Global Hydrofluoric Acid Market is Projected to Grow at a CAGR of 5.5% during the Forecast Period (2018-2023)
DUBLIN, July 11, 2018 /PRNewswire/ --
The "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" report has been added to ResearchAndMarkets.com's offering.
The hydrofluoric acid market is estimated to be 1.6 million tons in 2018 and projected to reach 2.1 million tons by 2023, registering a CAGR of 5.5% between 2018 and 2023.
The growing demand for hydrofluorocarbons (HFCs) and hydrofluoroolefins (HFOs) and increasing demand for fluorine compounds in several industries are the major drivers of the global hydrofluoric acid market during the forecast period.
Fluorocarbon production is the dominant application area of hydrofluoric acid. However, various governments and agencies are imposing regulations to limit the use of fluorocarbon refrigerants due to its adverse effect on the ozone layer. Several countries have agreed to phase out the use of hydrochlorofluorocarbons (HCFCs) and hydrofluorocarbons (HFCs) by imposing protocols and regulations to limit their consumption. Hence, the stringent regulations on the use of fluorocarbon refrigerants is one of the major factors expected to restrict the growth of the market.
The hydrofluoric acid market is classified into three grades: anhydrous hydrofluoric acid (AHF), diluted hydrofluoric acid (above 50% concentration) and diluted hydrofluoric acid (below 50% concentration). AHF is the most widely used grade of hydrofluoric acid owing to its extensive use in the fluorocarbon production and fluorinated derivative production applications.
By application, the hydrofluoric acid market is classified into seven segments, namely fluorocarbon production, fluorinated derivative production, metal pickling, glass etching and cleaning, oil refining, uranium fuel production, and others. Fluorocarbon production is the largest application of hydrofluoric acid due to the extensive use of hydrofluoric acid in the manufacturing of fluorocarbons. The increased demand for fluorocarbons is expected to drive the hydrofluoric acid market during the forecast period.
Asia Pacific is estimated to be the largest market for hydrofluoric acid and is projected to register the highest CAGR during the forecast period due to the presence of numerous fluorocarbon manufacturers in the region. China is expected to account for the largest share of the market in Asia Pacific until 2023. Major producers of hydrofluoric acid, such as Dongyue Group (China), Daikin (Japan), Sinochem (China), Yingpeng Chemical (China), and Fluoride Chemicals (China), are located in the Asia-Pacific region. North America accounts for the second-largest share of the global hydrofluoric acid market.
Companies are using the expansion strategy to increase their geographical presence and cater to the increasing demand for hydrofluoric acid products. For example, Dongyue Group used expansion as its major strategy to increase its presence in China. In November 2017, Dongyue Group inaugurated 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.
Companies such as Dongyue Group (China), Honeywell International (US), and Daikin (Japan) adopted the expansions strategy to expand their production capacities and market share in the hydrofluoric acid market between 2016 and 2018.
Key Topics Covered
1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 Years Considered for the Study
1.4 Unit Considered
1.5 Stakeholders
2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Key Data From Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data From Primary Sources
2.1.2.2 Breakdown of Primary Interviews
2.2 Market Size Estimation
2.3 Data Triangulation
2.4 Assumptions and Limitations
2.4.1 Assumptions
2.4.2 Limitations
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Hydrofluoric Acid Market
4.2 Hydrofluoric Acid Market in APAC, By Application and Country
4.3 Hydrofluoric Acid Market, By Grade
4.4 Hydrofluoric Acid Market, By Application
4.5 Hydrofluoric Acid Market, By Country
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Demand for Hydrofluorocarbons (Hfcs) and Hydrofluorolefins (Hfos)
5.2.1.2 Increased Demand for Fluorine Compounds in Several Industries
5.2.2 Restraints
5.2.2.1 Stringent Regulations on the Use of Fluorocarbon Refrigerants
5.2.3 Opportunities
5.2.3.1 Increasing Glass Etching and Cleaning Applications
5.2.4 Challenges
5.2.4.1 Hazardous Effects of Hydrofluoric Acid
5.2.4.2 High Transportation Cost of AHF Grade
5.3 Macroeconomic Overview
5.3.1 Introduction
5.3.2 Gdp Growth Rate and Forecast of Major Economies
5.3.3 Chemical Industry Analysis
5.3.4 Semiconductor Industry Analysis
6 Hydrofluoric Acid Market, By Grade
6.1 Introduction
6.2 AHF
6.3 DHF (Above 50% Concentration)
6.4 DHF (Below 50% Concentration)
7 Hydrofluoric Acid Market, By Application
7.1 Introduction
7.2 Fluorocarbon Production
7.3 Fluorinated Derivative Production
7.4 Metal Pickling
7.5 Glass Etching and Cleaning
7.6 Oil Refining
7.7 Uranium Fuel Production
7.8 Others
8 Hydrofluoric Acid Market, By Region
8.1 Introduction
8.2 APAC
8.2.1 China
8.2.2 Japan
8.2.3 India
8.2.4 South Korea
8.2.5 Taiwan
8.2.6 Rest of APAC
8.3 North America
8.3.1 US
8.3.2 Canada
8.3.3 Mexico
8.4 Europe
8.4.1 Germany
8.4.2 France
8.4.3 UK
8.4.4 Russia
8.4.5 Italy
8.4.6 Rest of Europe
8.5 South America
8.5.1 Brazil
8.5.2 Argentina
8.5.3 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 South Africa
8.6.3 Rest of Middle East & Africa
9 Company Profiles
9.1 Dongyue Group
9.2 Daikin
9.3 Honeywell International
9.4 Solvay
9.5 Mexichem
9.6 Lanxess
9.7 Sinochem Group
9.8 Yingpeng Group
9.9 Fluoride Chemical (Dufdo Chemical)
9.10 Fluorchemie Group
9.11 Other Market Players
9.11.1 Fujian Shaowu Yongfei Chemical
9.11.2 Sanmei
9.11.3 Morita Chemical Industries
9.11.4 Gulf Fluor
9.11.5 Fubao Group
9.11.6 Fujian Longfu Chemical
9.11.7 Shaowu Huaxin Chemical Industry
9.11.8 Navin Fluorine International Ltd. (NFIL)
9.11.9 SRF
9.11.10 Tanfac Industries Limited
For more information about this report visit https://www.researchandmarkets.com/research/dd94rv/global?w=5
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