Global Statistics Representing Hypochlorous Acid Market Scenario
Hypochlorous acid (chemical formula: HOCl) is a weak acid typically formed when chlorine dissolves in water. It is referred to by several names, including chloric acid, chloranol, hydrogen hypochlorite, and chlorine hydroxide. Hypochlorous acid is a more powerful oxidizer than chlorine and an effective sanitizing agent.
Growing demand for water treatment is a key factor contributing to the growth of the hypochlorous acid market. Hypochlorous acid is preferred in the water treatment industry as it is convenient to store, transport, and use. Additionally, its cost-effectiveness and non-toxicity to humans and animals further contribute to its popularity in the water treatment industry. The disinfecting properties of hypochlorous acid provide novel opportunities for its use in the water treatment sector. Hypochlorous acid finds application in oil & gas and chemical industries, and it is used as a cleaning agent in the processing of different materials, including textiles, rubber, and leather, among others.
The global hypochlorous acid market was valued at USD 7714.2 million in 2018 and is expected to reach USD 10557.42 million by 2026 with an anticipated CAGR of 4.0% during the forecast period, 2019–2026.
The global hypochlorous acid market can be segmented by type, application, and end user.
Based on type, the market can be segmented into sodium hypochlorite, calcium hypochlorite, and others. The sodium hypochlorite segment is dominating during the forecast period as sodium hypochlorite, owing to its excellent bleaching properties, finds application in laundry and water treatment industries. Moreover, sodium hypochlorite is also widely utilized for its oxidizing and disinfection properties. Growing concerns regarding the prevalence of infectious diseases in recent years are also accelerating the demand for sodium hypochlorite as a household bleaching agent and disinfectant.
Based on application, the market can be segmented into sanitizing agent, disinfecting agent, oxidizing agent, and others. The oxidizing agent segment is dominating as the use of household bleach has been increasing since the last few years, due to rising concerns over infectious diseases. Natural calamities lead to poor sanitation, which surges the demand of hypochlorous acid from various applications.
Based on end use, the market can be segmented into water treatment, textile, and other industries. The textile industry is dominating in the market, owing to the use of hypochlorous acid as an oxidizing agent and a bleaching agent in this industry. Sodium hypochlorite finds extensive application as a bleaching agent in the textile industry in various emerging economies. The water treatment industry is also witnessing steady growth with increasing demand for clean water, globally.
Geographically, the hypochlorous acid market has been segmented into Asia Pacific, North America, Europe, and Latin America and the Middle East & Africa.
North America is leading the market in the hypochlorous acid market during the forecast period, followed by Asia Pacific and the Middle East. The presence of prominent manufacturers and distributors contributes to market growth in North America. Government regulations regarding the use of sanitizers in various industries are also expected to positively influence market growth in the region. For instance, the U.S. Food and Drug Administration has implemented a regulation that governs the use of effective sanitizers in the food industry to kill bacteria and other microorganisms, especially on food contact surfaces.
Asia Pacific is expected to witness sustainable market growth during the forecast period, owing to the increasing industrial applications in China, India, and Indonesia. Growing demand from water treatment industries is one of the key factors fuelling the growth of the hypochlorous acid market in Asia Pacific.
The Middle East & Africa region is expected to witness steady growth during the forecast period with the extensive application of hypochlorous acid across industries and prominent market participants focusing on the expansion of their product portfolios so as to strengthen their global footprint.
Latin America is expected to witness noteworthy market growth with small-scale manufacturers accounting for a significant demand share.
On the other hand, Europe is expected to witness sluggish growth, owing to environment-centric regulations concerning food and water treatment industries. In the region, sodium hypochlorite is consumed on a larger scale than calcium hypochlorite. Most of the demand for sodium hypochlorite in North America is satisfied through imports from Europe.
Some of the key players identified in the hypochlorous acid market are Arkema S.A, Olin Corporation, Occidental Petroleum Corporation, Nouryon, Industria Química del Istmo, BASF SE, Kuehne Company, Lonza, Surpass Chemical Company Inc., and INEOS.
Which Future Developments are Expected to Impact the Hypochlorous Acid Market?
Hypochlorous Acid Market: Segmentation
By End User
What Details Does the Hypochlorous Acid Market Report Cover?