The hydrofluoric acid market is expected to be 1.6 million tons in 2018 and is projected to reach 2.1 million tons by 2023, at a CAGR of 5.5% between 2018 and 2023

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Jul 17, 2018, 14:27 ET

LONDON, July 17, 2018 /PRNewswire/ -- Hydrofluoric acid market expected to register CAGR of 5.5% during forecast period.

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The hydrofluoric acid market is expected to be 1.6 million tons in 2018 and is projected to reach 2.1 million tons by 2023, at a CAGR of 5.5% between 2018 and 2023. Hydrofluoric acid is a clear, colorless, fuming liquid with a sharp, pungent odor. It is manufactured by the reaction of fluorspar with concentrated sulfuric acid at a temperature of 509° F. The growing demand for hydrofluorocarbons (HFCs) and hydrofluoroolefins (HFOs) and the increasing demand for fluorine compounds from several industries are the major factors driving the global hydrofluoric acid market during the forecast period. However, the stringent regulations on the use of fluorocarbon refrigerants may act as a restraint for the hydrofluoric acid market.

Anhydrous hydrofluoric acid estimated to be the fastest-growing grade of hydrofluoric acid during the forecast period.
Anhydrous hydrofluoric acid (AHF) is projected to witness the highest growth during the forecast period.The rising demand of this grade in the fluorocarbon production, fluorinated derivative production, and oil refining applications is expected to raise the consumption of AHF globally.

Moreover, the rising demand for fluorocarbons such as HFCs and HFOs is expected to make this grade one of the most widely used hydrofluoric acid grades.

Fluorocarbon production application estimated to accounted for the largest share of the hydrofluoric acid market during the forecast period
The fluorocarbon production application segment is estimated to account for a major share of the overall hydrofluoric acid market during the forecast period due to the large demand for hydrofluoric acid for the manufacture of fluorocarbons. Moreover, the growing demand for fluorocarbon-based refrigerants is expected to lead to the growth of hydrofluoric acid market during the forecast period.

Asia Pacific is estimated to be the fastest-growing market for hydrofluoric acid during the forecast period.
Asia Pacific is estimated to be the fastest-growing market for hydrofluoric acid during the forecast period due to the increasing fluorocarbon production in the region.Additionally, the increasing production of fluorinated derivatives and metals is another factor driving the growth of the hydrofluoric acid market in this region.

China is projected to be the fastest-growing market for hydrofluoric acid in Asia Pacific, followed by India and Japan.
Extensive primary interviews were conducted to determine and verify the market size for several segments and subsegments and information gathered through secondary research.

The break-up of primary interviews is given below:
• By Company Type: Tier 1—55%, Tier 2—30%, and Tier 3—15%
• By Designation: Director Level—21%, C Level—23%, and Others*—56%
• By Region: Asia Pacific—45%, Europe—27%, North America—15%, South America—7%, and Middle East & Africa—6%

Note: The tiers of the companies are defined on the basis of their total revenue, as of 2017: Tier 1 = >USD 500 million, Tier 2 = USD 100 million to USD 500 million and Tier 3 =
*Others includes sales managers, marketing managers, and product managers.

The companies profiled in this market research report include Honeywell International (US), Daikin (Japan), Solvay (Belgium), Dongyue Group (China), Mexichem (Mexico), Sinochem Group (China), LANXESS (Germany), Yingpeng Group (China), Fluoride Chemical (China), and Fluorchemie Group (Germany).

Research Coverage:
This research report categorizes the hydrofluoric acid market on the basis of grade, application, and region.The report includes detailed information regarding the major factors influencing the growth of the hydrofluoric acid market such as drivers, restraints, challenges, and opportunities.

A detailed analysis of the key industry players has been done to provide insights into business overviews, products, key strategies, expansions, and recent developments associated with the market.

Reasons to Buy the Report

The report will help market leaders/new entrants in this market in the following ways:
1. This report segments the hydrofluoric acid market comprehensively and provides the closest approximations of market sizes for the overall market and subsegments across verticals and regions.

2. The report will help stakeholders understand the pulse of the market and provide them with information on the key market drivers, restraints, challenges, and opportunities.

3. This report will help stakeholders understand major competitors and gain insights to enhance their position in the business. The competitive landscape section includes expansions, acquisitions, and mergers.

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