Global Hydrofluoric Acid Market Analysis and Forecast, 2019-2030

The global hydrofluoric acid market is expected to grow at a CAGR of around 5.6% during the forecast period of 2023-2030 and is estimated at US$ 2.4 billion in 2023.

HF is a crucial raw ingredient in manufacturing fluorochemicals, a class of compounds containing fluorine. The requirement for HF as a crucial ingredient has been pushed by the demand for fluorochemicals in a variety of sectors. Hydrofluorocarbons (HFCs), which are frequently used as refrigerants and in air conditioning systems, are made using HF. Hydrofluorocarbons (HFCs) have replaced ozone-depleting compounds like chlorofluorocarbons (CFCs) and hydrochlorofluorocarbons (HCFCs), and their demand has increased the requirement for HF.

Additionally, HF is employed in the production of lithium-ion batteries, namely in the preparation of the electrolyte. The necessity for HF in battery manufacture has been influenced by the expansion of the electric car industry and the rise in popularity of portable electronic devices.

Rising Industrial Applications to Accelerate Hydrofluoric Acid Market Growth

Fluoropolymers, inorganic fluorides, and other compounds like fluorocarbons depend on HF as a key raw ingredient. These substances are used in the pharmaceutical, semiconductor, air conditioning, refrigeration, and other industries, helping to expand the HF market. High-octane petrol and other refined petroleum products are made using HF in the oil refining process. The necessity to achieve strict fuel quality standards and improve the performance of petroleum products is what drives the need for HF in the oil refining sector.

The demand for hydrofluoric acid is projected to increase due to the expansion of industrial uses, particularly in industries including chemicals, oil refining, steel, glass, and electronics. The development of associated industries, changes in laws, and technical improvements could all have affected the trajectory of the hydrofluoric acid market’s growth.

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North America Significantly Drives Global Hydrofluoric Acid Market Growth

The hydrofluoric acid market in North America was established, with the US serving as both a major consumer and producer. Diverse sectors, such as chemical manufacturing, oil refining, and electronics, were major drivers of the region’s prosperity. The desire for high-performance materials and chemicals, such as fluoropolymers, refrigerants, and solvents, had an impact on the demand for hydrofluoric acid.

In the Asia-Pacific region, particularly in China, hydrofluoric acid production and consumption were important. The region’s expansion was fueled by its burgeoning industrial base, particularly in the creation of fluorinated chemicals and products derived from fluorochemicals. The growth of manufacturing industries like electronics, air conditioning, and refrigeration helped drive up hydrofluoric acid demand. The region’s increase also aided the expansion of the industry in end-user industries like the automobile, construction, and electronics sectors.

Market Structure and Competitive Landscape

These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the global hydrofluoric acid market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players.  Some of the key developments in the global hydrofluoric acid market include,

• In April 2021, EcoGraf announced the acquisition of a battery anode materials facility contract. In order to produce spherical graphite outside of China, that would use an environmentally friendly alternative to traditional hydrofluoric acid purifying techniques.

The global hydrofluoric acid market is fragmented in nature with the presence of various players operating in the market.

Some of the prominent players operating in the hydrofluoric acid market Gulf Fluor, Lanxezz AG, Solvay SA, Honeywell International, Buss chemTech Ag, Tanfac Industries Ltd, Merck KGaA, Gujarat Fluorochemicals Ltd, Stella Chemifa Corporation, Soulbrain Co. Ltd, Morita Chemical Industries Co Ltd, SRF Limited, Fubao Group others.

Key Market Segmentation

RationalStat has segmented the global hydrofluoric acid market based on grade, application and region.

• By Grade
  • Anhydrous
  • Aqueous
• By Application
  • Fluorochemicals
  • Steel Pickling and Metal Treatment
  • Petroleum Catalyst
  • Glass Etching
  • Electronics & Semiconductors
  • Others
• By Region
  • North America
    • US
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Western Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Benelux
    • Nordic
    • Rest of Western Europe
  • Eastern Europe
    • Russia
    • Poland
    • Rest of Eastern Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • ASEAN (Indonesia, Vietnam, Malaysia, etc.)
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • South Africa
    • Turkey
    • Rest of the Middle East & Africa

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Research Methodology

RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.

RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:

• Defining the problem by understanding the type of market and data required by the client.
• Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
• Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
• Evaluating and analyzing the data by referring to data sources utilized and leveraged.
• Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.

Secondary Sources

• Annual reports, company filings, investor presentations, product catalogs, and company documents
• Industry and market-related documents available in the public domain
• Paid database including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, and Thomson Reuters, among others
• Whitepapers, research papers, and industry blogs.

Why Buy this Report?

The report is intended for manufacturers, raw material suppliers, third-party distributors, construction industry players, government organizations, research institutes, educational organizations, regulatory agencies, and market research firms, among others. The report provides an in-depth analysis of market size, consumption patterns, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.

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