INORGANIC ACIDS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)

The global inorganic acids market size is expected to witness potential gains in the future and register a significant CAGR over the forecast period (2019 - 2027).

Market Overview

Inorganic acid, also known as mineral acid, is derived from an inorganic compound that dissociates to produce hydrogen ions (H+) and a conjugate base in water. These acids comprise hydrogen and non-metallic elements or their groups. Inorganic acids are hazardous to health and consuming inorganic acids can be fatal. Hydrofluoric acid (HF), sulfuric acid (H2SO4), nitric acid (HNO3), and hydrochloric acid (HCl) are some of the prominent examples of inorganic acids.

Market Dynamics

Inorganic acids find application in various end-use industries such as metal refining, fertilizers, food and beverages, personal care (soaps and detergents, toothpaste), chemicals, and medical. For instance, HCL is used in pickling of steel, production of organic compounds such as vinyl chloride and dichloroethane for PVC and inorganic compounds such as iron (III) chloride and polyaluminium chloride (PAC). HNO3 is used as an oxidant to produce precursor to nylon, adipic acid and as a rocket propellant. Therefore, significant growth of end-use industries is expected to lead to high demand for inorganic acids, thereby propelling growth of the global inorganic acids market over the forecast period.

However, the toxic nature of inorganic acids may lead to harmful effects on the ecological system. Moreover, several organizations and governments are focusing on limiting the use of such acids. These factors are expected to hinder the market growth over the forecast period.        

Market Outlook

On the basis of region, the market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Increasing demand for fertilizers from the economies of China and India that majorly depend on agriculture is expected to boost growth of the market in Asia Pacific. Nitric acid is a major component of fertilizers and is neutralized with ammonia to give ammonium nitrate. The market share of North America is primarily driven by increasing consumption of home and personal care products such as acidic drain cleaners, soaps and detergents, and toothpaste. Increasing production of rockets for space missions is expected to high demand for nitric acid, thereby aiding in the market growth of North America. The market in Middle East is driven by increasing use of sulfuric acid as industrial cleaning agent and hydrofluoric acid in oil refining. 

Key Players

Key players operating in the inorganic acids market include, General Chemical USA, PVS Chemicals, Inc., Basic Chemical Solutions LLC, and Azko Nobel N.V.