The market for hydrofluoric acid is approximated to be USD 3.4 billion in 2022, and it is projected to reach USD 4.5 billion by 2027 at a CAGR of 5.9%
Sunday, April 16, 2023
NEW YORK, March 14, 2023 /PRNewswire/ -- The market for hydrofluoric acid is approximated to be USD 3.4 billion in 2022, and it is projected to reach USD 4.5 billion by 2027 at a CAGR of 5.9%. Out of three grades (AHF, DHF (Above 50% Concentration), and DHF (Below 50% Concentration), AHF has the largest market share because of it is used as a feedstock in the production of fluorocarbons. Apart from this, it is also used in the manufacturing of organic and inorganic fluorine compounds, and as a catalyst in oil refineries for alkylation processes. Rising urbanization, increasing income levels, improving living standards, which helps in rising the demands from various end-use industries such as electronic, semiconductor, etc., and helps in boosting the demand for AHF grade in the forecast period.
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-- By Grade, AHF accounted for the highest CAGR during the forecast period.
AHF stands for Anhydrous Hydrofluoric Acid, which is a clear, and colorless gas which is mainly produced the reaction of sulphuric acid with dry fluorspar in the Prereactor and this reaction is completed in an indirectly heated rotary kiln.This reaction is an endothermic reaction,which indicates the continuous requirement of the heat in order to complete the reaction.
It is used as a main feedstock in the production of fluorocarbons which can be used in refrigeration systems. Rising urbanization, improving living standards, rising income levels, and others attributes to rise the demand of this grade in the forecast period.
By Application, Production of Fluorinated Derivatives segment accounted for the highest CAGR during the forecast period
Hydrofluoric acid is widely used in the manufacturing of fluorinated derivatives.It is used in the several applications such as, fluorine-containing compounds, such as fluorocarbons, fluoropolymers, and fluorinated solvents.
These compounds are used in various end-use industries such as: electronics, automotive, and aerospace.However, the handling and storage of hydrofluoric acid can be hazardous, and appropriate safety measures must be taken to prevent accidental exposure.
Rising income levels, improving living standards, and others, helps in fuelling the demand for hydrofluoric acid during the forecast period.
Asia Pacific is projected to account for the highest CAGR in the hydrofluoric acid market during the forecast period
The fastest-growing hydrofluoric acid market is expected to occur in the Asia Pacific region.The various countries which are covered in this region are India, China, Japan, South Korea, Taiwan and the Rest of Asia Pacific.
Countries such as India, China, and Japan are expected to rise in the hydrofluoric acid market due to growing developmental activities and rapid economic expansion. In addition, rising urbanization in these countries results in growing demands for residential & non-residential structures, refrigeration systems, energy demands, and raises the demands for several end-use application segments such as electronic industries, semiconductor industry, and others which led to the growth of the hydrofluoric acid market in the forecast period.
Further in-depth interviews were conducted with the Chief Experience Officer (CXO), Managers, Marketing Officers, Production Officers, and other related key executives from various key companies and organizations operating in the hydrofluoric acid market.
-- By Department: Sales/Export/Marketing: 53.5%, Production: 23.3%, and
CXOs: 23.3%
-- By Designation: Managers: 60.5%, CXOs: 23.3%, and Executives: 16.3%
By Region: North America: 33%, Europe: 27%, Asia Pacific: 25%, Middle East & Africa: 10%, and South America: 5%.
Companies Covered: Honeywell International Inc.(US), Solvay (Belgium), Stella Chemifa Corporation (Japan), Daikin (Japan) and Lanxess (Germany), Merck KGaA (Germany), Dongyue Group Ltd (China), Orbia (Mexico), Yingpeng Group (China), Fluorchemie Group (Germany).
Research Coverage
The market study covers the Hydrofluoric acid market across various segments.It aims at estimating the market size and the growth potential of this market across different segments based on application, grade, and region.
The study also includes an in-depth competitive analysis of key players in the market, their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to improve their position in the hydrofluoric acid market.
Key Benefits of Buying the Report
The report is expected to help the market leaders/new entrants in this market share the closest approximations of the revenue numbers of the overall hydrofluoric acid market and its segments and sub-segments.This report is projected to help stakeholders understand the competitive landscape of the market, gain insights to improve the position of their businesses and plan suitable go-to-market strategies.
The report also aims at helping stakeholders understand the pulse of the market and provides them with information on the key market drivers, challenges, and opportunities.
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