Global Hydrofluoric Acid Market

Hydrofluoric Acid Market Size, Share, Growth Analysis, By Grade(Anhydrous, and Diluted), By Application(Fluorocarbon, Fluorinated Derivatives, Metal Pickling, Glass Etching), By Region - Industry Forecast 2024-2031


Report ID: SQMIG15A2303 | Region: Global | Published Date: February, 2024
Pages: 157 |Tables: 65 |Figures: 63

Hydrofluoric Acid Market Insights

Hydrofluoric Acid Market size was valued at USD 1.04 billion in 2021 and is poised to grow from USD 1.10 billion in 2022 to USD 1.70 billion by 2030, growing at a CAGR of 5.6% in the forecast period (2023-2030).

The hydrofluoric acid market is experiencing significant growth, driven by its diverse industrial applications and rising demand from various sectors. Hydrofluoric acid, a strong inorganic acid with unique properties, finds extensive use in industries such as chemical manufacturing, petrochemicals, electronics, and pharmaceuticals. It is a crucial component in the production of fluorocarbons, which are used in refrigerants and as a propellant in aerosol products. Additionally, the semiconductor industry relies on hydrofluoric acid for etching silicon wafers and cleaning semiconductor materials.

The market's growth is further fueled by the expansion of the automotive and construction industries, where hydrofluoric acid is used in surface treatment and glass manufacturing. Furthermore, its importance in the oil refining sector for catalyst regeneration and alkylation processes contributes to market expansion.

Geographically, North America and Asia-Pacific are the key regions driving the hydrofluoric acid market, owing to their robust industrial infrastructure and increasing industrialization. However, stringent safety regulations and environmental concerns regarding the handling and disposal of hydrofluoric acid pose challenges to market growth. Despite these challenges, the growing demand for hydrofluoric acid across various industries, coupled with ongoing technological advancements, is expected to sustain the market's upward trajectory in the coming years.

US Hydrofluoric Acid Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 1.04 billion

Largest Segment

Anhydrous

Fastest Growth

Anhydrous

Growth Rate

5.6% CAGR

Global Hydrofluoric Acid Market ($ Bn)
Country Share for Asia Pacific Region (%)

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Hydrofluoric Acid Market Segmental Analysis

The Hydrofluoric Acid Market is segmented by Grade, Application, and Regional. We are analyzing the market of these segments to identify which segment is the largest now and in the future, which segment has the highest growth rate, and the segment which offers the opportunity in the future. Based on Grade the market is segmented as, Anhydrous, Diluted. Based on Application the market is segmented as, Fluorocarbon, Fluorinated Derivatives, Metal Pickling, Glass Etching, Oil Refining, Others. Based on Regional the market is segmented as, North America, Asia Pacific, and Latin America.

Hydrofluoric Acid Market Analysis By Grade

The dominant segment in the market is the anhydrous grade, accounting for over 57.5% of the revenue share in 2022. This strong position is attributed to its widespread use in various applications, such as surfactant and fluorochemical formulations, as well as in catalysis for petroleum alkylation. It plays a role as a reagent in the acidolysis of the benzyl group in cysteine peptides, showcasing its versatility. Anhydrous grade hydrofluoric acid's ability to enhance production at lower temperatures has further contributed to its high demand.

However, it is essential to note that the strong properties of anhydrous hydrofluoric acid also make it highly corrosive to the skin and toxic, posing safety concerns. There are strict exposure limits to ensure worker safety, with a specified range of acid permissible for exposure. Despite these challenges, the demand for anhydrous hydrofluoric acid is growing both domestically and internationally, especially in applications such as metal cleaners and wheel cleaners, indicating sustained growth potential for this segment over the forecast period.

Hydrofluoric Acid Market Analysis By Application

The fluorocarbon application segment was the market leader in 2021, capturing a significant share of over 54.5% in global revenue. This dominance can be attributed to the growing demand for fluorocarbons, particularly in air conditioning systems and refrigerants, which has fueled production, especially in developing economies. The utilization of hydrofluoric acid in fluorocarbons is rising due to its role as a non-chlorinated alternative to ozone-depleting chlorofluorocarbons, further driving its demand.

Hydrofluoric acid has diverse applications, serving as a cleaning agent and etchant in the semiconductor industry, as well as being essential in stainless steel pickling. It is widely used in various sectors, including the purification of materials like quartz, graphite, and ferrosilicon, ceramic production, metal pickling, glass etching, and cleaning solutions. Additionally, it plays a vital role in improving fuel efficiency in the petrochemical industry during the alkylation process.

Furthermore, hydrofluoric acid serves as a key raw material in aluminum production, and the global demand for aluminum products from various industries is expected to drive market growth in the future. However, it's important to note that hydrofluoric acid is highly corrosive and toxic, posing significant health risks through inhalation or direct contact. These safety concerns may limit the adoption of industrial-grade hydrofluoric acid, potentially impacting its overall demand.

Global Hydrofluoric acid market By Grade, 2023 (%)

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Hydrofluoric Acid Market Regional Insights

Asia Pacific emerged as the dominant force in the global market, holding a substantial revenue share of over 40.7% in 2022. This is primarily due to the concentration of numerous fluorocarbons manufacturers within the region. Furthermore, the Asia Pacific market is projected to exhibit the fastest growth throughout the forecast period. The escalating demand for metals and the robust electronics & semiconductor sector in China are significantly driving product demand in the country. Additionally, increased usage in national defense, industrial, and civil production industries is poised to further fuel market expansion in the region.

In Europe, the market is anticipated to gain momentum, propelled by the increasing production of fluorochemicals. The North American market is also experiencing growth, driven by rising imports and heightened levels of research and development aimed at creating environmentally friendly products without compromising performance. Although the production of hydrofluoric acid is notable in Central & South America, as well as the Middle East and Africa, consumption levels in these regions remain comparatively lower than in other developed parts of the world.

Global Hydrofluoric acid market By Geography, 2024-2031
  • Largest
  • Fastest

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Hydrofluoric Acid Market Dynamics

Hydrofluoric Acid Market Drivers

Fluorocarbon Demand:

  • The increasing demand for fluorocarbons, especially in air conditioning systems and refrigerants, is a major driver of the hydrofluoric acid market. Hydrofluoric acid is used in the production of fluorocarbons, which serve as non-chlorinated alternatives to ozone-depleting substances, driving its usage.

Hydrofluoric Acid Market Restraints

Safety Concerns:

  • Hydrofluoric acid is highly corrosive and toxic. Its handling requires stringent safety measures to prevent adverse health effects through inhalation or direct contact. These safety concerns can restrain its widespread adoption.

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Hydrofluoric Acid Market Competitive Landscape

The competitive landscape of the hydrofluoric acid market is characterized by the presence of several key players, each vying to maintain and expand their market share. Prominent companies in the industry are focused on strategic initiatives such as mergers, acquisitions, partnerships, and product development to gain a competitive edge. Furthermore, the market is driven by technological advancements aimed at enhancing the efficiency and safety of hydrofluoric acid production and applications. Major industry players are investing in research and development to innovate and introduce new grades of hydrofluoric acid to meet the diverse needs of end-users across various industries, including fluorocarbon production, aluminum smelting, and semiconductor manufacturing. Additionally, an emphasis on sustainable practices and environmental safety is shaping the competitive dynamics, leading to the development of eco-friendly solutions and the adoption of responsible manufacturing processes. As competition intensifies, companies are also focusing on maintaining high-quality standards, offering tailored solutions, and expanding their global presence to tap into emerging markets with increasing industrialization and demand for hydrofluoric acid-based products.

Hydrofluoric Acid Market Top Player’s Company Profile

  • Daikin
  • Dongyue Group
  • Sinochem
  • Yingpeng Chemical
  • Honeywell International Inc.
  • Stella Chemifa Corp.
  • Koura Global
  • Lanxess

Hydrofluoric Acid Market Recent Developments

  • 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 safe option to conventional hydrofluoric acid purification processes.
  • In April 2021, Renascor Resources investigated 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.

Hydrofluoric Acid Key Market Trends

  • Increasing Demand for Fluorocarbons: The demand for hydrofluoric acid in the production of fluorocarbons, particularly for air conditioning systems and refrigerants, is on the rise. This trend is driven by the need for non-chlorinated alternatives to ozone-depleting substances, leading to a significant market share in this application segment.

Hydrofluoric Acid Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our global hydrofluoric acid market analysis, hydrofluoric acid plays a vital role in the chemical industry, primarily utilized in various industrial applications, including chemical manufacturing, glass etching, electronics, and petroleum refining. Key regions driving market growth include North America, Europe, Asia-Pacific, and the Middle East & Africa, with Asia-Pacific showing significant demand due to rapid industrialization and expanding electronics and manufacturing sectors. Segment-wise, the market can be categorized into electronic grade and industrial grade hydrofluoric acid, each serving distinct applications. The electronic grade finds extensive use in the semiconductor and electronics industries, while the industrial grade is essential for diverse processes, including metal pickling and oil refining.

Several drivers contribute to the market's expansion, including the growing demand for electronics, stainless steel, and aluminum, especially in emerging economies. Additionally, the increasing adoption of hydrofluoric acid in the pharmaceutical and petrochemical sectors and the rising need for specialty chemicals further fuel market growth. However, stringent regulations and safety concerns associated with the handling of hydrofluoric acid pose challenges for market players.

Report Metric Details
Market size value in 2023 USD 1.04 billion
Market size value in 2031 USD 1.70 billion
Growth Rate 5.6%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Grade
    • Anhydrous, and Diluted
  • Application
    • Fluorocarbon, Fluorinated Derivatives, Metal Pickling, Glass Etching, Oil Refining, and Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Daikin
  • Dongyue Group
  • Sinochem
  • Yingpeng Chemical
  • Honeywell International Inc.
  • Stella Chemifa Corp.
  • Koura Global
  • Lanxess
Customization scope

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Hydrofluoric Acid Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Hydrofluoric Acid Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Hydrofluoric Acid Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Hydrofluoric Acid Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Hydrofluoric Acid Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Hydrofluoric Acid Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Hydrofluoric Acid Market size was valued at USD 1.04 billion in 2021 and is poised to grow from USD 1.10 billion in 2022 to USD 1.70 billion by 2030, growing at a CAGR of 5.6% in the forecast period (2023-2030).

The competitive landscape of the hydrofluoric acid market is characterized by the presence of several key players, each vying to maintain and expand their market share. Prominent companies in the industry are focused on strategic initiatives such as mergers, acquisitions, partnerships, and product development to gain a competitive edge. Furthermore, the market is driven by technological advancements aimed at enhancing the efficiency and safety of hydrofluoric acid production and applications. Major industry players are investing in research and development to innovate and introduce new grades of hydrofluoric acid to meet the diverse needs of end-users across various industries, including fluorocarbon production, aluminum smelting, and semiconductor manufacturing. Additionally, an emphasis on sustainable practices and environmental safety is shaping the competitive dynamics, leading to the development of eco-friendly solutions and the adoption of responsible manufacturing processes. As competition intensifies, companies are also focusing on maintaining high-quality standards, offering tailored solutions, and expanding their presence to tap into emerging markets with increasing industrialization and demand for hydrofluoric acid-based products. 'Daikin', 'Dongyue Group', 'Sinochem', 'Yingpeng Chemical', 'Honeywell International Inc.', 'Stella Chemifa Corp.', 'Koura Global', 'Lanxess'

The increasing demand for fluorocarbons, especially in air conditioning systems and refrigerants, is a major driver of the hydrofluoric acid market. Hydrofluoric acid is used in the production of fluorocarbons, which serve as non-chlorinated alternatives to ozone-depleting substances, driving its usage.

Increasing Demand for Fluorocarbons: The demand for hydrofluoric acid in the production of fluorocarbons, particularly for air conditioning systems and refrigerants, is on the rise. This trend is driven by the need for non-chlorinated alternatives to ozone-depleting substances, leading to a significant market share in this application segment.

Asia Pacific emerged as the dominant force in the market, holding a substantial revenue share of over 40.7% in 2022. This is primarily due to the concentration of numerous fluorocarbons manufacturers within the region. Furthermore, the Asia Pacific market is projected to exhibit the fastest growth throughout the forecast period. The escalating demand for metals and the robust electronics & semiconductor sector in China are significantly driving product demand in the country. Additionally, increased usage in national defense, industrial, and civil production industries is poised to further fuel market expansion in the region.

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Global Hydrofluoric Acid Market

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