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02 Nov 2021, 20:12 GMT+10
Reports and Data has recently published a new report titled "Global Hydrochloric Acid Market" that offers key insights into market share, market size, revenue growth, current and emerging trends, macro- and micro-economic growth factors, regulatory framework, and geographical bifurcation. The global Hydrochloric Acid market is forecast to reach USD 8,704.2 Million by 2028, according to a new report by Reports and Data. Hydrochloric acid, also known as muriatic acid, is a transparent, very strong solution of hydrogen chloride in water. It is produced using four production methods, a combination of chlorine and hydrogen, chlorination of organic, as a group of co-product in the manufacture of silica, and chemicals, salt-sulfuric acid production process. It is used as an essential product of the chemical industry and is used in many industrial processes such as food manufacturing, oil well acidizing, ore processing, producing calcium chloride, and steel pickling.
Key participants include Dow Chemical, Covestro, Olin, Axiall, OxyChem, Westlake Chemical, INOVYN, Shin-Etsu Chemical, BASF, and UNID, among others.
The rapid growth in the construction and automotive sector, the demand for steel and allied products is increasing. Hydrochloric acid is used in metal prefixing for galvanizing and soldering, aluminum etching, and metal cleaning. Rapid industrialization and growth in the chemical manufacturing industry is expected to affect the market positively. Rise in investment in the pharmaceutical industry for applications like pH control, catalyst, and others are also driving the demand of the market product.
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India is among the largest steel producer across the globe due to the increasing investments and government initiatives in the industry. The Indian government is targeting an increase in the share of GDP from the manufacturing sector, from 16% to 22% in the year 2022. Initiatives like 'Make in India' and sector-specific incentives to various manufacturing companies, aiming to make India a global manufacturing hub.
Further key findings from the report suggest
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For the purpose of this report, Reports and Data have segmented into the global Hydrochloric Acid market on the basis of type, applications, end users, and region:
Type Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2020-2028)
Applications Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2020-2028)
End Users Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2020-2028)
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Regional analysis covers:
* North America (U.S.A., Canada, Mexico)
* Europe (Italy, U.K., Germany, France, Rest of Europe)
* Asia Pacific (India, China, Japan, South Korea, Australia, Rest of APAC)
* Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
* Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Highlights in the Report:
* A detailed analysis of the Hydrochloric Acid market through the assessment of different market aspects such as product type, application, end-use verticals, and others.
* Qualitative and quantitative analysis along with the market estimation for the forecast period 2021-2028
* Detailed analysis of market dynamics such as drivers, restraints, opportunities, and threats
* Insights into recent development, business expansion plans, and strategic alliances of the top companies in the market
Thank you for reading our report. To know more about the report and customization feature, please connect with us. Our team will ensure the report is well suited to meet your requirements.
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About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client's make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.
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