Hydrochloric Acid Global Market Report 2024

The global hydrochloric acid market 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 observed in the historical period can be attributed to the demand in chemical manufacturing, applications in steel pickling, utilization in the mining industry, applications in food processing, use in oil and gas well stimulation, and involvement in pharmaceutical manufacturing.

The global hydrochloric acid market 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 anticipated growth in the forecast period can be ascribed to the expansion of water treatment facilities, sustained demand in the mining sector, the burgeoning food and beverage industry, renewed emphasis on clean energy initiatives, and the ongoing need for metal cleaning. Significant trends expected during this period include the expansion of the leather and textile markets, innovations in water treatment processes, a heightened focus on sustainable production methods, the influence of raw material prices, advancements in application technologies, strategic collaborations and mergers, and an increased emphasis on safety and handling practices.

The hydrochloric acid market is poised for growth due to the increasing demand for water and wastewater treatment. Water and wastewater treatment processes, crucial for enhancing water quality, rely on hydrochloric acid's neutralizing properties. With 56% of household wastewater globally treated safely in 2020, the emphasis on wastewater treatment is expected to continue, aligning with the United Nations' goal to achieve comprehensive treatment compliance by 2030. Consequently, the heightened demand for water treatment is propelling the expansion of the hydrochloric acid market.

Anticipated growth in the hydrochloric acid market is attributed to infrastructure development initiatives. Hydrochloric acid plays a vital role in construction activities by cleaning and preparing concrete surfaces before repairs, resurfacing, or coating applications. The Office for National Statistics reported a significant investment of $29.22 billion in infrastructure in the UK in 2021, marking a 15.2% increase from the previous year. This surge in infrastructure development expenditure is driving the demand for hydrochloric acid, positioning it as a key contributor to the market's growth.

Technological advancements are emerging as a prominent trend in the hydrochloric acid market, with major companies focusing on innovation and research and development. Solvay, a Belgium-based chemicals company, exemplifies this trend with its introduction of non-fluorosurfactant technologies, namely Hylar 5000S and Tecnoflon LX. These technologies find applications in diverse sectors, including lithium-ion batteries, smart devices, medical components, and renewable energy installations. The integration of advanced technologies is positioning companies for a competitive edge in the evolving hydrochloric acid market.

Major players in the hydrochloric acid market are enhancing their profitability through product innovation, as seen in the introduction of the hydrogen chloride (HCl) sensor cartridge by Kunak Technologies SL. This innovative gadget incorporates a precise sensor to measure hydrogen chloride levels consistently. Targeted applications include gas detectors and air quality monitors, particularly valuable for leak detection in industrial operations. The introduction of such novel products demonstrates a strategic approach by companies to meet evolving market demands and ensure sustained growth in the hydrochloric acid market.

In February 2022, Westlake Chemical Corporation, a leading US-based manufacturer and distributor of petrochemicals, polymers, and building products, successfully acquired Hexion Inc.’s global epoxy business for a total value of $1.2 billion. This strategic acquisition is anticipated to enhance Westlake's position by incorporating a top downstream range of coatings and composite products, significantly bolstering its integrated business. Hexion Inc., the entity divesting its epoxy business, is a distinguished US-based chemical company specializing in the production of specialist products, related technology, and thermoset resins, with operations in hydrochloric acid.

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

Asia-Pacific was the largest region in the hydrochloric acid market in 2023. 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. The countries covered in the hydrochloric acid market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

There are two main types of hydrochloric acid such as synthetic hydrochloric acid and by-product hydrochloric acid. Synthetic hydrochloric acid is a common acidic substance found in an aqueous solution of hydrogen chloride, often in forms such as water-based, aqueous, or solution. This type is utilized in various applications, including steel pickling, oil well acidizing, ore processing, food processing, pool sanitation, and calcium chloride production. These products are distributed through channels such as e-commerce, B2B, specialty stores, and other distribution networks. End-users of hydrochloric acid encompass industries such as food and beverage, steel, oil and gas, chemicals, textiles, and others.

This report provides hydrochloric acid market statistics, including hydrochloric acid industry global market size, regional shares, competitors with a hydrochloric acid market share, detailed hydrochloric acid market segments, market trends and opportunities, and any further data you may need to thrive in the hydrochloric acid industry. This hydrochloric acid market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Hydrochloric acid market consists of sales of muriatic acid, and chlorhydric acid. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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