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Hydrofluoric Acid Market Overview
Hydrofluoric Acid Market is
forecast to reach $2.29 Million by 2025, after growing at a CAGR of 5.30% during
2020-2025. The increasing demand for hydrofluorocarbons (HFCs) and hydro fluoro olefins (HFOs) and the increasing demand for fluorine compounds from
several industries like steel aluminum, petroleum and pharmaceutical are the
main factors driving the global market for hydrofluoric acids over the forecast
period.
Report Coverage
The report: “Hydrofluoric Acid Market – Forecast (2020-2025)”, by IndustryARC, covers
an in-depth analysis of the following segments of the Hydrofluoric Acid Market.
Key Takeaways
- Hydrofluoric acid is used to separate essential metals from mineral ores and wet etching and cleaning of non-ferrous metal pieces. Globally, the growing metal industry is expected to increase the demand for hydrofluoric acid in the application of metal pickling.
- Increasing glass etching and cleaning application in the semiconductor industry is driving the market of hydrofluoric acid carbons.
By Grade - Segment Analysis
The anhydrous hydrofluoric carbon segment
held the largest share in the butane market in 2019. The rising demand of this
grade in fluorinated derivative production, fluorocarbon production, and
oil refining applications is expected to raise the consumption of anhydrous
hydrofluoric carbon globally. AHF is used as a pickling agent in metalworking,
to remove the oxides and other impurities from carbon steels because of its
ability to dissolve steel.
By Application - Segment Analysis
Fluorocarbons held the largest
share in the butane market in 2019. With the growing demand for main kind of
refrigerants like hydrofluorocarbons (HFCs) and hydrofluoroolefins (HFOs), the
hydrofluoric acid market is estimated to grow during the forecast period. The fluorides witness high demand from
aluminum industry. The increasing production of fluorides is expected to propel
the demand for hydrofluoric acid market.
Geography - Segment Analysis
Asia-Pacific
dominated the hydrofluoric acid market with a share of more than 45% during the
forecast period. China is projected to
be the fastest-growing market for hydrofluoric acid in Asia Pacific, followed
by India and Japan due to numerous number of manufacturers. Due to massive
demand from chemical and metallurgical industries and actively growing
manufacturing base in APAC, it will propel the hydrofluoric acid market during
the forecast period.
Drivers – Hydrofluoric Acid Market
- Increasing usage of Aluminium
Hydrofluroic acid is used in the
manufacture of aluminium fluoride which is predominantly used as a raw material
for the manufacturing of aluminum. Hence increasing usage of aluminium across various
end-use industries such as automotive, packaging will lead to growth of
hydrofluoric acid market. It is most commonly used in the field of cooling
systems and air conditioning as a raw material and fluorine source.
Challenges – Hydrofluoric Acid Market
- Fluctuating
Raw Material Price of Hydrofluoric Acid and its Unevenly Distribution
Fluorspar is the raw material
majorly used in for the production of hydrofluoric acid. It is unevenly
distributed with more than 40% of the reserves located in China. China has
restricted the export of fluorspar to other regions to benefit the local
manufacturers, thereby creating a negative impact on the profitability and
margins of manufactures.
- Hazardous
to health
Hydrofluoric Acid is toxic for
individuals, as it can damage the lungs and cornea of eyes permanently. There
is considerable concern regarding the workers who have to deal with the acid.
In addition, environmental concerns are also present due to the dangerous
effects of hydrofluoric acid. Fluorocarbon refrigerants adversely affect the
ozone layer of the atmosphere; therefore, various governments and agencies are
imposing regulations to limit the use of fluorocarbon refrigerants. Several
countries have agreed to phase out the use of HCFCs and HFCs by imposing protocols
and regulations to limit their consumption.
Market Landscape
Technology launches, acquisitions and R&D
activities are key strategies adopted by players in the hydrofluoric
acid market. In 2019,
the market of hydrofluoric acid has been consolidated by the top five players
accounting for xx% of the share. Major players in the hydrofluoric acid
market are Honeywell International, Daikin, Solvay, Dongyue Group, Mexichem,
Sinochem Group, LANXESS, Yingpeng Group, Fluoride Chemical, and Fluorchemie
Group among others.
Expansion
- In November 2017, Dongyue Group inaugurated two companies Shandong Dongyue Public Trading and Guoming Investment Management, in Beijing, China. This expansion has allowed the company to expand its presence in China.