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Hydrofluoric Acid Global Market Report 2023
Major players in the hydrofluoric acid market are Daikin Industries Ltd., Dongyue Group Co. Limited., China National Chemicals Import & Export Corporation, Yingpeng Chemical Co. Ltd., Honeywell International Inc.
New York, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Hydrofluoric Acid Global Market Report 2023" - https://www.reportlinker.com/p06424005/?utm_source=GNW
, Stella Chemifa Corp., Koura Global, Lanxess AG, Solvay S.A., Do-Fluoride New Materials Co. Ltd., Shandong Dongyue Chemical Co. Ltd., Zhejiang Juhua Company Limited, DuPont de Nemours Inc., Mexichem S.A.B. de C.V., Sinochem Qingdao Co. Ltd., Fluoride Chemicals Co. Ltd., Fluorchemie Gruppe, Zhejiang Sanmei Chemical Ind.Co. Ltd., Fujian Shaowu Yongfei Chemical Co. Ltd., and Zhejiang Lansu Fluoride Co. Ltd.
The global hydrofluoric acid market grew from $2.28 billion in 2022 to $2.34 billion in 2023 at a compound annual growth rate (CAGR) of 2.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The hydrofluoric acid market is expected to grow to $2.62 billion in 2027 at a CAGR of 2.9%.
The hydrofluoric acid market consists of sales of is used to make herbicides and refrigerants.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Hydrogen fluoride is a colorless, fuming liquid or vapor with a powerful, repulsive odor.It is often transported as a compressed gas in steel cylinders.
Hydrogen fluoride solutions are visually indistinguishable from water when diluted and quickly dissolve in water to generate colorless hydrofluoric acid solutions. Hydrofluoric acid is used to make refrigerants, herbicides, pharmaceuticals, high-octane gasoline, aluminum, plastics, electrical components, and fluorescent light bulbs.
Asia-Pacific was the largest region in the hydrofluoric acid market in 2022.Asia-Pacific is expected to be the fastest growing region in the forecast period.
The regions covered in the hydrofluoric acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of products in hydrofluoric acid are electronic hydrofluoric acid and industrial hydrofluoric acid.The electronic hydrofluoric acid readily reacts with acids, bases, and oxidants and is used for glass etching and ceramic etching in electronic devices.
Silicon wafers are cleaned using electronic grade hydrofluoric acid in semiconductors, microelectronics, and solar cells.It’s the ideal buffer in wafer cleaning procedures when combined with ammonium fluoride.
The different grades include anhydrous and diluted that are used in fluorocarbons, fluorinated derivatives, metal picking, glass etching, oil refining, and other applications.
The increasing demand from chemical industries is expected to propel the growth of the hydrofluoric (HF) acid market going forward.In the manufacture of fluorine-containing polymers, hydrofluoric acid is a critical reagent.
HF is used to make several organ fluorine chemicals such as polytetrafluoroethylene (Teflon), fluorocarbons, and refrigerants including freon.Hydrofluoric acid is also used to make a variety of high-volume inorganic fluoride compounds.
Hence, the use of hydrofluoric acid in chemical industries is driving the demand.For instance, according to the European Environment Agency (EEA), the European Union’s environmental agency, the global hydrofluorocarbons (HFC) consumption increased by 7% in 2021 from 2019.
Therefore, the increasing demand from chemical industries is driving the demand for the hydrofluoric acid market.
Product innovation is the key trend gaining popularity in the hydrofluoric acid market.Major companies operating in the hydrofluoric acid market are focused on developing technologically advanced products to strengthen their market position.
For instance, in November 2021, HMD Kontro, a UK-based sealless pump engineering, and manufacturing company launched a pump option specifically designed for use in hydrofluoric acid (HF) alkylation.Features that address operator-specific requirements for the HF alkylation process have been incorporated into the design of the HMD Kontro HF Pump.
The pump Secondary containment rated at 40 bar – eliminates the possibility of leakage into the environment, reducing operational risks and the associated costs to meet stringent environment, health, and safety (EH&S) goals.To satisfy strict EH&S objectives, the pump’s secondary containment, rated at 40 bar, completely eliminates the chance of leakage into the environment while lowering operational risks and related expenses.
This pump always monitor to guarantee dependable sealless pump performance, including leak detection tools and safeguards against dry pump operation.
In March 2022, Anupam Rasayan, an India-based manufacturing specialty chemicals company, acquired Tanfac Industries Ltd. (TIL) for an undisclosed amount. Through this acquisition, Anupam Rasayan would be able to significantly increase the value of the purchase and grow the fluorination chemical company. Tanfac Industries Ltd (TIL) is an India-Based specialized fluoride chemicals company that manufactures hydrofluoric acid.
The countries covered in the hydrofluoric acid market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The hydrofluoric acid market research report is one of a series of new reports that provides hydrofluoric acid market statistics, including hydrofluoric acid industry global market size, regional shares, competitors with a hydrofluoric acid market share, detailed hydrofluoric acid market segments, market trends and opportunities, and any further data you may need to thrive in the hydrofluoric acid industry. This anomaly detection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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