Overview and Scope
Hydrogen fluoride is a colorless, fuming liquid or vapor with a powerful, repulsive odor. It is often transported as a compressed gas in steel cylinders. Hydrogen fluoride solutions are visually indistinguishable from water when diluted and quickly dissolve in water to generate colorless hydrofluoric acid solutions. Hydrofluoric acid is used to make refrigerants, herbicides, pharmaceuticals, high-octane gasoline, aluminum, plastics, electrical components, and fluorescent light bulbs.
Sizing and Forecast
The hydrofluoric acid market size has grown strongly in recent years. It will grow from $1.41 billion in 2023 to $1.5 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to strong economic growth in emerging markets, an increasing demand for chemical products and an increasing usage of aluminum.
The hydrofluoric acid market size is expected to see strong growth in the next few years. It will grow to $1.87 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to government support and a growing use of industrial and home cleaners. Major trends in the forecast period include product launches, introduction of new pump options, innovative developments and introduction of new purifying processes.
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Segmentation & Regional Insights
The hydrofluoric acid market covered in this report is segmented –
1) By Product Type: Electronic Hydrofluoric Acid, Industrial Hydrofluoric Acid
2) By Grade: Anhydrous, Diluted
3) By Application: Fluorocarbon, Fluorinated Derivatives, Metal Pickling, Glass Etching, Oil Refining, Other Applications
Asia-Pacific was the largest region in the hydrofluoric acid market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hydrofluoric acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing demand from chemical industries is expected to propel the growth of the hydrofluoric (HF) acid market going forward. In the manufacture of fluorine-containing polymers, hydrofluoric acid is a critical reagent. HF is used to make several organ fluorine chemicals such as polytetrafluoroethylene (Teflon), fluorocarbons, and refrigerants including freon. Hydrofluoric acid is also used to make a variety of high-volume inorganic fluoride compounds. Hence, the use of hydrofluoric acid in chemical industries is driving the demand. For instance, in July 2023, according to the US Bureau of Labor Statistics, a US-based government agency, in the U.S., the trade value of chemical manufacturing products exported in 2022 amounted to $288.0 billion, reflecting a growth of 13.4% compared to the previous year, 2021. Furthermore, in January 2022, according to ACS Publications, a US-based provider of high-quality scholarly journals, the US chemical sector recovered in 2021, with production growing by 1.4%, and it is anticipated that in 2022, the growth rate of chemical output will return to 4.3%. Therefore, the increasing demand from chemical industries is driving the demand for the hydrofluoric acid market.
Key Industry Players
Major companies operating in the hydrofluoric acid market report are Stella Chemifa Corp, Solvay SA, Honeywell International Inc, Zhejiang Sanmei Chemical Ind.Co. Ltd., Do-Fluoride New Materials Co. Ltd., Lanxess AG, Daikin Industries Ltd., Koura Global, Dongyue Group Co. Limited., Fluorsid Group Srl, A. B. Enterprises, Triveni Interchem Pvt. Ltd, Choice Organochem Llp., Siddhi Vinayak Industries, Wuhan Wanbangde Industrial & Trade Co Ltd, Xinyi Chemicals Industry Company LTD, Shanshui Chemicals Industrial Co. Ltd, Sinchem Industry Co. Ltd., Zhejiang Kaisn Flourochemical Co. Ltd, Coogee, Brenntag SE, CSC Jäklechemie GmbH & Co. KG., Rexchem UK Limited, Penta chemicals, Sigma-Aldrich, SolvChem, RICCA Chemical, the Chemours Company, Fisher Scientific, Merck Millipore, Alphachem Limited, Orbia, Correias Mercúrio, Pall Corporation, Mexichem Brasil, Gulf Fluor LLC, ICL Group Ltd, Kemcore, Desmet Ballestra, Orbia, Chemifa Corp.
The hydrofluoric acid market report table of contents includes:
1. Executive Summary
- Hydrofluoric Acid Market Characteristics
- Hydrofluoric Acid Market Trends And Strategies
- Hydrofluoric Acid Market – Macro Economic Scenario
- Global Hydrofluoric Acid Market Size and Growth
.
- Global Hydrofluoric Acid Market Competitive Benchmarking
- Global Hydrofluoric Acid Market Competitive Dashboard
- Key Mergers And Acquisitions In The Hydrofluoric Acid Market
- Hydrofluoric Acid Market Future Outlook and Potential Analysis
- Appendix
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