Hydrofluoric Acid Market by Grade (AHF, DHF (above 50% concentration) and DHF (below 50% concentration)), Application, and Region (Asia Pacific, North America, Europe, South America, Middle East & Africa) - Global Forecast to 2027
Hydrofluoric Acid Market
The global hydrofluoric acid market was valued at USD 3.4 billion in 2022 and is projected to reach USD 4.5 billion by 2027, growing at a cagr 5.9% from 2022 to 2027. The reaction between a hydrogen atom and a fluorine atom leads to the formation of hydrogen fluoride, a colorless, caustic liquid or vapor. It can be dissolved in water, can exist as a colorless gas, or as a liquid that fumes. Hydrofluoric acid is formed when hydrogen fluoride dissolves in water. Hydrofluoric acid market is segmented on the basis of the grade into the AHF, DHF (above 50% concentration) and DHF (below 50% concentration) on their concentrations. The market is divided by applications like fluorocarbon production, fluorinated derivative production, metal pickling, glass etching and cleaning, oil refining, uranium fuel production, and others.
Attractive Opportunities in the Hydrofluoric Acid Market
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Hydrofluoric acid Market Dynamics
Driver: Extensive usage in refrigerants, hydrofluorocarbons , and hydrofluoroolefins
Hydrofluoric acid is mainly used to produce fluorocarbons such as hydrochlorofluorocarbon (HCFCs), hydrofluorocarbon (HFCs), and hydrofluoroolefins (HFOs). HFOs and HFCs are globally used in refrigerants. Hydrofluoric acid is also widely used in the chemical industry to produce fluorine compounds such as fluorocarbons, fluorides, and fluoropolymers. This drives the hydrofluoric acid market.
Restraint: Raw material price fluctuations and stringent regulations on the use of fluorocarbon refrigerants
Fluorocarbon refrigerants adversely affect the ozone layer; therefore, various governments and agencies impose regulations to limit the use of fluorocarbon refrigerants. Several countries have agreed to eliminate HCFCs and HFCs by imposing protocols and regulations to limit their consumption.
Opportunities: Use of hydrofluoric acid in glass etching & cleaning applications
The growth in the semiconductor industry is crucial in creating new opportunities for the hydrofluoric acid industry, as this acid is used for glass etching & cleaning. The rapid advancements in semiconductor manufacturing technology will likely fuel the demand for hydrofluoric acid.
Challenges: Toxic and hazardous effects of hydrofluoric acid
Hydrofluoric acid is a highly corrosive and toxic liquid or gas. Precautions need to be taken while handling the acid to avoid its leakage. Hence, difficulty in handling hydrofluoric acid is a challenge for the market.
Ecosystem
By Grade, Anhydrous hydrofluoric acid accounted for the highest CAGR during the forecast period
Hydrofluoric acid is segmented into the AHF, DHF (above 50% concentration) and DHF (below 50% concentration) grades based on their concentrations. Their use depends on the need for various applications, such as fluorocarbon production, fluorinated derivative production, metal pickling, glass etching and cleaning, oil refining. AHF is a clear, colorless gas mainly used as a feedstock for producing fluorocarbons. This major application helps to boost the demand for Hydrofluoric acid in the forecast period.
By Application, the fluorocarbon production segment accounted for the largest market share during the forecast period
Hydrofluoric acid is used in different applications like fluorocarbon production, fluorinated derivative production, metal pickling, glass etching and cleaning, oil refining, uranium fuel production, and others (mainly pharmaceutical products, agrochemicals, and consumer products). Hydrofluoric acid is the primary fluorine source, an essential element used to produce fluorocarbons which are used in many end use industries like refrigerants. The fluorocarbon production is estimated to account for largest market share.
Asia Pacific is projected to account for the highest CAGR in the Hydrofluoric acid market during the forecast period
Asia Pacific region is the hub of the electronic market. Due to the, rapidly growing electronics and semiconductor industries, competitive manufacturing costs, abundant availability of raw materials at lower costs, high economic growth rate, and lower labor & transportation costs are fueling the market growth in the region. The growth is also led by rapid industrialization, rising income levels, and increasing production of fluorocarbons and fluorinated derivatives.
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Key Market Players
Hydrofluoric acid comprises major manufacturers such as Honeywell International Inc. (US), Solvay (Belgium), Stella Chemifa Corporation (Japan), Daikin (Japan), and Lanxess (Germany) were the leading players in the Hydrofluoric acid market. Expansions, acquisitions, joint ventures, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the Hydrofluoric acid market.
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- Latest News, Updates & Trend analysis
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Report Metric |
Details |
|
Years Considered |
2020–2027 |
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Base year |
2021 |
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Forecast period |
2022–2027 |
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Unit considered |
Value (USD Billion), Volume (Kilo tons) |
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Segments |
Grade, Application, and Region |
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Regions |
Asia-Pacific, North America, Europe, South America and Middle East & Africa |
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Companies |
The major players are Honeywell International Inc. (US), Solvay (Belgium), Stella Chemifa Corporation (Japan), Daikin (Japan), Lanxess (Germany) |
This research report categorizes the global Hydrofluoric acid market on the basis of Grade, Application, and Region.
Hydrofluoric acid Market, By Grade
- AHF
- DHF (Below 50% Concentration)
- DHF (Above 50% Concentration)
Hydrofluoric acid Market, By Application
- Production of Fluorocarbons
- Production of Fluorinated Derivatives
- Metal Pickling
- Glass Etching & Cleaning
- Oil Refining
- Production of Uranium Fuel
- Others
Hydrofluoric acid Market, By Region
- Asia Pacific (APAC)
- North America
- Europe
- South America
- Middle East & Africa
The market has been further analyzed for the key countries in each of these regions.
Recent Developments
- 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 battery project. 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.
Frequently Asked Questions (FAQ):
What are the major drivers driving the growth of the Hydrofluoric acid market?
The major drivers influencing the growth of the Hydrofluoric acid market are extensive usage in refrigerants, hydrofluorocarbons, and hydrofluoroolefins and rising demand for fluorine compounds and derivatives.
What are the major challenges in the Hydrofluoric acid market?
The major challenge in the Hydrofluoric acid market is high transportation cost of anhydrous hydrofluoric acid grade and toxic and hazardous effects of hydrofluoric acid.
What are the restraining factors in the Hydrofluoric acid market?
The major restraining factor faced by the Hydrofluoric acid market is the raw material price fluctuations.
What is the key opportunity in the Hydrofluoric acid Market?
The use of hydrofluoric acid in glass etching & cleaning applications has a new opportunity for the Hydrofluoric acid market.
What are the applications of Hydrofluoric acid?
The Hydrofluoric acid are majorly used in applications like fluorocarbon production, fluorinated derivative production, metal pickling, glass etching & cleaning, oil refining and uranium fuel production. .
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This research involved the use of extensive secondary sources and databases, such as Factiva and Bloomberg, to identify and collect information useful for a technical and market-oriented study of the Hydrofluoric acid market. Primary sources included industry experts from related industries and preferred suppliers, manufacturers, distributors, technologists, standards & certification organizations, and organizations related to all segments of the value chain of this industry. In-depth interviews have been conducted with various primary respondents, such as key industry participants, subject matter experts (SMEs), executives of key companies, and industry consultants, to obtain and verify critical qualitative and quantitative information as well as to assess growth prospects.
Secondary Research
In the secondary research process, various sources such as annual reports, press releases, and investor presentations of companies; white papers; and publications from recognized websites and databases have been referred to for identifying and collecting information. Secondary research has been used to obtain key information about the industry's supply chain, the total pool of key players, market classification and segmentation according to the industry trends to the bottom-most level, regional markets, and key developments from both market-and technology-oriented perspectives.
Primary Research
The Hydrofluoric acid market comprises several stakeholders in the supply chain, which include suppliers, processors, and end-product manufacturers. Various primary sources from the supply and demand sides of the markets have been interviewed to obtain qualitative and quantitative information. The primary participants from the demand side include key opinion leaders, executives, vice presidents, and CEOs of companies in the Hydrofluoric acid market. Primary sources from the supply side include associations and institutions involved in the Hydrofluoric acid industry, key opinion leaders, and processing players.
Following is the breakdown of primary respondents—
Notes: Others include sales, marketing, engineers, and product managers.
Tier 1= USD 1 Billion; Tier 2 = below USD 1 Billion to USD 500 Million; and Tier 3 = Below USD 500 Million.
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Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the size of the global Hydrofluoric acid industry. The research methodology used to estimate the market size includes the following:
- The key players in the industry were identified through extensive secondary research.
- The supply chain of the industry and market size, in terms of value, were determined through primary and secondary research.
- All percentage shares split, and breakdowns were determined using secondary sources and verified through primary sources.
- All possible parameters that affect the markets covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.
- The research includes the study of reports, reviews, and newsletters of key industry players along with extensive interviews with key officials, such as directors and marketing executives.
Market Size Estimation: Bottom-Up Approach
Data Triangulation
After arriving at the total market size from the estimation process explained above, the overall market was split into several segments and subsegments. To complete the overall market size estimation process and arrive at the exact statistics for all segments and subsegments, the data triangulation and market breakdown procedures have been employed, wherever applicable. The data have been triangulated by studying various factors and trends from both the demand and supply sides. In addition, the market size has been validated by using both the top-down and bottom-up approaches.
Report Objectives
- To define, describe, and forecast the global Hydrofluoric acid market in terms of value and volume.
- To provide insights regarding the significant factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
- To analyze and forecast the market based on grade, region, and application.
- To forecast the market size, in terms of value and volume, with respect to four main regions: North America, Europe, Asia Pacific, South America and Middle East & Africa.
- To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape.
- To strategically profile key players in the market.
- To analyze competitive developments in the market, such as new product launches, capacity expansions, and mergers & acquisitions.
- To strategically profile the leading players and comprehensively analyze their key developments in the market.
Available Customizations:
Along with the given market data, MarketsandMarkets offers customizations as per the specific needs of the companies. The following customization options are available for the report:
Product Analysis:
- Product Matrix which gives a detailed comparison of the product portfolio of each company
Regional Analysis:
- Further breakdown of the Rest of the APAC Hydrofluoric acid market
- Further breakdown of the Rest of Europe’s Hydrofluoric acid market
Company Information:
- Detailed analysis and profiling of additional market players (up to 5)
Generating Response ...
Growth opportunities and latent adjacency in Hydrofluoric Acid Market