Market Size of Hydrochloric Acid Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.00 % |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Hydrochloric Acid Market Analysis
The Hydrochloric Acid Market is expected to reach over 6,240 kilotons by the end of this year and is projected to register a CAGR of around 5% during the forecast period.
The market was negatively affected due to COVID-19 in 2020. However, the condition has started to recover in 2021, expected to drive the market during the forecast period.
- Over the medium term, the significant factors driving the growth of the market studied are increasing demand from the oil and gas industry and growing demand for pickling in the steel industry.
- On the flip side, the pollution, environmental damage, and health hazards of HCL are likely to affect the market studied. HCL in the atmosphere causes atmospheric pollution and acid rain, among others, and it has short-term and long-term effects on human health.
- Nevertheless, increasing demand for synthetic hydrochloric acid will likely create lucrative growth opportunities for the global market soon.
- The Asia-Pacific region dominated the market worldwide, followed by North America.
