Hydrobromic Acid Market Size, Share, Growth, and Industry Growth, By Type (Hbr 48% and Hbr 62%), By Application (Food Industry, Pharmaceutical, Agricultural, Chemicals Industry, and Textiles Industry), Regional Insights, and Forecast To 2031

Updated On: 01 April 2024

Hydrobromic Acid Market REPORT OVERVIEW

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The global hydrobromic acid market size was USD 125.43 million in 2021 and market is projected to touch USD 224 million by 2031, at a CAGR of 5.96% from 2021 to 2031.

A muriatic acid with a chemical formula of HCL is known as hydrobromic acid. It is an inorganic chemical compound. It is also known as spirits of salt or acidum salt. This acid is transparent and a strong solution of hydrogen chloride in water. It is one of the most important products in the chemical industry, which is used for various industrial applications. It is formed by four production methods, co-product in the chemicals and silica, combining chlorine and hydrogen, salt-sulfuric acid production, and chlorination of organic compounds. 

The inorganic chemical compounds have various applications, such as an additive in the food industry, leather processing, polyvinyl chloride, and a descaling agent in industries. It is also used in the manufacturing of various compounds. Hydrogen and chlorine are two primary raw elements utilized to make HCL. HCL can be made in various methods, such as by chlorinating organic compounds (the chlorination reaction), combining hydrogen and chlorine, making salt-sulfuric acid, or as a byproduct of the silica manufacturing process. Because of disruptions in the supply situation, raw material costs have been rising consistently over the years, which can be linked to the continually rising price of hydrochloric acid.

COVID-19 Impact: Shut Down of Manufacturing Industries Hindered Market Growth

Due to workplace closures, supply chain disruptions, and transportation limitations brought on by COVID-19, many manufacturing industries were impacted in the years 2020–2021. Multiple manufacturing plants are still in operation. However, there has been a noticeable impact on sulfuric acid operations and the supply chain in Europe. In the post-COVID situation, the service providers kept providing sulfuric acid, notwithstanding the cleanliness and safety procedures. The lockdown hampered manufacturing industries, which impeded market growth. 

LATEST TRENDS

"Extensive Use of the Product in Laboratories to Create Growth Opportunities"

hydrobromic acid is the monoprotic acid that is least interfering with the oxidation-reduction process among major minerals such as nitric acid, sulfuric acid, and phosphoric acid in chemistry. It contains non-toxic and non-reactive chloride ions, which makes this compound one of the least harmful strong acids to use. Solutions of intermediate grades are stable when they have retained their concentration over time. It is an excellent acidifying reagent due to its qualities, availability as a pure reagent, and economical pricing. Hydrobromic acid is preferred in the titration process for measuring the base concentration. These factors are anticipated to prosper market growth in the near future. 

Hydrobromic Acid Market Segmentation

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• By Type Analysis

By type, the market is segmented into Hbr 48% and Hbr 62%.

• By Application Analysis

Based on application, the market is classified into the food industry, pharmaceutical, agricultural, chemicals industry, and textiles industries.

DRIVING FACTORS

"Rising Investment on R&D Activities to Boost Chemical Demand"

The companies and manufacturers in the worldwide hydrobromic acid market are anticipated to have access to a variety of fresh and exciting growth and development opportunities due to the rising quantity of investments made in research and development by both public and private players. Additionally, various end-use industries' growing desire for efficient hydrobromic acid solutions is spurring growth in the global hydrobromic acid market growth. It is projected that the growth of the worldwide hydrobromic acid market in the upcoming years will be favored by the growing use of hydrobromic acid for the synthesis of many inorganic bromide compounds, including calcium bromide, zinc bromide, and sodium bromide.

"Steel Pickling Application of the Chemical to Offer Growth Opportunities to the Market"

The demand for hydrobromic acid is forecasted to increase due to its use in steel pickling as it removes iron oxide or rust from steel or iron before undergoing further processes such as rolling, extrusion, and galvanization. Steel pickling is mainly used in construction activities owing to its immense ductility, cost-effectiveness, flexibility, and strength. Thus, the expansion of the construction industry is predicted to surge market growth.

RESTRAINING FACTORS

"Adverse Effects of the Chemical May Restrict Market Growth"

In the upcoming years, the global hydrobromic acid market's growth may be constrained by the highly noticeable adverse health effects on consumers, difficulties encountered during the storage and transportation of the acid compound, and strict government policies and regulations pertaining to its use. 

Hydrobromic Acid Market REGIONAL INSIGHTS

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"North America to Lead the Market Due to the Rising Product Demand from Construction Industry"

North America is predicted to hold a leading part of the hydrobromic acid market share owing to the expanding construction industry. The demand for chemicals from the food industry is also rising, ultimately boosting the product demand in the region. 

Asia Pacific is estimated to show significant growth attributable to the emerging pharmaceutical companies in the region. India and China, being leading consumers and producers of steel, contribute to regional growth.

KEY INDUSTRY PLAYERS

"Key Players Focusing On Innovative Technology Development to Grow in Market"

Businesses are working on developing new technology to offer more easy ways to increase product portfolio. Companies also use innovative practices and techniques to create new technologies. Companies are focused on acquisitions and investments to increase sales. The marketplace is competitive as a result of the existence of numerous huge firms. An extensive worldwide consumer base and the execution of operations through specialized distribution networks are other characteristics. The key companies strive to gain a higher market share by launching new products. 

List of Market Players Profiled

• Shandong Tianyi Chemicals (China)
• Haiwang Chemical (China)
• ICL-IP (U.S.)
• Weifang Longwei (China)
• Albemarle (U.S.)
• Shouguang Weidong Chemical (China)
• Haoyuan Group (China)
• Chemtura (U.S.)
• Tata Chemicals (India)
• Shandong Tianxin Chemical (China)
• Jordan Bromine (Jordan)
• Tosoh (Japan)

INDUSTRY DEVELOPMENT

• January 2021- Formosa Plastics expanded its production facilities based in Taiwan, U.S., and China.

REPORT COVERAGE

The market research study offers thorough information on numerous market aspects. The growth drivers, restraints, geographical analysis, competitive environment, and challenges are a few of them. Additionally, it provides an analytical analysis of market trends and projections for various factors to show potential investment areas. From 2021 through 2031, the market is objectively assessed to determine its financial viability. The report's data was compiled using a variety of primary and secondary sources.