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
2. Hydrochloric Acid Market
Characteristics
3. Hydrochloric Acid Market
Trends And Strategies
4. Hydrochloric Acid Market
- Macro Economic Scenario
5. Global Hydrochloric Acid
Market Size and Growth
.
31. Global Hydrochloric Acid Market Competitive Benchmarking
32. Global Hydrochloric Acid
Market Competitive Dashboard
33. Key Mergers And
Acquisitions In The Hydrochloric Acid Market
34. Hydrochloric Acid Market
Future Outlook and Potential Analysis
35. Appendix
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