Hydrochloric Acid Global Market 2024 To Reach $2.69 Billion By 2028 At Rate Of 6.5%
Hydrochloric Acid Global Market Report 2024 : Market Size, Trends, And Global Forecast 2024-2033
Hydrochloric Acid Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
LONDON, GREATER LONDON, UNITED KINGDOM, October 7, 2024 /EINPresswire.com/ -- The hydrochloric acid market1 has experienced robust growth in recent years, expanding 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.
What Is The Estimated Market Size Of The Global Hydrochloric Acid Market And Its Annual Growth Rate?
The hydrochloric acid market is projected to continue its strong growth, reaching $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.
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Growth Driver Of The Hydrochloric Acid Market
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.
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Which Market Players Are Driving The Hydrochloric Acid Market Growth?
Key players in the market include GC 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.
What Are the Key Trends That Influence The Hydrochloric Acid Market Size?
Major companies operating in the hydrochloric acid market are innovating new products, such as hydrogen chloride (HCl) cartridge, to increase their profitability in the market. Hydrogen chloride (HCl) cartridge is a gadget that incorporates a sensor that measures hydrogen chloride levels precisely and consistently.
How Is The Global Hydrochloric Acid Market 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
Geographical Insights: Asia-Pacific Leading The Hydrochloric Acid Market
Asia-Pacific was the largest region in the market in 2023. North America is expected to be the fastest-growing region in the report forecast period. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Hydrochloric Acid Market Definition2
Hydrochloric acid refers to a potent corrosive irritant acid that is present as an aqueous solution of hydrogen chloride (HCl). It is used in the manufacture of fertilizers, dyes, and chlorides in the photography, textile, rubber, and electroplating industries.
Hydrochloric Acid Global Market3 Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
•Macroeconomic factors affecting the market in the short and long run
•Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global hydrochloric acid market report covering trends, opportunities, strategies, and more
The Hydrochloric Acid Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on hydrochloric acid market size, hydrochloric acid market drivers and trends, hydrochloric acid market major players and hydrochloric acid market growth across geographies. This market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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