Composites and Advanced Materials

According to a market report by Lucintel, the future of the hydrochloric acid market looks promising with opportunities in the food and beverage, pharmaceutical, textile, steel, oil & gas, and chemical industries. The global hydrochloric acid market is expected to reach an estimated $3.1 billion by 2028 with a CAGR of 6% from 2023 to 2028. The major drivers for this market are growing demand for water & wastewater treatment, increasing use of hydrochloric acid for regeneration of ion exchangers and rising awareness towards benefits of lubricant-based products.



In this market, steel pickling, oil well acidizing, ore processing, food processing, pool sanitation, calcium chloride, biodiesel are the major segments of hydrochloric acid market by application. Lucintel forecasts that food and beverages will remain the larger segment over the forecast period due to the increasing usage of hydrochloric acid in the production of food ingredients and additives.



Within this market, steel is expected to remain the largest segment due to the increasing adoption of hydrochloric acid in steel industry for pickling, which is the process of removing impurities and oxidation from the surface of steel.



APAC will remain the largest region due to rapid industrialization, rising government spending on infrastructure activities and increasing demand from various end-use industries in the region.

BASF SE, Covestro AG, Olin Corporation, Westlake Chemical Corporation, Occidental Petroleum Corporation, Formosa Plastics Corporation, Tata Chemicals, AGC Chemicals, ERCO Worldwide, and Detrex Corporation are the major suppliers in the global hydrochloric acid market.  



Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global hydrochloric acid market by grade, application, end use industry, and region. Lucintel has compiled a comprehensive research report entitled “Growth Opportunities in the Global Hydrochloric Acid Market 2023-2028: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global hydrochloric acid market by grade, application, end use industry, and region, as follows:

This more than 150-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or email us at helpdesk@lucintel.com.

 

Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. Lucintel offers market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.

 

Q.1. What are some of the most promising, high-growth opportunities for the hydrochloric acid market by grade (synthetic grade and by-product grade), application (steel pickling, oil well acidizing, ore processing, food processing, pool sanitation, calcium chloride, biodiesel, and others), end use industry (food and beverages, pharmaceuticals, textile, steel, oil & gas, chemical industry, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?

Q.2. Which segments will grow at a faster pace and why?  

Q.3. Which region will grow at a faster pace and why?

Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?

Q.5. What are the business risks and competitive threats in this market?

Q.6. What are the emerging trends in this market and the reasons behind them?

Q.7. What are some of the changing demands of customers in the market?

Q.8. What are the new developments in the market? Which companies are leading these developments?

Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?

Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?

Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?