Hydrochloric Acid Market Expansion Outlook: $2.82 Billion in 2029

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What Is the Projected CAGR for the Hydrochloric Acid Market from 2024 to 2025?
In the past few years, there has been a consistent growth in the size of the hydrochloric acid market. The market, which stood at $2.08 billion in 2024, is projected to increase to $2.18 billion in 2025, expanding at a compound annual growth rate (CAGR) of 5.0%. The notable growth observed during the historic period was due to factors such as demand in chemical manufacturing, use in steel pickling, utilization in the mining industry, applications in food processing, stimulation of oil and gas wells, and pharmaceutical manufacturing.

What are the Expected Market Size and CAGR for Hydrochloric Acid by 2029?
The hydrochloric acid market is projected to experience substantial growth in the forthcoming years, with a projected value of $2.82 billion in 2029 and a compound annual growth rate (CAGR) of 6.7%. The growth predicted within this timeframe can be linked to factors such as the development of water treatment infrastructures, the persistent demand within the mining sector, and the expanding food and beverage industry. Additionally, a heightened focus on clean energy and a consistent need for metal cleaning will also contribute to market expansion. Key trends within this forecasted period include the broadening of the leather and textile markets, advancements in water treatment and application technologies, and the impact of raw material costs. Other influential factors include strategies involving collaborations and mergers, a focus on sustainable production methods, and an emphasis on safety and handling procedures.

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Which Factors Are Driving the Global Hydrochloric Acid Market Expansion?
The growth of the hydrochloric acid market is anticipated to be driven by the rising demand from the steel industry. Hydrochloric acid serves a significant role in the steel sector for pickling operations, which entail removing rust, scale, and other contaminants from the steel surface prior to processes like galvanizing or coating. As global steel production accelerates, particularly in emerging economies, the need for hydrochloric acid is predicted to grow. For example, S&P Global, a capital market firm from the US, indicated in January 2024 that China's crude steel production in 2023 hit 1,019.1 million tons, a roughly 0.6% rise from 2022. Moreover, India's crude steel production in 2023 reached 140.2 million tons, marking an 11.8% increase from the previous year. Consequently, the ascending demand from the steel industry is causing the hydrochloric acid market to expand.

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Which Segment Currently Holds the Largest Share of 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

Which Major Trends Are Shaping the Future of the Hydrochloric Acid Industry?
Prominent businesses in the hydrochloric acid market are amplifying their manufacturing facilities in a bid to acquire an upper hand in the market. For instance, Wacker Chemie AG, a reputable multinational chemical corporation originating from Germany, amplified its ultra-pure hydrogen chloride (HCl) production magnitude at the Burghausen premises in Germany in August 2023. This augmentation in production was specifically purposed to satiate the rising demand for HCl from the semiconductor industry, which employs ultra-pure hydrogen chloride for etching and purifying hyper-pure silicon wafers and plant elements. The expansion witnessed an investment in the lower end of the double-digit million euros, significantly boosting Wacker's manufacturing capacity to serve the semiconductor industry's requirements.

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Which Key Players Dominate the Hydrochloric Acid Industry Globally?
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

What Are the Fastest-Growing Regions in the Hydrochloric Acid Market?
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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