Perchloric Acid Market Size, Share, Growth, and Industry Analysis, By Type (Purity:<70% and Purity:>=70%), By Application (Chemical Industry, Experimental Study, Rocket Fuel, and Others), and Regional Forecast to 2032

Updated On: 08 April 2024

Report Overview

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The global perchloric acid market size was USD 27.27 million in 2022. As per our research, the market is expected to reach USD 36.16 million in 2028, exhibiting a CAGR of 4.82% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the perchloric acid market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Perchloric acid (HClO4) is a strong mineral acid that is widely used in various laboratory and industrial applications. It is composed of hydrogen, chlorine, and oxygen atoms. Perchloric acid is a clear, colourless, and highly corrosive liquid with a pungent odour.

The market is anticipated to grow with an exceptional CAGR during the forecast 2022-2028. The market is influenced by factors such as industrial growth, research and development activities, and regional demand. Also, the market is typically segmented based on purity levels and application areas. Purity:>=70% segment is a considerable type of chemical to be the largest segment. On the other hand, in terms of applications, the rocket fuel segment is expected to own the highest shares in a couple of years. 

COVID-19 Impact: The Market Faces Logistics and Transportation Challenges during the Pandemic

The production of the perchloric acid industry has been significantly impacted by the COVID-19 pandemic. The supply of raw materials has been disrupted, and there was a shortage of labour, leading to delays and inefficiencies in resuming production. Additionally, this global health emergency has caused inconveniences in logistics, with strict transportation controls implemented in various regions. This has resulted in slower transportation speeds, affecting the efficiency of supply. However, some factories have resumed operations, and the industry continues to navigate the effects of the pandemic on its efficiency and development and is expected to grow steadily.

Latest Trends

"Growing Application of High-Purity Perchloric Acid Inflate the Market Possibility"

The market is expected to escalate in the coming years due to growing trends and development in the market. One of the latest trends is the increasing demand for high-purity perchloric acid. Industries such as electronics, semiconductors, and pharmaceuticals, require extremely pure chemical for their manufacturing processes, which is anticipated to drive the demand for high-quality products. Besides, continuous advancements in technology have led to the development of innovative chemicals and advanced materials production processes and purification techniques. These innovations aim to improve the efficiency of production, enhance product quality, and reduce environmental impact. Consequently, the growth of the market is projected to augment over the forecast.

Segmentation

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• By Type Analysis

According to type, the market can be bifurcated into Purity:<70% and Purity:>=70%.

• By Application Analysis

Based on application, the market can be divided into Chemical Industry, Experimental Study, Rocket Fuel, and Others.

Driving Factors

"Mounting Industrial Demand for the Acid Support the Market Growth "

The growing industrial demand for the acid is a considerable factor to boost the perchloric acid market growth. Since the industrial sector plays a significant role in driving the demand for the chemical. Industries such as pharmaceuticals, chemicals, electronics, and energy rely on the chemical for various applications, including chemical synthesis, metal etching, and energy storage. Thus, the factor is anticipated to aid the growth of the market in the coming years. 

"Rising Research and Development Activities Uplift the Market Evolution"

Another significant factor is ongoing research and development efforts in various industries, raising the demand for perchloric acid. Scientists and researchers utilize the acid in laboratories for analytical chemistry, organic synthesis, and as a solvent. As a result, advancements in these fields contribute to increased demand for the chemical which will enhance the growth of the market as well. 

Restraining Factors

"Safety Concerns Can the Curb the Market Progress"

Although the market is expected to grow, however, some hindrances can hamper the market’s development. For instance, it is a strong oxidizer and can be hazardous if not handled properly. Safety concerns associated with its storage, handling, and transportation can act as a restraining factor. Stringent safety regulations and the need for specialized equipment and facilities to handle this acid can increase operational costs and pose challenges for some companies which may impact the expansion of the market.

Regional Insights

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"North America Leads the Market with the Presence of Key Industries"

In terms of market revenue, North America is predicted to lead the market during the forecast. North American region, particularly the U.S., has been a significant region in the perchloric acid market. The presence of key industries such as pharmaceuticals, chemicals, electronics, and aerospace contributes to the demand for the chemical. The region's emphasis on research and development activities and technological advancements further drives the market growth.

Key Industry Players

"Key Players Utilize their Expertise in Chemical Manufacturing & Supply Chain Capabilities for Global Reach"

With regard to key players, eminent companies are known for their expertise in chemical manufacturing and supply chain capabilities. They have established customer networks and global reach, providing the chemicals to various industries, including pharmaceuticals, chemicals, electronics, and research laboratories. Moreover, some of the key players in the market are; Avantor, MilliporeSigma, Honeywell, Tianjin Xinyuan Chemical, and GFS Chemicals. Furthermore, as of 2022, Tianjin Xinyuan Chemical has emerged as a significant player in the market, holding a substantial perchloric acid market share. The company's strong presence and market position highlight its prominence and influence within the industry. Tianjin Xinyuan Chemical's contributions and capabilities have solidified its role as a major player in the market.

List of Market Players Profiled

• Avantor
• MilliporeSigma
• Honeywell
• Tianjin Xinyuan Chemical
• GFS Chemicals

Report Coverage

This report defines the perchloric acid market. It emphasizes the market value, expected CAGR, and USD value over the forecast period, before and after the impact of the COVID-19 pandemic restrictions on the international market, and how the industry is going to turn the corner is also stated in the report. The report provides significant market data with its product type and product applications, end-use details, and an idea of the market growth in the future. This report also provides an understanding of the growing market trends and developments and their effects on the market growth, driving factors along with restraining factors that impact the market dynamics. Along with this, the leading region, key players of the market, and their tactics to beat the market competition, sustainable policies, their collaboration, mergers, companies’ profile, previous years’ revenue, profit & loss, and market position based on their share value in the market, are also explained in the report.