PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1364734
PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1364734
GCC Hydrochloric Acid Market, By Type ; By Form ; By Application ; By End-User Industry, Competitive Landscape & Forecast, 2019-2029
GCC Hydrochloric Acid (HCl) Market Size Expands at Steady CAGR of 6.9% to Reach USD 94.07 Million by 2029.
GCC hydrochloric acid (HCl) market is flourishing due to expanding industrial sectors, heightened demand for metal processing, increasing construction activities, rising urbanization, infrastructure projects, and economic development.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated GCC hydrochloric acid (HCl) market size at USD 63.03 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects GCC hydrochloric acid (HCl) market size to grow at a CAGR of 6.9% reaching a value of USD 94.07 million by 2029. Several reasons are driving the growth of the GCC hydrochloric acid (HCl) market. The growing industrial sector, particularly in the oil and gas, chemicals, and mining industries, drives demand for HCl as a critical component in operations, such as acid treatment and cleaning. Further, the growing use of HCl in steel production, water treatment, and pharmaceuticals drives market expansion. Infrastructure development and construction activities in the Gulf Cooperation Council (GCC) region boost demand for HCl-based products in building materials and industries. Overall, the market is growing due to rising industrialization, infrastructural initiatives, and numerous applications of HCl across industries.
GCC Hydrochloric Acid (HCl) Market - Overview:
Hydrochloric Acid (HCl) is a strong, corrosive chemical compound composed of hydrogen and chlorine. It's a colorless liquid with a pungent odor and is highly soluble in water. Widely used in industries for chemical synthesis, hydrochloric acid is a potent acid that can react with various substances, including metals and minerals, releasing hydrogen gas and forming chloride salts. In laboratories, it's utilized for pH adjustments and as a reagent. In the human body, HCl plays a crucial role in stomach acid production, aiding digestion. However, due to its corrosive nature, careful handling and storage are essential.
Impact of COVID-19 on GCC Hydrochloric Acid (HCl) Market
The COVID-19 pandemic significantly impacted the GCC (Gulf Cooperation Council) HCl market. Disruptions in supply chains, reduced industrial activities, and transportation constraints led to decreased demand and production. Lockdowns and travel restrictions also hindered trade and distribution. However, as the situation improved, the market witnessed a gradual recovery due to resuming construction and manufacturing activities. Overall, the GCC HCl market navigated challenges and exhibited resilience amidst pandemic-induced fluctuations.
GCC Hydrochloric Acid (HCl) Market - By Application
By Application, GCC hydrochloric acid (HCl) market is divided into Steel Pickling, Oil Well Acidizing, Ore Processing, Food Processing, Pool Sanitation, and Calcium Chloride segments. The steel pickling segment is the largest application in the GCC hydrochloric acid (HCl) market. This segment involves using hydrochloric acid for the removal of rust and scale from steel surfaces. It plays a crucial role in preparing steel for further processing and manufacturing. The demand for steel pickling contributes significantly to the overall consumption of hydrochloric acid in the GCC region, making it the dominant application segment.
Competitive Landscape:
GCC hydrochloric acid (HCl) market is fiercely competitive. Major companies in the market include AGC Chemicals, BASF SE, Coogee Chemicals, Covestro AG, Detrex Corporation, Dongyue Group, ERCO Worldwide, Ercros SA, and Inovyn. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in GCC hydrochloric acid (HCl) market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of GCC Hydrochloric Acid (HCl) Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in GCC Hydrochloric Acid (HCl) Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
Table of Contents
1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
2. Executive Summary
3. GCC Hydrochloric Acid (HCl) Market Insights
- 3.1. Industry Value Chain Analysis
- 3.2. DROC Analysis
- 3.2.1. Growth Drivers
- 3.2.1.1. Growing industrial manufacturing and chemical processing
- 3.2.1.2. Increase in oil and gas industry
- 3.2.2. Restraints
- 3.2.2.1. Volatility of raw material prices
- 3.2.3. Opportunities
- 3.2.3.1. Growth in chemical research and development
- 3.2.4. Challenges
- 3.2.4.1. Health and environmental concerns
- 3.2.1. Growth Drivers
- 3.3. Technological Advancements/Recent Developments
- 3.4. Regulatory Framework
- 3.5. Porter's Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry
4. GCC Hydrochloric Acid (HCl) Market Overview
- 4.1. Market Size & Forecast, 2019-2029
- 4.1.1. By Value (USD Million)
- 4.2. Market Share & Forecast
- 4.2.1. By Type
- 4.2.1.1. Synthetic Hydrochloric Acid
- 4.2.1.2. By-Product Hydrochloric Acid
- 4.2.2. By Form
- 4.2.2.1. Water-based
- 4.2.2.2. Aqueous and Solution
- 4.2.3. By Application
- 4.2.3.1. Steel Pickling
- 4.2.3.2. Oil Well Acidizing
- 4.2.3.3. Ore Processing
- 4.2.3.4. Food Processing
- 4.2.3.5. Pool Sanitation
- 4.2.3.6. Calcium chloride
- 4.2.3.7. Others
- 4.2.4. By End User
- 4.2.4.1. Food & Beverages
- 4.2.4.2. Steel Industry
- 4.2.4.3. Pharmaceuticals
- 4.2.4.4. Textile
- 4.2.4.5. Oil & Gas
- 4.2.4.6. Chemistry Industry
- 4.2.4.7. Others
- 4.2.1. By Type
5. Competitive Landscape
- 5.1. List of Key Players and Their Offerings
- 5.2. GCC Hydrochloric Acid (HCl) Company Market Share Analysis, 2022
- 5.3. Competitive Benchmarking, By Operating Parameters
- 5.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
6. Impact of Covid-19 on GCC Hydrochloric Acid (HCl) Market
7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
- 7.1. AGC Chemicals
- 7.2. BASF SE
- 7.3. Coogee Chemicals
- 7.4. Covestro AG
- 7.5. Detrex Corporation
- 7.6. Dongyue Group
- 7.7. ERCO Worldwide
- 7.8. Ercros SA
- 7.9. Inovyn
- 7.10. Other Prominent Players
8. Key Strategic Recommendations
9. Research Methodology
- 9.1. Qualitative Research
- 9.1.1. Primary & Secondary Research
- 9.2. Quantitative Research
- 9.3. Market Breakdown & Data Triangulation
- 9.3.1. Secondary Research
- 9.3.2. Primary Research
- 9.4. Breakdown of Primary Research Respondents, By Country
- 9.5. Assumptions & Limitations
*Financial information of non-listed companies can be provided as per availability.
**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.
List of Figures
- Figure 1 GCC Hydrochloric Acid (HCl) Segmentation
- Figure 2 GCC Hydrochloric Acid (HCl) Market Value Chain Analysis
- Figure 3 Company Market Share Analysis, 2022
- Figure 4 GCC Hydrochloric Acid (HCl) Market Size, By Value (USD Million), 2019-2029
- Figure 5 GCC Hydrochloric Acid (HCl) Market Share, By Type, By Value, 2019-2029
- Figure 6 GCC Hydrochloric Acid (HCl) Market Share, By Forms, By Value, 2019-2029
- Figure 7 GCC Hydrochloric Acid (HCl) Market Share, By Application, By Value, 2019-2029
- Figure 8 GCC Hydrochloric Acid (HCl) Market Share, By End User, By Value, 2019-2029
List of Tables
- Table 1 GCC Hydrochloric Acid (HCl) Market Size, By Value (USD Million), 2019-2029
- Table 2 GCC Hydrochloric Acid (HCl) Market Size, By Type, By Value, 2019-2029
- Table 3 GCC Hydrochloric Acid (HCl) Market Size, By Forms, By Value, 2019-2029
- Table 4 GCC Hydrochloric Acid (HCl) Market Size, By Application, By Value, 2019-2029
- Table 5 GCC Hydrochloric Acid (HCl) Market Size, By End User, By Value, 2019-2029
- Table 6 AGC Chemicals Company Overview
- Table 7 AGC Chemicals Financial Overview
- Table 8 BASF SE Company Overview
- Table 9 BASF SE Financial Overview
- Table 10 Coogee Chemicals Company Overview
- Table 11 Coogee Chemicals Financial Overview
- Table 12 Covestro AG Company Overview
- Table 13 Covestro AG Financial Overview
- Table 14 Detrex Corporation Company Overview
- Table 15 Detrex Corporation Financial Overview
- Table 16 Dongyue Group Company Overview
- Table 17 Dongyue Group Financial Overview
- Table 18 ERCO Worldwide Company Overview
- Table 19 ERCO Worldwide Financial Overview
- Table 20 Ercros SA Company Overview
- Table 21 Ercros SA Financial Overview
- Table 22 Inovyn Company Overview
- Table 23 Inovyn Financial Overview
