The Hydrochloric Acid Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Hydrochloric Acid Global Market Report 2024, The hydrochloric acid market size has grown strongly in recent years. It will grow from $1.96 billion in 2023 to $2.09 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to chemical manufacturing demand, steel pickling applications, mining industry utilization, food processing applications, oil and gas well stimulation, pharmaceutical manufacturing..
The hydrochloric acid market size is expected to see strong growth in the next few years. It will grow to $2.69 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to expansion of water treatment facilities, continued demand in mining, growing food and beverage industry, renewed emphasis on clean energy, continued need for metal cleaning.. Major trends in the forecast period include expansion of leather and textile markets, innovations in water treatment, focus on sustainable production methods, impact of raw material prices, innovations in application technologies, strategic collaborations and mergers, focus on safety and handling practices..
Increased demand for water and wastewater treatment is expected to propel the growth of the hydrochloric acid market going forward. Water and wastewater treatment refers to the method of improving the quality of water for end-use. Hydrochloric acid’s ability to neutralize makes it a good choice for water treatment applications, as a result, increasing demand for water and wastewater treatment increases the demand for hydrochloric acid. For instance, in August 2021, according to the United Nations, a New York-based intergovernmental organization, globally, 56 percent of household wastewater flows were safely treated in 2020. The wastewater treatment and acceleration are expected to achieve a target by 2030. The aim is to track the proportion of complete industrial and household wastewater flows safely treated in compliance with national or local standards. Therefore, the hydrochloric acid market is expanding as a result of the increased demand for water and wastewater treatment.
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The hydrochloric acid market covered in this report is segmented –
1) By Type: Synthetic Hydrochloric Acid, By-Product Hydrochloric Acid
2) By Form: Water-Based, Aqueous, Solution
3) By Distribution Channel: E-Commerce, B2B, Specialty Stores, Other Distribution Channel
4) By Application: Steel Pickling, Oil Well Acidizing, Ore Processing, Food Processing, Pool Sanitation, Calcium Chloride, Other Application
5) By End-User: Food and Beverage, Steel, Oil and Gas, Chemical, Textile, Other End-User
Technological advancements are a key trend gaining popularity in the hydrochloric acid market. Major companies in the hydrochloric acid market are advancing with their new technologies and research and development to gain a competitive edge in the market. For instance, in May 2021, Solvay, a Belgium-based chemicals company operating in the hydrochloric acid market, introduced non-fluorosurfactant technologies: Hylar 5000S and Tecnoflon LX. These technologies enable the development of products that its customers use in a variety of applications that include lithium-ion batteries, smart devices, medical device components, lithium-ion engines, and installations for renewable energy.
The hydrochloric acid market report table of contents includes:
1. Executive Summary
- Hydrochloric Acid Market Characteristics
- Hydrochloric Acid Market Trends And Strategies
- Hydrochloric Acid Market – Macro Economic Scenario
- Global Hydrochloric Acid Market Size and Growth
. - Global Hydrochloric Acid Market Competitive Benchmarking
- Global Hydrochloric Acid Market Competitive Dashboard
- Key Mergers And Acquisitions In The Hydrochloric Acid Market
- Hydrochloric Acid Market Future Outlook and Potential Analysis
- Appendix
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