With the increasing sale of cookware and cable wire, coupled with the rise in the need for hydrofluorocarbons (HFCs) and hydrofluorolefins (HFOs), the overall demand for hydrofluoric acid is projected to grow at a CAGR of 3.7% between 2022 and 2032, totaling around US$ 2.63 Million by 2032. The global hydrofluoric acid market is expected to be valued at US$ 1.83 Million in 2022.
A rise in the production level of fluorochemicals in the U.S. and Germany is further favoring the global demand. In the Asia Pacific region, the increasing production of fluorocarbons and the presence of large-scale manufacturers are expected to boost the market growth. The product demand is anticipated to rise in India during the forecast period on the account of the increasing production of aluminum and aluminum products wherein hydrofluoric acid is a key raw material.
The global market is highly fragmented with the presence of numerous players in both developed and developing economies. Key players are focusing on mergers and acquisitions to increase their presence throughout the value chain. The majority of the industry players are focusing on product advancements aiming at the development of new products with eco-friendly characteristics to cater to a broader application market.
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The increasing sale of cookware and cable wire is driving the growth of the hydrofluoric acid market. Hydrofluoric acid is used as a raw material in the aluminum fluoride manufacturing and is also used in the manufacturing of aluminum. The application of aluminum in many industries such as industries and automotive is increasing, which will boost the demand for hydrofluoric acid market.
Key Takeaways from the Market Study
- From 2017 to 2021, the market demand expanded at a CAGR of 1.6%
- By grade, anhydrous hydrofluoric acid to accumulate a market share of 60% in 2022
- By application, the steel pickling and metal treatment segment dominates the market with a share of 73%
- North America to emerge as a promising market, capturing nearly 2/5th of global market revenue in 2022
- Asia Pacific to be an opportunistic market, expected to capture 36.5% revenue
- Europe to be a significant contributor to the hydrofluoric acid market revenue landscape, accounting for over 30% sales
The growing use of aluminium across end-use sectors like automobile, packaging, and manufacturing, among others are positively influencing the growth of hydrofluoric acid in the global market, remarks an FMI analyst.
Competitive Landscape
Players in the global Hydrofluoric Acid Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
- In April 2021, EcoGraf announced the acquisition of a contract for a battery anode materials facility for the production of spherical graphite, outside of China with an environmentally safer option to conventional hydrofluoric acid purification processes.
- In April 2021, Renascor Resources is investigating green finance options for its Siviour Battery Anode Material Project in South Australia, to produce materials for electric vehicle manufacturing facilities through vertical integration strategies.
- In February 2021, Samsung Electronics revealed the development of a new system aimed to aid in the reuse of high-concentration liquefied hydrogen fluoride cleaning solutions for applications on semiconductor production lines.
- In 2020, SCHOTT had unveiled applications of hydrofluoric acid for extending the life of temperature resistant, electrochemically stable lithium-ion batteries while preserving their capacity with HF absorbent glass powder to prevent corrosion damage on cells.
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Know More about What the Hydrofluoric Acid Market Report Covers
Future Market Insights offers an unbiased analysis of the global Hydrofluoric Acid Market, providing historical data for 2016-2021 and forecast statistics from 2022-2032.
To understand opportunities in the hydrofluoric acid market, the market is segmented on the basis of grade, and application across six major regions.
Key Players:
- Gulf Fluor
- Lanxess AG
- Solvay SA
- Honeywell International
- Buss ChemTech AG
- Sinochem International Corp.
- Tanfac Industries ltd.
- Fubao Group
- Navin Fluorine International Limited
- Merck KGaA
- SRF Limited
- Gujarat Fluorochemicals Ltd.
- Stella Chemifa Corporation
- Morita Chemical Industries Co. Ltd.
- Soulbrain Co. ltd.
Key Segments Covered in the Hydrofluoric Acid Industry Analysis
- Anhydrous
- Aqueous
- Fluorochemicals
- Steel Pickling and Metal Treatment
- Petroleum Catalyst
- Glass Etching
- Electronics & Semiconductors
- Others
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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