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.
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
- By Application
- Steel Pickling and Metal Treatment
- Petroleum Catalyst
- Glass Etching
- Electronics & Semiconductors
- By Region
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- North America
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Frequently Asked Questions (FAQs)
The global hydrofluoric acid market is anticipated to grow at a CAGR of approximately 5.6% during the forecast period 2023-2030.
The global hydrofluoric acid market is estimated at US$ 2.4 billion in 2023.
Increasing consumption in fluorochemical production to fuel the hydrofluoric acid market growth.
North America holds the major share of the global hydrofluoric acid market.
Leading Companies operating in the global hydrofluoric acid market include 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, etc.