Global Hydrofluoric Acid Market Overview
The key driver impacting the hydrofluoric acid market is the growing demand from the aluminum manufacturing industry. It is utilized in the production of aluminum fluoride, which is chiefly used as a raw material for aluminum manufacturing. In addition, there is enormous demand for aluminum from end-user industries such as automotive, construction, packaging, etc. is anticipated to create huge market demand in the later years. Moreover, escalating demand for hydrofluoric acid from the fluorinated and fluorocarbon derivative production, glass etching and cleaning, oil refining, metal pickling, and uranium fuel production applications contribute to the hydrofluoric acid market demand in the coming years. Whereas with regards to volume, the market was calculated XX Tons in 2020 and foreseen to grow with a CAGR of XX% during 2021-2027.
According to Value Market Research, the global hydrofluoric acid market size was valued at about USD 1.9 million tons in 2020 and is estimated to grow at a CAGR of around 6% during the forecast period 2021 to 2027.
The rapidly expanding metal industry is likely to augment the need for hydrofluoric acid in the forecast period. Hydrofluoric acid is utilized to detach important metals from mineral ores and for applications like cleaning and wet etching of non-ferrous metal pieces. However, the high volatility in the raw material price of hydrofluoric acid and its uneven distribution hampers the market in the long run. Nevertheless, the industry trends, the rising glass etching, and cleaning applications might provide massive market opportunities to the market's key players.
The hydrofluoric acid market is widespread, with many local and international players. The market leaders follow diverse strategies to strengthen their market, such as extending product portfolio, acquisitions, contracts, amalgamation, product upgrades to raise their market share globally. The key players in the report are Daikin, Honeywell International, Dongyue Group, Yingpeng Group, Solvay, Sinochem Group, Mexichem, Fluoride Chemical, LANXESS, and Fluorchemie Group, among others.
In this research report, the hydrofluoric acid market is segmented by grade, application, and region.
Analysis by Grade:
By grade, the report is categorized into anhydrous hydrofluoric acid, diluted hydrofluoric acid (above 50% concentration), and diluted hydrofluoric acid (below 50% concentration). The anhydrous hydrofluoric acid segment dominates the grading segment with the largest market share in 2020. It is due to the massive demand for this grade in the production of fluorinated derivative fluorocarbon and oil refining applications. Moreover, AHF is majorly utilized as a pickling agent in metalworking to eliminate the oxides, and other impurities from carbon steels are owing to its ability to dissolve steel contributing to the growth of the anhydrous hydrofluoric acid segment's growth in the forecast period.
Analysis by Application:
By application, the report is segmented into fluorocarbon production, fluorinated derivative production, metal pickling, glass etching and cleaning, oil refining, uranium fuel production, and others (pharmaceutical products, agrochemicals, consumer products). The fluorocarbon production segment dominates with the highest market share in 2020. It is due to the mounting demand for the main kind of refrigerants like hydrofluorocarbons (HFCs) and hydrofluoroolefins (HFOs). Moreover, fluorides are majorly utilized in the aluminum industry leading to the high production of fluorides contributed to the growth of the fluorocarbon production application segment in the coming years.
Analysis by Region:
In the regional outlook of the global hydrofluoric acid market, the Asia Pacific region dominates with the largest market share in 2020. Moreover, it is likely to grow with the highest CAGR in the coming years. It is due to the presence of numerous fluorocarbon manufacturers in the region. Moreover, rapidly expanding end-user industries with the existence of key players such as Daikin (Japan), Dongyue Group (China), Yingpeng Chemical (China), Sinochem (China), and Fluoride Chemicals (China), in various nations of the region contributes to the tremendous market growth across the Asia Pacific.
Market Segmentation covered in the Report:
By Grade:
- Anhydrous Hydrofluoric Acid
- Diluted Hydrofluoric Acid (above 50% concentration)
- Diluted Hydrofluoric Acid (below 50% concentration)
By Application:
- Fluorocarbon Production
- Fluorinated Derivative Production
- Metal Pickling
- Glass Etching and Cleaning
- Oil Refining
- Uranium Fuel Production
- Others (Pharmaceutical Products, Agrochemicals, Consumer Products)
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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