Lucintel’s latest market report analyzed that hydrochloric acid provides attractive opportunities in the food and beverage, pharmaceutical, textile, steel, oil & gas, and chemical industries. The hydrochloric acid market is expected to reach $3.1 billion by 2028 with a CAGR of 6%. In this market, food and beverages is the largest segment by end use industry, whereas steel is largest by technology.
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Based on end use industry, the hydrochloric acid market is segmented into food and beverages, pharmaceuticals, textile, steel, oil & gas, chemical industry, and others. The food and beverages segment accounted for the largest share of the market in 2023 and is expected to register the highest CAGR during the forecast period, 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.
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The Hydrochloric Acid Market is marked by the presence of several big and small players. Some of the prominent players offering hydrochloric acid include BASF SE, Covestro AG, Olin Corporation, Westlake Chemical Corporation, Occidental Petroleum Corporation, Formosa Plastics Corporation, Tata Chemicals, AGC Chemicals, ERCO Worldwide, and Detrex Corporation.
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