Global Hydrochloric Acid market share 2024, Forecast To 2033

The hydrochloric acid market size 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 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. The hydrochloric acid market size 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 growth in the forecast period can be attributed to the expansion of water treatment facilities, continued demand in mining, growing food and beverage industry, renewed emphasis on clean energy, continued need for metal cleaning. Major trends in the forecast period include expansion of leather and textile markets, innovations in water treatment, focus on sustainable production methods, impact of raw material prices, innovations in application technologies, strategic collaborations and mergers, focus on safety and handling practices.