The new report by Expert Market Research titled, ‘Global Hydrofluoric Acid Market Report and Forecast 2022-2027’, gives an in-depth analysis of the global hydrofluoric acid market, assessing the market based on its segments like type, grade, application and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
- Forecast Historical Market Size (2021): USD 1.9 million
- Forecast CAGR (2022-2027): 6.72%
- Forecast Market Size (2027): USD 2.8 million
The growing consumption of commercial hydrofluoric acid in the synthesis of fluorine derivatives is driving the global market for hydrofluoric acid. Fluorocarbons, fluorides, and fluorochemicals are examples of fluorine compounds. In accordance with this, the market is developing due to the rising demand for fluorocarbons for use as cooling agents in air conditioners and refrigeration equipment. Furthermore, the market’s growth is linked to the rising demand for hydrofluoric acid for the manufacture of aluminium fluoride, which is utilised in the production of aluminium goods. As a result, the increased usage of aluminium in end-use industries such as automobiles, packaging, and manufacturing, among others, is boosting the global market for hydrofluoric acid. Furthermore, the growing use of hydrofluoric acid as a bleaching agent in the automobile sector to clear rust, stains, and water damage is favourably impacting the market growth. These factors are expected to drive the market for global Hydrofluoric Acid during the forecast period.
Industry Definition and Major Segments
Hydrofluoric acid is a colourless, fuming, and corrosive hydrogen-fluorine chemical combination. It’s used to manufacture things like refrigerants, herbicides, aluminium, polymers, and fluorescent light bulbs.
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By product type, the market is divided into:
- Electronic Hydrofluoric Acid
- Industrial Hydrofluoric Acid
By grade, the market is divided into:
- Anhydrous Hydrofluoric Acid
- Diluted Hydrofluoric Acid (above 50% concentration)
- Diluted Hydrofluoric Acid (below 50% concentration)
By application, the market is divided into:
- Fluorocarbon Production
- Fluorinated Derivative Production
- Metal Pickling
- Glass Etching and Cleaning
- Oil Refining
- Uranium Fuel Production
By region, the industry is categorized into:
- North America
- The Asia Pacific
- Latin America
- The Middle East and Africa
Fluoropolymers are being used in a variety of developing energy storage systems, such as fuel cells, batteries, and superconductors, which are creating significant avenues for increased market share. In the chemical and petrochemical industries, hydrofluoric acid is used as a cleaning solution, engraving agent, and in the manufacturing of inorganic salts such as cryolite, sodium fluoride, and aluminium trifluoride, as well as organofluorine chemicals like fluoropolymers, fluorocarbons, and freons. Furthermore, the global demand for fluorocarbons will be driven by increased utilisation in sealant technologies and penetration into emerging applications in a wide variety of end-user sectors. Over the forecast period, the chemical processing industry is likely to lead the worldwide hydrofluoric acid market. However, hydrofluoric acid’s unfavourable qualities, such as lethality and corrosiveness, are expected to have a negative impact on the global market. Furthermore, fluorocarbons emit CO2, which causes environmental pollution, and the increasing use of climate-neutral goods may limit market growth in the coming years.
Asia Pacific was among the largest regional markets for hydrofluoric acid during the historical period, and it is expected to grow at a healthy rate during the forecast period, with China and India contributing for the majority of demand. The Asia-Pacific region is anticipated to be the leading consumer of hydrofluoric acid. This is due to the region’s dominance in end-user sectors including chemical synthesis, healthcare, and telecommunications equipment. Due to demand from applications such as petroleum refining, stain removers, engraving agent, and others, Asia-Pacific is predicted to be the fastest-growing market during the projection period. These reasons have aided the growth of the hydrofluoric acid sector in the Asia Pacific area as a whole.
Key Market Players
The major players in the market are Honeywell International Inc., Daikin Industries, Ltd., Dongyue Group Co., Ltd., Do-Fluoride New Materials Co., Ltd., Solvay S.A., among Others. The report covers the market shares, capacities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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