The global hydrofluoric acid market is expected to be valued at US$ 1.83 Million in 2022. With the increasing sale of cookware and cable wire, coupled with the rise in the need for hydrofluorocarbons (HFCs) and hydrofluorolefins (HFOs), the overall demand for hydrofluoric acid is projected to grow at a CAGR of 3.7% between 2022 and 2032, totaling around US$ 2.63 Million by 2032.
A rise in the production level of fluorochemicals in the U.S. and Germany is further favoring the global demand. In the Asia Pacific region, the increasing production of fluorocarbons and the presence of large-scale manufacturers are expected to boost the market growth. The product demand is anticipated to rise in India during the forecast period on the account of the increasing production of aluminum and aluminum products wherein hydrofluoric acid is a key raw material.
The global market is highly fragmented with the presence of numerous players in both developed and developing economies. Key players are focusing on mergers and acquisitions to increase their presence throughout the value chain. The majority of the industry players are focusing on product advancements aiming at the development of new products with eco-friendly characteristics to cater to a broader application market.
The increasing sale of cookware and cable wire is driving the growth of the hydrofluoric acid market. Hydrofluoric acid is used as a raw material in the aluminum fluoride manufacturing and is also used in the manufacturing of aluminum. The application of aluminum in many industries such as industries and automotive is increasing, which will boost the demand for hydrofluoric acid market.
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Key Takeaways from the Market Study
From 2017 to 2021, the market demand expanded at a CAGR of 6%
By grade, anhydrous hydrofluoric acid to accumulate a market share of 60% in 2022
By application, the steel pickling and metal treatment segment dominates the market with a share of 73%
North America to emerge as a promising market, capturing nearly 2/5th of global market revenue in 2022
Asia Pacific to be an opportunistic market, expected to capture 36.5% revenue
Europe to be a significant contributor to the hydrofluoric acid market revenue landscape, accounting for over 30% sales
The growing use of aluminium across end-use sectors like automobile, packaging, and manufacturing, among others are positively influencing the growth of hydrofluoric acid in the global market, remarks an FMI analyst.
Competitive Landscape
Players in the global Hydrofluoric Acid Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
In April 2021, EcoGraf announced the acquisition of a contract for a battery anode materials facility for the production of spherical graphite, outside of China with an environmentally safer option to conventional hydrofluoric acid purification processes.
In April 2021, Renascor Resources is investigating green finance options for its Siviour Battery Anode Material Project in South Australia, to produce materials for electric vehicle manufacturing facilities through vertical integration strategies.
In February 2021, Samsung Electronics revealed the development of a new system aimed to aid in the reuse of high-concentration liquefied hydrogen fluoride cleaning solutions for applications on semiconductor production lines.
In 2020, SCHOTT had unveiled applications of hydrofluoric acid for extending the life of temperature resistant, electrochemically stable lithium-ion batteries while preserving their capacity with HF absorbent glass powder to prevent corrosion damage on cells.
Know More about What the Hydrofluoric Acid Market Report Covers
Future Market Insights offers an unbiased analysis of the global Hydrofluoric Acid Market, providing historical data for 2016-2021 and forecast statistics from 2022-2032.
To understand opportunities in the hydrofluoric acid market, the market is segmented on the basis of grade, and application across six major regions.
Key Segments Covered in the Hydrofluoric Acid Industry Analysis
Hydrofluoric Acid Market by Grade:
Anhydrous
Aqueous
Hydrofluoric Acid Market by Application:
Fluorochemicals
Steel Pickling and Metal Treatment
Petroleum Catalyst
Glass Etching
Electronics & Semiconductors
Others
Hydrofluoric Acid Market by Region:
North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East & Africa
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