Thorough research from FMI indicates that the hydrofluoric acid market had an estimated value of US$ 1,640.4 million in the historical year 2018. Furthermore, during the period between 2018 and 2022, it expanded noticeably, having a CAGR of 2.9%. The global market value increased to US$ 1,839.1 million by 2022, underscoring the expanding use of hydrofluoric acid across several sectors.
The overall market is anticipated to maintain its upward trend, reaching an anticipated value of US$ 1,892.4 million in the year 2023. With the demand for hydrofluoric acid expected to increase at 4.1% CAGR between 2023 and 2033, the future looks bright for producers of the chemical. Further, it is predicted that hydrofluoric acid sales, in terms of value, might reach a staggering US$ 2,748.6 million by the end of this forecast period.
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The use of hydrofluoric acid in the manufacture of cookware and cable wires is a significant element influencing the rise in demand for the chemical. Moreover, there is an increasing demand for reliable and effective cookware as well as better communication infrastructure as the world’s population continues to expand. Such items’ manufacturing processes depend hugely on hydrofluoric acid, which, in turn, is driving up its demand, particularly in industrializing economies.
Hydrofluoric acid is used in the making of hydrofluorocarbons (HFCs) and hydrofluorolefins (HFOs), which are also in high demand on the market these days. These substances have a small influence on the ozone layer than conventional refrigerants, which makes them popular refrigerants and air conditioning system components. So the sales of hydrofluoric acid have increased as governments and businesses are increasingly prioritizing ecologically acceptable alternatives hugely.
Key Takeaways from the Global Hydrofluoric Acid Market Study Report by FMI
- The use of hydrofluoric acid in the manufacturing of fluorinated derivatives was credited with the dominance of the United States with a 19.3% global market share.
- In 2022, the demand for hydrofluoric acid in Germany had a sizeable market share, at 16.3% of the global revenue share.
- Asia Pacific’s market captured an impressive share of 36.5% of the global market of 36.5% in the year 2022. The sales of hydrofluoric acid in India are anticipated to sustain the trend with a 3.7% CAGR throughout the forecast period.
Competitive Landscape for the Hydrofluoric Acid Market Players
The demand for hydrofluoric acid has been increasing globally, which has had a positive impact on the industry’s profitability encouraging many new players. With a promising outlook, the new players are anticipated to continue profiting from the rising worldwide demand for hydrofluoric acid and its numerous applications.
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Recent Developments by the Hydrofluoric Acid Manufacturing Industries
- Clariant International Ltd. and AkzoNobel joined forces in February 2023 to create fresh hydraulic acid additives. Through this collaboration, they might be able to create novel additives that lessen corrosion, increase lubricity, and prolong the lifespan of hydraulic acid systems.
- The Dow Chemical Company stated in January 2023 that it might be expanding its hydraulic acid production facility to supply the rising demand for hydraulic acid. As a result of this expansion, the firm is going to boost manufacturing capacity and shorten lead times.
Top Key Players in the Global Market
- 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
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Key Segmentation
By Grade:
- Anhydrous
- Aqueous
By Application:
- Fluorochemicals
- Steel Pickling and Metal Treatment
- Petroleum Catalyst
- Glass Etching
- Electronics & Semiconductors
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- The Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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