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  • Hydrofluoric Acid Market Analysis | 2024-2032

    Hydrofluoric Acid Market Analysis | 2024-2032

    Hydrofluoric Acid Market Analysis | 2024-2032
    Report code - SR2862 Delivery - 2 Weeks
    Hydrofluoric Acid Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Op See more...

    “The Hydrofluoric Acid Market size/value was US$ 3.6 Billion in 2023 and is likely to grow at an impressive CAGR of 5.9% in the long run to reach US$ 5.1 Billion in 2032”.

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    Market Dynamics

    Introduction

    Hydrofluoric acid (HF) is a highly corrosive inorganic acid with the chemical formula HF, consisting of hydrogen and fluorine atoms. It is notable for its unique ability to etch glass and react with silicate compounds. Contrary to other mineral acids, HF is capable of penetrating glass due to its ability to form stable fluoride complexes with silicon. This property makes it valuable in various industrial applications, such as glass etching, metal cleaning, and the production of fluorocarbons. HF is extremely hazardous and requires careful handling despite its utility. Moreover, diluted hydrogen fluoride is known as hydrofluoric acid.

    Hydrofluoric acid (HF) stands as a critical chemical compound with multifaceted applications, prominently contributing to several vital industrial processes. Its indispensability in diverse sectors, such as the production of fluorocarbons, petroleum refining, glass etching, and metal cleaning, underscores its role as a cornerstone in industrial chemistry. One significant application of hydrofluoric acid is in the synthesis of fluorocarbons, where it serves as a key raw material. Fluorocarbons find extensive use in refrigeration, air conditioning, and as propellants in aerosol products. The increase in demand for these products, driven by factors such as population growth, urbanization, and technological advancements, directly influences the need for hydrofluoric acid market growth.

    Recent Market JVs and Acquisitions:

    A huge number of strategic alliances including M&As, JVs, etc. have been performed over the past few years:

    • In November 2022, Solvay and Orbia (Mexico) entered into a joint venture. The joint venture will build one of the greatest capacities in North America for manufacturing suspension-grade polyvinylidene fluoride (PVDF) required for battery components. Orbia’s fluorinated solutions business koura and Polymer Solutions business Vestolit will supply hydrofluoric acid, vinyl chloride monomer (VCM), and chlorine for the project.
    • In September 2021, Honeywell International Inc. and Ultium Cells LLC (Ohio, US) collaborated for a battery period. The quality control system (QCS) from Honeywell will be used by Ultium Cells LLC to guarantee the reliability of the lithium-ion batteries produced at its new facility in Lordstown, Ohio. These batteries require the use of hydrofluoric acid during production.
    • In March 2022, Daikin developed a new technology, over 90% of hydrofluoric acid components are imported from Japan from China. The new Daikin technology reduces dependency on China for chip-making materials by using Mexican fluorite crystals, which are less pure than Chinese fluorite, to make hydrofluoric acid during production.

    Market Segments' Analysis

    Segmentations

    List of Sub-Segments

    Segments with High Growth Opportunity

    Grade-Type Analysis

    AHF, DHF (Below 50% Concentration), and DHF (Above 50% Concentration).

    AHF is expected to be the demand generator for Hydrofluoric acid in the market, it is also likely to grow at the fastest rate in the coming years.

    Application-Type Analysis

    Production of Fluorocarbons, Production of Fluorinated Derivatives, Metal Pickling, Glass Etching & Cleaning, Oil Refining, Production of Uranium Fuel, and Others.

    Production of fluorocarbons is anticipated to contribute the largest share of the Hydrofluoric acid spending.

    Region Analysis

    North America, Europe, Asia-Pacific, and The Rest of the World.

    The Asia-Pacific region is expected to maintain its reign over the forecast period, whereas it is likely to grow at the fastest rate.

     

    By Grade Type

    “AHF is expected to remain dominant whereas will be the fastest-growing grade in the market during the forecast period.

    • The hydrofluoric acid market is segmented into AHF, DHF (Below 50% Concentration), and DHF (Above 50% Concentration).
    • Anhydrous (AHF) dominated the market, accounting for the largest market share in 2022, and expected to be the fastest-growing grade in the near future. Characterized by its water-free composition, anhydrous hydrofluoric acid finds widespread applications in industries such as electronics, petroleum refining, and chemical synthesis. Its versatility and demand in various industrial processes contribute to its dominance, reflecting the significance of anhydrous hydrofluoric acid in the global market.

    By Application Type

    “Production of fluorocarbons is expected to remain the dominant and fastest-growing application type in the market during the forecast period”.

    • The market is segmented into the production of fluorocarbons, production of fluorinated derivatives, metal pickling, glass etching & cleaning, oil refining, production of uranium fuel, and others.
    • The fluorocarbon segment dominated the market due to factors like Hydrofluoric acid is extensively utilized in the production of fluorocarbons, essential components in refrigeration, air conditioning, and aerosol propellants. The pervasive demand for these applications, driven by technological advancements and consumer needs, positions the fluorocarbon segment as a leading force in the hydrofluoric acid market.
    • Fluorinated Derivatives are expected to register the highest CAGR over the forecast period.  This growth is attributed to the increase in demand for these derivatives in diverse applications, including pharmaceuticals, agrochemicals, and specialty materials. The unique properties conferred by fluorination, such as enhanced stability and performance, drive the rise in the adoption of fluorinated derivatives across industries, fostering their anticipated high CAGR in the coming years.

    Regional Analysis

    Asia-Pacific is expected to remain the largest market for hydrofluoric acid during the forecast period”.

    • In terms of countries, the Asia-Pacific region is expected to remain the largest market for hydrofluoric acid during the forecast period.
    • Asia-Pacific garnered the largest share in 2022. The dominance of this region is fuelled by robust industrialization, particularly in countries such as China and India. The hydrofluoric acid market size is expected to witness growth in countries including China, India, and South Korea owing to the rapid growth trajectory in the region.
    • The increase in demand for hydrofluoric acid in electronics, manufacturing, and chemical industries contributes to the prominent position of Asia-Pacific. The hydrofluoric acid market in Asia-Pacific is expected to maintain its leading share in the foreseeable future as the region continues to witness economic growth and technological advancements.

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    Key Players

    The market is highly fragmented with the presence of over 500 players across the region. Most of the major players compete in some of the governing factors including price, service offerings, regional presence, etc. The following are the key players in the Hydrofluoric acid market:

    Here is the list of the Top Players (Based on Dominance)

    • Buss ChemTech AG
    • Daikin
    • Fubao Group
    • Gulf Fluor
    • Honeywell International Inc.,
    • Lanxess
    • Solvay
    • Stella Chemifa Corporation
    • Sinochem International Corp.
    • Tanfac Industries Ltd.

    Note: The above list does not necessarily include all the top players in the market.

    Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

    Report Features

    This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players and those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    in-depth Analysis of the Hydrofluoric Acid Market 

    How lucrative is the future?

    The market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market Segment Analysis and Forecast

    What are the top players and what is their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirements?

    10% free customization

     

    The global hydrofluoric acid market is segmented into the following categories. 

    Hydrofluoric Market, by Grade Type

    • AHF (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • DHF (Below 50% Concentration) (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • DHF (Above 50% Concentration) (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Hydrofluoric Market, by Application Type

    • Production of Fluorocarbons (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Production of Fluorinated Derivatives (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Metal Pickling (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Glass Etching & Cleaning (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Oil Refining (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Production of Uranium Fuel (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Hydrofluoric Market, by Region

    • North America (Country Analysis: The USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
    • Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
    • Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)

    Research Methodology

    • This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s Hydrofluoric Market realities and future market possibilities for the forecast period. 
    • The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
    • The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
    • This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
    • More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
    • We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com

    Frequently Asked Questions (FAQs)

    Hydrofluoric acid (HF) is a highly corrosive inorganic acid with the chemical formula HF, consisting of hydrogen and fluorine atoms. It is notable for its unique ability to etch glass and react with silicate compounds. Contrary to other mineral acids, HF is capable of penetrating glass due to its ability to form stable fluoride complexes with silicon. This property makes it valuable in various industrial applications, such as glass etching, metal cleaning, and the production of fluorocarbons. HF is extremely hazardous and requires careful handling despite its utility. Moreover, diluted hydrogen fluoride is known as hydrofluoric acid.

    The Hydrofluoric Market is estimated to reach US$ 5.1 Billion in 2032.

    The Hydrofluoric Market is estimated to grow at a CAGR of 5.9% by 2032, driven by influencing the growth of the hydrofluoric acid market usage in refrigerants, hydrofluorocarbons, and hydrofluoroolefins and rising demand for fluorine compounds and derivatives.

    The fluorocarbon segment dominated the market, accounting for the largest revenue share in 2022. Hydrofluoric acid is extensively utilized in the production of fluorocarbons, essential components in refrigeration, air conditioning, and aerosol propellants.

    Asia-Pacific region is considering having the largest market share because it is considered to be the hub for the electronic market and improving the fluorocarbons growth in the market.

    Honeywell International Inc., Solvay, Stella Chemifa Corporation, Daikin, and Lanxess are the leading players in the hydrofluoric acid market.

    AHF is considered to be a high-growth opportunity for producing hydrofluoric acid and is involved in the major application giving the high-growth opportunities in the forecasted period.

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