Global Hydrogen Chloride (Hydrochloric Acid) Market to Reach 36M Tons by 2030, Valued at $15.1B

IndexBox has just published a new report: World - Hydrogen Chloride (Hydrochloric Acid) - Market Analysis, Forecast, Size, Trends And Insights.

Driven by increasing worldwide demand, the hydrogen chloride market is expected to experience a 2.4% CAGR in volume and a 4.3% CAGR in value from 2023 to 2030. This growth trend is set to accelerate, indicating a thriving market for hydrogen chloride in the coming years.

Market Forecast

Driven by increasing demand for hydrogen chloride (hydrochloric acid) worldwide, the market is expected to continue an upward consumption trend over the next seven-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +2.4% for the period from 2023 to 2030, which is projected to bring the market volume to 36M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.3% for the period from 2023 to 2030, which is projected to bring the market value to $15.1B (in nominal wholesale prices) by the end of 2030.

Consumption

World Consumption of Hydrogen Chloride (Hydrochloric Acid)

Global hydrogen chloride consumption fell to 30M tons in 2023, standing approx. at the previous year's figure. In general, consumption, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 6.4% against the previous year. Global consumption peaked at 33M tons in 2018; however, from 2019 to 2023, consumption failed to regain momentum.

The global hydrogen chloride market value shrank slightly to $11.2B in 2023, with a decrease of -2.4% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the market value increased by 8.3% against the previous year. Over the period under review, the global market hit record highs at $12.4B in 2019; however, from 2020 to 2023, consumption failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2023 were China (4.9M tons), the United States (3.4M tons) and India (1.9M tons), with a combined 34% share of global consumption. Russia, Pakistan, Japan, Germany, Nigeria, Brazil and Bangladesh lagged somewhat behind, together comprising a further 21%.

From 2013 to 2023, the biggest increases were recorded for Nigeria (with a CAGR of +9.3%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Japan ($3.3B) led the market, alone. The second position in the ranking was held by China ($1.5B). It was followed by the United States.

From 2013 to 2023, the average annual rate of growth in terms of value in Japan stood at -1.2%. The remaining consuming countries recorded the following average annual rates of market growth: China (+4.0% per year) and the United States (+10.7% per year).

The countries with the highest levels of hydrogen chloride per capita consumption in 2023 were Germany (11 kg per person), the United States (10 kg per person) and Russia (8.8 kg per person).

From 2013 to 2023, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by the United States (with a CAGR of +6.7%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Hydrogen Chloride (Hydrochloric Acid)

Global hydrogen chloride production fell to 31M tons in 2023, therefore, remained relatively stable against the previous year. Over the period under review, production, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 5.5% against the previous year. Global production peaked at 33M tons in 2019; however, from 2020 to 2023, production remained at a lower figure.

In value terms, hydrogen chloride production fell to $11.4B in 2023 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 9.3% against the previous year. Over the period under review, global production reached the maximum level at $12.6B in 2019; however, from 2020 to 2023, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2023 were China (4.9M tons), the United States (3.2M tons) and India (2.1M tons), with a combined 33% share of global production. Russia, Germany, Pakistan, Japan, Nigeria, Brazil and Bangladesh lagged somewhat behind, together comprising a further 21%.

From 2013 to 2023, the biggest increases were recorded for Nigeria (with a CAGR of +9.4%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Hydrogen Chloride (Hydrochloric Acid)

In 2023, purchases abroad of hydrogen chloride (hydrochloric acid) decreased by -27.3% to 2.1M tons for the first time since 2020, thus ending a two-year rising trend. Overall, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 when imports increased by 26% against the previous year. As a result, imports reached the peak of 2.9M tons, and then dropped dramatically in the following year.

In value terms, hydrogen chloride imports expanded significantly to $532M in 2023. In general, imports, however, saw resilient growth. The most prominent rate of growth was recorded in 2022 when imports increased by 35%. Global imports peaked in 2023 and are likely to see steady growth in the immediate term.

Imports By Country

In 2023, the United States (350K tons), Germany (277K tons) and France (225K tons) was the major importer of hydrogen chloride (hydrochloric acid) in the world, constituting 41% of total import. Belgium (135K tons) held a 6.5% share (based on physical terms) of total imports, which put it in second place, followed by the Netherlands (5.6%). Spain (83K tons), Poland (57K tons), Italy (52K tons), South Korea (42K tons) and Sweden (40K tons) followed a long way behind the leaders.

From 2013 to 2023, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Germany (with a CAGR of +12.9%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($67M), Germany ($65M) and France ($42M) appeared to be the countries with the highest levels of imports in 2023, together accounting for 32% of global imports.

Germany, with a CAGR of +23.7%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average hydrogen chloride import price stood at $253 per ton in 2023, growing by 56% against the previous year. In general, import price indicated a strong increase from 2013 to 2023: its price increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, hydrogen chloride import price increased by +115.3% against 2017 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was South Korea ($420 per ton), while Spain ($112 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Italy (+14.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Hydrogen Chloride (Hydrochloric Acid)

In 2023, shipments abroad of hydrogen chloride (hydrochloric acid) decreased by -27.1% to 2.6M tons for the first time since 2020, thus ending a two-year rising trend. Overall, total exports indicated a slight increase from 2013 to 2023: its volume increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by +15.2% against 2020 indices. The growth pace was the most rapid in 2022 with an increase of 46% against the previous year. As a result, the exports attained the peak of 3.5M tons, and then fell dramatically in the following year.

In value terms, hydrogen chloride exports expanded notably to $515M in 2023. Over the period under review, exports, however, enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2022 with an increase of 41% against the previous year. The global exports peaked in 2023 and are expected to retain growth in the near future.

Exports By Country

In 2023, Spain (385K tons), Germany (366K tons) and Canada (303K tons) represented the largest exporter of hydrogen chloride (hydrochloric acid) in the world, generating 41% of total export. The Netherlands (188K tons) held the next position in the ranking, followed by India (172K tons), Belgium (171K tons), the United States (129K tons) and Hungary (127K tons). All these countries together held approx. 31% share of total exports. The following exporters - Poland (88K tons) and Austria (64K tons) - each resulted at a 5.9% share of total exports.

From 2013 to 2023, the biggest increases were recorded for Spain (with a CAGR of +30.1%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest hydrogen chloride supplying countries worldwide were Germany ($74M), Canada ($56M) and Spain ($30M), together accounting for 31% of global exports. The United States, Belgium, Poland, Hungary, the Netherlands, Austria and India lagged somewhat behind, together comprising a further 32%.

In terms of the main exporting countries, Poland, with a CAGR of +27.5%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2023, the average hydrogen chloride export price amounted to $201 per ton, growing by 54% against the previous year. Over the period under review, export price indicated temperate growth from 2013 to 2023: its price increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, hydrogen chloride export price increased by +83.4% against 2017 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Austria ($318 per ton), while Spain ($78 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Austria (+26.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform