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Hydrochloric Acid Global Market Estimated to Surge at a CAGR of 6.5% to Reach $2.69 Billion By 2028 | BASF SE, Covestro LLC, Detrex Corporation, Vynova Group, Merck KGaA
Hydrochloric Acid Market
As per the report, 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 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%.
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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.
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.
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
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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
Contents of the report:
1. Executive Summary
2. Hydrochloric Acid Market Report Structure
3. Hydrochloric Acid Market Trends And Strategies
4. Hydrochloric Acid Market - Macro Economic Scenario
5. Hydrochloric Acid Market Size And Growth
…..
27. Hydrochloric Acid Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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