Expansions was the Key Strategy Adopted by Major Players to Achieve Growth in the Global Hydrofluoric Acid Market Between 2016 and 2018.
The hydrofluoric acid market is projected to reach 2.1 million tons by 2023, at a CAGR of 5.5% between 2018 and 2023. Hydrofluoric acid is a strong, reactive, and corrosive acid, usually found as a colorless liquid or gas. It is produced by the reaction of fluorspar with concentrated sulfuric acid at a temperature of 509° F. The physical properties of hydrofluoric acid, such as its boiling point, melting point, and density, are dependent on its grades. Hydrofluoric acid is primarily used to produce refrigerant gases and other fluorinated organic and inorganic compounds. In addition, it is used in glass and metal treatment, pharmaceutical product synthesis, alumina production, oil refining (alkylation), and uranium fuel production. The increasing use of hydrofluoric acid in various applications, such as fluorocarbon production and fluorinated derivative production, is expected to drive the market.
Expansions was the key strategy adopted by major players to achieve growth in the global hydrofluoric acid market between 2016 and 2018. Major players in the hydrofluoric acid market include Dongyue Group (China), Honeywell International (US), Daikin (Japan), Solvay (Belgium), Mexichem (Mexico), Sinochem Group (China), LANXESS (Germany), Yingpeng Group (China), Fluoride Chemical (China), and Fluorchemie Group (Germany).
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Dongyue Group, Daikin, and Honeywell International used expansions as their primary strategy to increase their presence in the Asia-Pacific region. In November 2017, Dongyue Group established two companies, namely, Shandong Dongyue Public Trading and Guoming Investment Management, in Beijing, China. These companies are involved in trading commodity products, such as chemical products, non-ferrous metals, ferrous metals, and investments in production and financing. This expansion has allowed the company to expand its presence in China.
In August 2017, Daikin established a new subsidiary, DAIKIN CHEMICAL SOUTHEAST ASIA, in Thailand. This expansion is expected to help the company expand its fluorochemical business in the Southeast Asian market.
In May 2016, Honeywell International announced plans to invest USD 100 million to expand its Asia Pacific regional headquarters and R&D facilities in Shanghai through the purchase of a new headquarters building in Zhangjiang High-Tech Park. With this expansion, the company is expected to increase its business in the APAC region.
Related Reports:
Hydrofluoric Acid Market by Grade (Anhydrous, and Diluted Hydrofluoric Acid (Above 50%, and Below 50% Concentration)), Application (Fluorocarbons, Fluorinated Derivatives, Metal Pickling, Glass Etching), and Region - Global Forecast to 2023
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