The Fluorosilicic Acid Market will record remuneration of USD 640 million by 2027, Says Global Market Insights Inc.
The growth of the fluorosilicic acid market is driven by the expanding automotive industry, increasing demand for cleaning agents, and soaring need for water purification during COVID-19, says this report
SELBYVILLE, Del., Nov. 1, 2021 /PRNewswire/ -- According to the latest research report by Global Market Insights Inc., the Fluorosilicic Acid Market was estimated at $365 million in 2020 and is slated to surpass at over USD 640 million by 2027 , registering a CAGR of 8% from 2021 to 2027. The report provides a detailed assessment of wavering market trends, market size & estimations, competitive scenario, top winning strategies, drivers & opportunities, and major investment pockets.
Fluorosilicic acid is used extensively in metal surface treatment, wherein it serves as a plating bath for iron, copper, and zinc, and as a pre-treatment agent for borofluoride plating, which is expected to support market growth through the forecast period. Moreover, growing need for metal surface treatment chemicals for service treatment of automotive parts has fueled product demand in the automotive industry in the upcoming years.
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25% grade fluorosilicic acid is widely used in several applications viz., the electrolysis process and as a laundry chemical. It is also utilized in the lead refining industry for refining lead in the electrolysis process. Thus, propelled by the surging prevalence of lead in batteries, cables, wheel weights, and battery racks, the 25% grade segment is anticipated to reach a valuation of more than USD 175 million by 2027.
Key reasons for fluorosilicic acid market growth:
- Surging product usage in lead refining industry.
- Augmented product utilization in water purification.
- Rising prominence as a cleaning agent in various industries.
- Increasing application as a pH adjuster in industrial textile processing.
- Mounting product uptake for surface treatment in the automotive sector.
2027 forecasts show 'textile processing' segment retaining its dominance:
Based on application, the textile processing segment is slated to exceed a valuation of USD 33.5 million by 2027. Increased use of fluorosilicic acid in fabric stain removal has impelled product demand in the chemical and food processing sectors, which is foreseen to stimulate segmental growth over the review period. Furthermore, emerging trends of online shopping and booming apparel demand are bolstering consumer interest in the apparel industry, which is projected to fuel segmental development in the forthcoming years.
Europe to maintain top status in terms of revenue:
In the regional landscape, the Europe is estimated to observe sizable growth at around 7.5% CAGR through 2027. High significance of fluoridation of drinking water for preventing tooth decay is likely to drive regional market growth. Additionally, escalating consumer interest in personal grooming, coupled with growing awareness pertaining to oral hygiene products like powders, toothpaste, and gels, is calculated to foster the fluorosilicic acid market outlook in the region in the coming years.
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Impact of COVID-19 pandemic on fluorosilicic acid market:
Following the COVID-19 outbreak, government and health agencies sought effective solutions to prevent the spread of the novel coronavirus. To that effect, some research studies proposed that an efficient water treatment system could ensure that the virus is not transmitted through water.
For instance, a February 2021 study conducted by researchers at Texas A&M University found that decontamination technologies that are already being used in water treatment facilities could inactivate or remove the COVID-19-causing virus and other viruses that are structurally akin to the coronavirus. Fluorosilicic acid, an aqueous solution, is one of the chemicals commonly used for water purification. Thus, rising awareness of water decontamination as a way to curb the spread of the coronavirus has been favorable for product outlook during the pandemic.
Leading market players:
Key companies operating in the fluorosilicic acid industry include America Elements, IXOM, Hydrite Chemical Co., Honeywell International, Inc., Hawkins Inc., Solvay, Gelest Inc., Napco Chemical Company, and Lanxess AG, among others.
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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SOURCE Global Market Insights Inc.
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