Hydrofluoric Acid Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Hydrofluoric Acid Market Analysis
The market for hydrofluoric acid is expected to grow at a CAGR of over 5%, during the forecast period. The major factor driving the market studied is increasing demand from the chemical processing industry. On the flip side, the highly toxic and corrosive nature of hydrofluoric acid and unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.
- The use of fluoropolymers in emerging energy storage technologies, including fuel cells, batteries, and supercapacitors, are offering various opportunities for the growth of the market.
- The chemical processing industry is expected to dominate the global hydrofluoric acid market over the forecast period.
- Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the increasing consumption from countries such as China, India, and Japan.
Hydrofluoric Acid Market Trends
This section covers the major market trends shaping the Hydrofluoric Acid Market according to our research experts:
Increasing Demand from Chemical Processing Industry
- Hydrofluoric acid is used in the chemical processing industry as a cleaning agent, etching agent, in the production of fluorides such as cryolite, sodium fluoride, aluminum trifluoride, and in production of organofluorine compounds such as fluoropolymers, fluorocarbons, freons, etc. The global chemical processing industry is anticipated to grow at a CAGR of about 5%, during the forecast period.
- In laboratories and industrial settings, hydrofluoric acid can be used for etching glass and enamel, removing rust, and cleaning brass and crystal.
- The global market for fluoropolymers, where hydrofluoric acid is majorly used in the production process, is expected to grow at a CAGR of more than 5%, during the forecast period, owing to its supreme chemical resistance and thermal characteristics, and growing demand for non-stick cookware, and increasing applications in the electrical and electronics sector.
- Similarly, rising usage in sealing applications and penetration into newer applications in a wide range of end-user industries, will drive the global market for fluorocarbons, which is expected to grow at a CAGR of about 6%, during the forecast period.
- Hence, the chemical processing industry is expected to dominate the global hydrofluoric acid market over the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to be the dominant market in hydrofluoric acid consumption. This is because the region dominates the market for the end-user industries such as chemical processing, pharmaceuticals, and electronics.
- Asia-Pacific is also expected to be the fastest-growing market during the forecast period, owing to the demand from applications like oil refining, cleaning agent, etching agent, etc.
- The Asian chemical processing industry, where hydrofluoric acid is used in a variety of applications, is expected to grow at a CAGR of more than 5%, with China, Japan, and India dominating the market, region wise.
- Hydrofluoric acid acts as a precursor to medicines such as Prozac, thus, indicating a regular demand from the region's pharmaceutical industry, which is the third-largest in the world after the United States and Europe, owing to the region's size of the population, especially the older population, GDP per capita, health expenditures, regulatory systems, and disease incidence, among others.
- The Asian electronics market is expected to grow at a CAGR of more than 5%, during the forecast period, with China, Japan, India and South Korea amongst the top 10 global electronics manufacturers. In the electronics industry, hydrofluoric acid is the key chemical in the manufacture of silicon-based semi-conductor devices.
- Thus, Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period, owing to the increasing consumption from the various end-user industries.
Hydrofluoric Acid Industry Overview
The global hydrofluoric acid market is fragmented with the presence of both international and domestic players. The major companies of the market studied include Fluorchemie Group, Honeywell International Inc., LANXESS, Solvay, and Yingpeng Group, among others.
Hydrofluoric Acid Market Leaders
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Fluorchemie Group
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Honeywell International Inc.
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LANXESS
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Solvay
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Yingpeng Group
*Disclaimer: Major Players sorted in no particular order
Hydrofluoric Acid Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Assumptions
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1.2 Scope of Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Drivers
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4.1.1 Increasing Demand from Chemical Processing Industry
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4.1.2 Other Drivers
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4.2 Restraints
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4.2.1 Highly Toxic and Corrosive Nature of Hydrofluoric Acid
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4.2.2 Unfavorable Conditions Arising due to the COVID-19 Outbreak
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4.3 Industry Value Chain Analysis
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4.4 Porters Five Forces Analysis
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4.4.1 Bargaining Power of Suppliers
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4.4.2 Bargaining power of Buyers
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4.4.3 Threat of New Entrants
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4.4.4 Threat of Substitute Products and Services
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4.4.5 Degree of Competition
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4.5 Regulatory Policies
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5. MARKET SEGMENTATION
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5.1 Application
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5.1.1 Oil Refining
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5.1.2 Cleaning Agent
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5.1.3 Etching Agent
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5.1.4 Fluorocarbon Production
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5.1.5 Organofluorine Compounds
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5.1.6 Others
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5.2 End-user Industry
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5.2.1 Oil & Gas
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5.2.2 Chemical Processing
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5.2.3 Pharmaceuticals
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5.2.4 Electrical & Electronics
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5.2.5 Others
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5.3 Geography
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5.3.1 Asia-Pacific
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5.3.1.1 China
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5.3.1.2 India
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5.3.1.3 Japan
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5.3.1.4 South Korea
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5.3.1.5 Rest of Asia-Pacific
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5.3.2 North America
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5.3.2.1 United States
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5.3.2.2 Canada
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5.3.2.3 Mexico
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5.3.3 Europe
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5.3.3.1 Germany
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5.3.3.2 United Kingdom
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5.3.3.3 Italy
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5.3.3.4 France
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5.3.3.5 Rest of Europe
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5.3.4 South America
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5.3.4.1 Brazil
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5.3.4.2 Argentina
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5.3.4.3 Rest of South America
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5.3.5 Middle-East and Africa
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5.3.5.1 Saudi Arabia
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5.3.5.2 South Africa
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5.3.5.3 Rest of Middle-East and Africa
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6. Competitive Landscape
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6.1 Merger & Acquisitions, Joint Ventures, Collaborations, and Agreements
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6.2 Market Share (%)/Ranking Analysis**
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6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
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6.4.1 Formosa Daikin Advanced Chemicals Co., Ltd.
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6.4.2 DONGYUE GROUP LIMITED
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6.4.3 Fluorchemie Group
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6.4.4 Honeywell International Inc.
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6.4.5 LANXESS
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6.4.6 Merck KGaA
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6.4.7 SINOCHEM GROUP CO., LTD.
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6.4.8 Fujian Shaowu Yongfei Chemical Co., Ltd.
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6.4.9 Solvay
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6.4.10 Fujian Kings Fluoride Industry Co., Ltd.
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6.4.11 Gulf Fluor
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6.4.12 Morita Chemical Industries Co., Ltd.
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6.4.13 Mexichem S.A.B. de C.V.
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6.4.14 Yingpeng Group
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- *List Not Exhaustive
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7. Market Opportunities and Future Trends
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7.1 Use of Fluoropolymers in Emerging Energy Storage Technologies
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7.2 Other Opportunities
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Hydrofluoric Acid Industry Segmentation
The Hydrofluoric Acid Market report includes:
| Application | |
| Oil Refining | |
| Cleaning Agent | |
| Etching Agent | |
| Fluorocarbon Production | |
| Organofluorine Compounds | |
| Others |
| End-user Industry | |
| Oil & Gas | |
| Chemical Processing | |
| Pharmaceuticals | |
| Electrical & Electronics | |
| Others |
| Geography | |||||||
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Hydrofluoric Acid Market Research FAQs
What is the current Hydrofluoric Acid Market size?
The Hydrofluoric Acid Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Hydrofluoric Acid Market?
Fluorchemie Group, Honeywell International Inc., LANXESS, Solvay and Yingpeng Group are the major companies operating in the Hydrofluoric Acid Market.
Which is the fastest growing region in Hydrofluoric Acid Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Hydrofluoric Acid Market?
In 2024, the Asia Pacific accounts for the largest market share in Hydrofluoric Acid Market.
What years does this Hydrofluoric Acid Market cover?
The report covers the Hydrofluoric Acid Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Hydrofluoric Acid Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Hydrofluoric Acid Industry Report
Statistics for the 2024 Hydrofluoric Acid market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Hydrofluoric Acid analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
