Press release
Hydrochloric Acid Global Market Report 2024 - By Demand, Size, Share, Trends, Forecast To 2033
Hydrochloric Acid Market
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.
Market Overview -
Hydrochloric acid refers to a potent corrosive irritant acid that is present as an aqueous solution of hydrogen chloride (HCl). It is used in the manufacture of fertilizers, dyes, and chlorides in the photography, textile, rubber, and electroplating industries.
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Hydrochloric Acid Market Growth Fueled By Rising Demand In Water And Wastewater Treatment
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.
Competitive Landscape -
Major companies operating in the hydrochloric acid market report are AGC Chemicals Americas Inc., BASF SE, Covestro LLC, Detrex Corporation, ERCO Worldwide, Ercros SA, INOVYN - INEOS Group, Olin Corporation, Westlake Chemical Corporation, Formosa Plastics Corporation, Dow Chemical Company, Allan Chemical Corporation, GFS Chemicals Inc., Eco-Tec Inc., Basic Chemical Solutions LLC, Brainerd Chemical Co Inc., Qingdao Henley Company Limited, Compound Solutions Inc., International Petrochemicals Private Limited, Seqens Group, Inovyn, Nouryon Industrial Chemicals, PCC Group, Shin-Etsu Chemical Co. Ltd., Tessenderlo Group, TOAGOSEI CO. LTD, Vynova Group, Merck KGaA, Kemira, Thermo Fisher Scientific, Chemtrade Logistics Income Fund
Technological Advancements Reshaping The Hydrochloric Acid Market
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.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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