Hydrofluoric Acid Market worth $4.5 billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, March 2, 2023 /PRNewswire/ -- The report "Hydrofluoric Acid Market by Grade (AHF, DHF (above 50% concentration) and DHF (below 50% concentration)), Application, and Region (Asia Pacific, North America, Europe, South America, Middle East & Africa) - Global Forecast to 2027", 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%.

Browse in-depth TOC on "Hydrofluoric Acid Market" 
200 – Tables 
36 – Figures 
190 – Pages

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Increasing urbanization, improving living standards, rising income levels, increasing developmental activities, increasing demands from several application segments such as production of fluorocarbons, fluorinated derivatives, oil refining, metal picking, uranium fuel production, and others which helps in boosting demands for hydrofluoric acid in the market. The fluctuations in the prices of raw materials, and the stringent regulations on the use of fluorocarbon refrigerants are the main restraint for this hydrofluoric acid market. Utilization of hydrofluoric acid in the glass etching and cleaning applications which comes out to be a better opportunity for the hydrofluoric acid market. However, higher transportation cost, and toxicity & hazardous effects of hydrofluoric acid which becoming a major challenge for the market.

By Grade, AHF accounted for the largest share in 2021

Anhydrous Hydrofluoric Acid is an acronym of AHF, which is colourless and toxic compound. It is used in several end-use industries including the semiconductor, petroleum refining, and pharmaceutical industries, and others. It is used a main feedstock in the manufacturing of fluorocarbons. Apart from this, it is used in producing the organic and inorganic fluorine compounds, and it is also used as a catalyst in oil refineries for the alkylation process. It is mostly packed in mid-pressure steel cylinders (having a net weight of 330 kg or 660 kg per cylinder) without a fusible stopper. It must be stored in a shed and kept away from the sunlight due to its hazardous effects.

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By Application, the Production of fluorocarbons accounted for the largest share in 2021

Fluorocarbons are those compounds that contains both carbon, hydrogen and fluorine atoms. They are also known as perfluorocarbons (PFCs) when all the hydrogen atoms in the molecule are replaced by fluorine. Fluorocarbon compounds are often used in a variety of industrial and commercial applications due to their unique properties such as their stability, non-reactivity, and low toxicity. Fluorocarbons are mainly manufactured through halogenation process, where hydrocarbons react with fluorine or a fluorine-containing compound to produce fluorocarbons. In the era of technology, most fluorocarbon compounds are manufactured via hydrofluorocarbon (HFC) process, which involves the fluorination of partially fluorinated hydrocarbons.

Asia Pacific accounted for the largest share of the hydrofluoric acid Market in 2021

Due to rise in increasing developmental activities such as highways, infrastructure, etc, rising urbanization, improving living standards, increasing demands from several applications segments such as production of fluorinated compounds, production of fluorocarbons, oil refining, metal pickling, etc. helps in rising the demands for hydrofluoric acid in the market. Owing to the rising income of people in this region, the demand for electronics goods, consumer goods, the need for residential and non-residential complexes etc., are increasing, which also led the market of hydrofluoric acid in the forecast period.

The hydrofluoric acid market comprises major players such as 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), and others are covered in the hydrofluoric acid market. Expansions, acquisitions, joint ventures, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the hydrofluoric acid market.

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