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Hydrochloric Acid Market 2024-2033: Size, Share, Scope, and Growth Forecast
Hydrochloric Acid Global Market Report 2024
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
The growth in infrastructure development is expected to propel the growth of the hydrochloric acid market going forward. Infrastructure development refers to the planning, construction, expansion, and improvement of essential physical structures and facilities that support the functioning of a region, country, or community. Hydrochloric acid is used to clean and prepare concrete surfaces before various construction activities, such as repairing, resurfacing, or applying coatings. It helps remove dirt, stains, rust, and mineral deposits, ensuring a clean and smooth surface for subsequent construction work. For instance, in May 2023, according to the Office for National Statistics, a UK-based government body, GG invested $29.22 billion in infrastructure overall in 2021. CG provided around $21.24 billion, with LG spending the remaining $7.98 billion. This is a 15.2% increase above GG's overall infrastructure spending in 2020. Therefore, the growth in infrastructure is driving the growth of 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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Major Key Players of the Market:
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
Hydrochloric Acid Market 2024 Key Insights:
• 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%.
• Hydrochloric Acid Market Growth Fueled By Rising Demand In Water And Wastewater Treatment
• Technological Advancements Reshaping The Hydrochloric Acid Market
• Asia-Pacific was the largest region in the hydrochloric acid market in 2023
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