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Hydrochloric Acid Market Growth Fueled By Rising Demand From Steel Industry Emerges as a Core Driver of the Hydrochloric Acid Market in 2025
Hydrochloric Acid Market Size
What Is the Expected CAGR for the Hydrochloric Acid Market Through 2025?
In previous years, there has been a significant expansion in the market size for hydrochloric acid. The market, which was valued at $2.08 billion in 2024, is projected to increase to $2.21 billion in 2025, with a compound annual growth rate (CAGR) of 6.4%. The substantial growth witnessed over the historic period can be credited to factors such as demand in chemical manufacturing, applications in steel pickling, utilization in the mining industry, usage in food processing, oil and gas well stimulation, and pharmaceutical manufacturing.
What's the Projected Size of the Global Hydrochloric Acid Market by 2029?
The market size for hydrochloric acid is projected to witness significant growth in the upcoming years, expanding to $2.9 billion by 2029 at a CAGR of 7.1%. The substantial growth forecasted for this period is largely due to the expansion of water treatment facilities, vibrant demand in the mining sector, a booming food and beverage industry, renewed focus on clean energy, and an ongoing need for metal cleaning. Key trends anticipated during this forecast period include the widening of the leather and textile markets, advancements in water treatment technology, emphasis on sustainable production methods, fluctuations in raw material prices, innovative application technologies, strategic partnerships and mergers, and increased concentration on safety and handling procedures.
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Top Growth Drivers in the Hydrochloric Acid Industry: What's Accelerating the Market?
The growth of the hydrochloric acid market is anticipated to surge due to the heightened demand from the steel industry. Hydrochloric acid is heavily utilized in steel industry's pickling processes that involve purifying the steel surface by eliminating rust, scale, and other undesirable elements before proceeding to further processes such as galvanizing or coating. With the upsurge in global steel production, particularly in developing economies, the need for hydrochloric acid is set to augment. For instance, S&P Global, a US-based capital market firm, stated in January 2024 that China's crude steel output for 2023 was approximately 1,019.1 million tons, a growth of around 0.6% when compared to 2022. Similarly, India's crude steel output in 2023 saw a rise of 11.8% vis-à-vis 2022 and touched 140.2 million tons. Hence, the booming demand from the steel industry is facilitating the growth of the hydrochloric acid market.
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What Trends Will Shape the Hydrochloric Acid Market Through 2029 and Beyond?
Leading entities in the hydrochloric acid marketplace are boosting their production capacities to secure a dominant position within the sector. For example, in August 2023, Wacker Chemie AG, a renowned chemical corporation from Germany, enlarged its hyperpure hydrogen chloride (HCl) production wing at its hub in Burghausen, Germany. This enlargement was intended to fulfil the escalating demand for HCl within the semiconductor industry, which employs ultrapure hydrogen chloride as a means of etching and purification for hyperpure silicon wafers and plant equipment. The expenditure for this augmentation was in the less pronounced double-digit-million euro bracket and it notably escalated Wacker's production ability to accommodate the semiconductor industry's requirements.
What Are the Main Segments in the Hydrochloric Acid Market?
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
Subsegments:
1) By Synthetic Hydrochloric Acid: Industrial Grade Hydrochloric Acid, Reagent Grade Hydrochloric Acid
2) By By-Product Hydrochloric Acid: By-Product From Chlor-Alkali Process, By-Product From Other Chemical Processes
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Which Top Companies are Driving Growth in the Hydrochloric Acid Market?
Major companies operating in the hydrochloric acid market are AGC Chemicals Americas Inc., BASF SE, 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, Seqens Group, Nouryon Industrial Chemicals, PCC Group, Tessenderlo Group, TOAGOSEI CO. LTD, Vynova Group, Kemira, Chemtrade Logistics Income Fund
Which Regions Will Dominate the Hydrochloric Acid Market Through 2029?
Asia-Pacific was the largest region in the hydrochloric acid market in 2024. North America is expected to be the fastest-growing region in the hydrochloric acid market report forecast period. The regions covered in the hydrochloric acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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