Global Hydrochloric Acid Market Size Expands to Touch USD 3.2 Billion by 2029
Global hydrochloric acid market is flourishing owing to increasing environmental consciousness, expanding construction, rising investment, and rising R&D and research and development, boosting water treatment activities.
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Report Ocean, a leading strategic consulting and market research firm, in its recent study, estimated global hydrochloric acid market size at USD 2,016.09 million in 2022. During the forecast period between 2023 and 2029, Report Ocean expects global hydrochloric acid market size to grow at a CAGR of 6.69% reaching a value of USD 3,159.78 million by 2029. Major growth factors for global hydrochloric acid market include growing utilization of hydrochloric acid and increasing demand for steel in construction industry. Increasing demand for water and wastewater treatment is projected to boost the hydrochloric acid market forward in the coming years. Water and wastewater treatment is the process of increasing the quality of water for final usage. Because of its capacity to neutralize, hydrochloric acid is widely used in water treatment applications. As a result, rising demand for water and wastewater treatment raises the demand for hydrochloric acid. Hydrochloric acid is a caustic irritating acid that exists as an aqueous solution of hydrogen chloride (HCl). In the photographic, textile, rubber, and electroplating industries, it is used to make fertilizers, dyes, and chlorides. Technological developments are a major trend that is gaining traction in the hydrochloric acid market. To achieve a competitive advantage in the hydrochloric acid industry, major players are advancing with new technologies and research & development. These technologies enable the creation of products used by its clients in a wide range of applications, including lithium-ion batteries, smart gadgets, medical device components, lithium-ion engines, and renewable energy installations. Therefore, such factors are expected to boost the expansion of global hydrochloric acid market during the forecast period. However, lack of research and development is anticipated to restrain the overall market growth.
Global Hydrochloric Acid Market – Overview:
Muriatic acid, sometimes referred to as hydrochloric acid, is a mineral acid with the chemical formula HCl that is produced from a variety of inorganic materials. It has an especially potent stench and is colorless in addition to being quite acidic and toxic. The caustic character of hydrochloric acid is due to its ability to dissociate in an aqueous solution. Liquid hydrochloric acid, which is made of hydrogen chloride and water, is one of the most fundamental chlorine-based acidic systems.
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Impact of COVID-19 on Global Hydrochloric Acid Market
COVID-19 pandemic affected the market for hydrochloric acid. Rising COVID concerns have prompted a demand for facility and dwelling disinfection in almost every part of the world. This has increased the demand for a wide range of chemicals, including ethyl alcohol, lactic acid, chlorine dioxide, sodium chloride, hydrogen peroxide, citric acid, iodine, ethanol, quaternary ammonium, glycolic acid, thymol, hydrochloric acid, isopropyl alcohol, phenolic acid, and others. These are some of the compounds found in a wide range of goods, including solutions, liquid hand soap, wipes, sanitizers, mists, and others. Hydrochloric acid is also becoming more popular in a range of medical applications, such as virucides, disinfectants, fungicides, and microbicides. As a result, during COVID, the market is expected to grow.
Global Hydrochloric Acid Market – By End User:
Based on end user, global hydrochloric acid market is divided into Food & Beverages, Steel Industry, Pharmaceuticals, Textiles, Oil & Gas, and Chemical Industry segments. The food and beverages industry accounted for a sizable portion of the hydrochloric acid market revenue. It is used as an acidifier in sauces, vegetable juices, and canned foods to enhance flavor while reducing spoilage. The food industry uses hydrochloric acid to prepare a wide variety of food products, including corn syrups used in soft beverages, cookies, crackers, ketchup, and cereals. The chemical sector is the second fastest-growing segment in the hydrochloric acid business. HCl is used in the production of inorganic and organic compounds, the elimination of metal stains, the extraction of oil, the purification of table salt, and pH regulation. During the regeneration of ion exchange resins, it removes cations from the resins.
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Competitive Landscape:
Major players operating in global hydrochloric acid market include Ashland, Arkema, BASF SE, Kemira, The Lubrizol Corporation, NIPPON SHOKUBAI CO. LTD, Dow, Henan Qingshuiyuan Technology CO., Ltd., Aurora Fine Chemicals, Zouping Dongfang Chemical Co., Ltd., ACURO ORGANICS LIMITED, Maxwell Additives Pvt. Ltd, Chemtex Speciality Limited, Polysciences, Inc., PROTEX INTERNATIONAL, and Corporate Evonik. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Hydrochloric Acid Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Hydrochloric Acid Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
What is the goal of the report?
- The market report presents the estimated size of the market at the end of the forecast period. The report also examines historical and current market sizes.
- During the forecast period, the report analyzes the growth rate, market size, and market valuation.
- The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
- The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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