Overview and Scope
The electronic-grade hydrofluoric acid market consists of sales of liquid crystal display (LCD) grade, solar grade, optoelectronic grade, and analytical reagent grade hydrofluoric acid. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Sizing and Forecast
The electronic grade hydrofluoric acid market size has grown strongly in recent years. It will grow from $1.70 billion in 2023 to $1.82 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to increasing demand for electronic equipment, increasing application of electronic equipment, adopting multiple channels, increasing demand from the electronics industry, and increased production capacities.
The electronic grade hydrofluoric acid market size is expected to see strong growth in the next few years. It will grow to $2.42 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to rising demand for electronic devices, rising demand for aluminum in various end-use industries, growing semiconductor industry, increasing demand for advanced electronic components, increasing application of solar cells in electricity, and growing adoption of smart electronic devices. Major trends in the forecast period include technological advancements, integrated circuits automation, strategic partnerships, research and development activities, and the development of portable media devices.
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Segmentation & Regional Insights
The electronic grade hydrofluoric acid market covered in this report is segmented –
1) By Type: Ultra-Pure Grade, Ultra-Pure Special Grade, Ultra-Pure Super Special Grade, Electronic Grade
2) By Application: Integrated Circuits , Solar Energy, Glass Product, Monitor Panel, Other Applications
3) By End-User: Electronics, Semiconductor, Photovoltaic, Chemical, Automotive, Other End-Users
North America was the largest region in the electronic grade hydrofluoric acid market in 2023. The regions covered in the electronic grade 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 adoption of electronic products is expected to propel the growth of the electronic-grade hydrofluoric acid market going forward. Electronic products encompass various devices, from everyday consumer gadgets like smartphones and laptops to larger items such as household appliances, industrial machinery, and medical equipment. The increasing adoption of electronic products is due to technological advancements, affordability, convenience, and the growing demand for connectivity and digitalization in various aspects of life. Electronic-grade hydrofluoric acid is utilized throughout the manufacturing process of electronic products to ensure precise patterning, surface modification, and other methods that result in reliable and efficient electronic devices. For instance, in February 2024, according to the Japan Electronics and Information Technology Industries Association, a Japan-based trade organization, consumer electronic products production reached $201.91 million (¥31,685 million), up from $149.27 million (¥ 23,425 million) in January 2023. Therefore, the increasing adoption of electronic products is driving the growth of the electronic-grade hydrofluoric acid market going forward.
The increasing adoption of electric vehicles is expected to propel the growth of the electronic-grade hydrofluoric acid market going forward. Electric vehicles (EVs) are vehicles that are powered by electric motors, using energy stored in rechargeable batteries or other energy storage devices. The increase in the adoption of electric vehicles (EVs) is due to government financial incentives, higher energy density, the construction of fast-charging stations, and emission regulations. Electronic-grade hydrofluoric acid is essential for producing high-purity semiconductor components fundamental to the operation and performance of various electronic systems within electric vehicles. For instance, in March 2022, according to an article published by the Department of Energy, a US-based government agency, sales of new light-duty plug-in electric vehicles, encompassing both all-electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs), increased from 3.08 million in 2020 to 6.08 million in 2021. Therefore, the increasing adoption of electric vehicles is driving the growth of the electronic-grade hydrofluoric acid market.
Key Industry Players
Major companies operating in the electronic grade hydrofluoric acid market are Honeywell International Inc., Merck KGaA, Solvay S.A., Air Products and Chemicals Inc., Formosa Daikin Advanced Chemicals Co. Ltd., Formosa Plastics Corporation, Shandong Dongyue Chemical Co. Ltd., KMG Chemicals, Zhejiang Juhua Co. Ltd., Stella Chemifa Corporation, Suzhou Crystal Clear Chemical Co.Ltd., Derivados del Fluor SAU, Zhejiang Sanmei Chemical Incorporated Company, G. Frederick Smith Chemical Company, Advance Research Chemicals Inc., Fujian Shaowu Yongfei Chemical Co. Ltd., Buss ChemTech AG, Loba Chemie Pvt Ltd., Morita Chemical Industries Co. Ltd., Kanto Chemical Co. Inc., Sunlit Chemical Co. Ltd., Hangzhou Dayangchem Co. Ltd., Rishiroop Polymers Pvt. Ltd., Sinochem Lantian Co. Ltd., Xinxiang Yellow River Fine Chemical Industry Co. Ltd.
The electronic grade hydrofluoric acid market report table of contents includes:
1. Executive Summary
2. Electronic Grade Hydrofluoric Acid Market Characteristics
3. Electronic Grade Hydrofluoric Acid Market Trends And Strategies
4. Electronic Grade Hydrofluoric Acid Market – Macro Economic Scenario
5. Global Electronic Grade Hydrofluoric Acid Market Size and Growth
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32. Global Electronic Grade Hydrofluoric Acid Market Competitive Benchmarking
33. Global Electronic Grade Hydrofluoric Acid Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Electronic Grade Hydrofluoric Acid Market
35. Electronic Grade Hydrofluoric Acid Market Future Outlook and Potential Analysis
36. Appendix
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