Major players for Indian Hydrochloric Acid Market include Grasim Industries Limited, Gujarat Alkalies and Chemical Ltd, Chemplast Sanmar Limited, Meghmani organics Ltd, Lords Chloro Alkali Ltd, Tata Chemicals Limited, DCW Limited, Andhra Sugars Limited, Solvay, BASF SE, AGC chemicals, Occidental Petroleum Corporation, ERCO Worldwide.
To extract data for India Hydrochloric Acid market, primary research surveys were conducted with Hydrochloric Acid manufacturers, suppliers, distributors, wholesalers and end users. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various end user segments and projected a positive outlook for Indian Hydrochloric Acid market over the coming years.
ChemAnalyst calculated Hydrochloric Acid demand in India by analyzing the historical data and demand forecast which was carried out considering imported, Hydrochloric acid styrene prices, monomers used for production of Hydrochloric Acid. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Hydrochloric Acid manufacturers and other stakeholders
• Organizations, forums and alliances related to Hydrochloric Acid distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Hydrochloric Acid manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
In this report, India Hydrochloric Acid market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Market, by End Use
Textile, Stainless steel, Food manufacturing, oil acidulation, mines
Market, by application
Chemicals and petrochemicals, Food and beverages, oil and gas exploration, steel pickling, water treatment, textiles, mining, others
Market, by Sales Channel
Direct Company Sale, Direct Import, Distributors & Traders
Market, by Region
Northern India, Sothern India, Eastern India, Sothern India
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