PUBLISHER: The Business Research Company | PRODUCT CODE: 1429832
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429832
Hydrogen fluoride presents itself as a colorless, fuming liquid or vapor characterized by a potent and repulsive odor. Typically, it is transported in steel cylinders as a compressed gas. Hydrogen fluoride solutions, when diluted, exhibit visual similarities to water and readily dissolve in water to produce colorless hydrofluoric acid solutions. Hydrofluoric acid finds application in various industries, contributing to the production of refrigerants, herbicides, pharmaceuticals, high-octane gasoline, aluminum, plastics, electrical components, and fluorescent light bulbs.
The primary product categories within hydrofluoric acid are electronic hydrofluoric acid and industrial hydrofluoric acid. Electronic hydrofluoric acid demonstrates reactivity with acids, bases, and oxidants, making it suitable for glass and ceramic etching in electronic devices. In sectors such as semiconductors, microelectronics, and solar cells, electronic-grade hydrofluoric acid is employed for cleaning silicon wafers. When combined with ammonium fluoride, it serves as an ideal buffer in wafer cleaning procedures. Anhydrous and diluted grades of hydrofluoric acid are utilized in various applications, including fluorocarbons, fluorinated derivatives, metal picking, glass etching, and oil refining.
The hydrofluoric acid market research report is one of a series of new reports from The Business Research Company 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.
The hydrofluoric acid market size has grown strongly in recent years. It will grow from $1.41 billion in 2023 to $1.5 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The expansion observed in the historical period can be ascribed to robust economic growth in emerging markets, a rising demand for chemical products, and an increased usage of aluminum.
The hydrofluoric acid market size is expected to see strong growth in the next few years. It will grow to $1.87 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The anticipated growth in the forecast period can be linked to government support and an increasing utilization of industrial and home cleaners. Key trends expected in this period encompass product launches, the introduction of new pump options, innovative developments, and the implementation of new purifying processes.
The hydrofluoric (HF) acid market is poised for growth, propelled by the increasing demand from chemical industries. Hydrofluoric acid plays a crucial role in the production of fluorine-containing polymers and various organ fluorine chemicals, including polytetrafluoroethylene (Teflon), fluorocarbons, and refrigerants such as freon. This demand is reflected in the trade statistics, as reported by the US Bureau of Labor Statistics in July 2023, indicating a 13.4% growth in the trade value of chemical manufacturing products exported from the US in 2022 compared to the previous year. Additionally, the recovery of the US chemical sector in 2021, with a 1.4% production growth, and the anticipated 4.3% growth rate in chemical output in 2022 further underscore the increasing demand for hydrofluoric acid from chemical industries.
The hydrofluoric acid market is also expected to experience growth due to the widespread use of industrial and home cleaners. Hydrofluoric acid is a key ingredient in various over-the-counter products, including toilet bowl cleaners, concrete cleaners, and metal polishes. The projections from Jobber Academy highlight the growing trends in the residential cleaning sector, with an anticipated 80% of families employing house cleaning services by 2024, driving a 20% annual growth. Additionally, the commercial cleaning sector is expected to generate over $468 billion in revenue by 2027, representing a significant increase from the $308.7 billion valuation in 2020. This surge in the use of industrial and home cleansers is anticipated to contribute to the growth of the hydrofluoric acid market.
The hydrofluoric acid market is witnessing a prominent trend towards product innovation, with major companies in the sector actively dedicated to developing advanced technological solutions to bolster their market standing. An illustrative example is the initiative taken by HMD Kontro, a UK-based sealless pump engineering and manufacturing company, in November 2021. They introduced a pump specifically tailored for use in hydrofluoric acid (HF) alkylation processes, incorporating features designed to address operator-specific requirements. Notably, the HMD Kontro HF Pump boasts secondary containment rated at 40 bar, thereby eliminating the risk of environmental leakage. This design not only reduces operational risks but also cuts associated costs in line with stringent environment, health, and safety (EH&S) goals. The pump undergoes continuous monitoring to ensure reliable sealless pump performance, incorporating features such as leak detection tools and safeguards against dry pump operation.
A significant trend gaining momentum in the hydrofluoric acid market is the introduction of new pump options by companies in the sector. Focused on strengthening their market positions, these companies, exemplified by HMD Kontro, are actively developing and launching innovative pump alternatives. In November 2021, HMD Kontro introduced a comprehensive fluid containment solution specifically designed for hydrofluoric acid process units. This new pump option, crafted in collaboration with UOP (Honeywell), a leading HF alkylation technology licensor and HF Unit Operator, is a seal-less pump with a casing made of C22/C276. HF alkylation involves the use of a hydrofluoric acid catalyst to combine isobutene with olefins, typically a mixture of propylene and butylene, resulting in the production of alkylate-a high-octane additive responsible for providing unleaded gasoline with anti-knocking properties.
In March 2022, Anupam Rasayan, an India-based specialty chemicals manufacturer, successfully acquired Tanfac Industries Ltd. (TIL) for an undisclosed amount. This acquisition positions Anupam Rasayan to significantly enhance the value of its portfolio and expand its capabilities in fluorination chemicals. Tanfac Industries Ltd., a specialized fluoride chemicals company based in India, focuses on the manufacturing of hydrofluoric acid, contributing to Anupam Rasayan's growth in the hydrofluoric acid market.
Major companies operating in the hydrofluoric acid market report are Stella Chemifa Corp, Solvay SA, Honeywell International Inc., Zhejiang Sanmei Chemical Ind.Co. Ltd., Do-Fluoride New Materials Co. Ltd., Lanxess AG, Daikin Industries Ltd., Koura Global, Dongyue Group Co. Limited., Fluorsid Group Srl, A. B. Enterprises, Triveni Interchem Pvt. Ltd., Choice Organochem Llp., Siddhi Vinayak Industries, Wuhan Wanbangde Industrial & Trade Co Ltd., Xinyi Chemicals Industry Company Ltd., Shanshui Chemicals Industrial Co. Ltd., Sinchem Industry Co. Ltd., Zhejiang Kaisn Flourochemical Co. Ltd., Coogee, Brenntag SE, CSC Jaklechemie GmbH & Co. KG., Rexchem UK Limited, Penta chemicals, Sigma-Aldrich, SolvChem, RICCA Chemical, the Chemours Company, Fisher Scientific, Merck Millipore, Alphachem Limited, Orbia, Correias Mercurio, Pall Corporation, Mexichem Brasil, Gulf Fluor LLC, ICL Group Ltd., Kemcore, Desmet Ballestra, Orbia, Chemifa Corp.
Asia-Pacific was the largest region in the hydrofluoric acid market in 2023. 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, Africa.
The countries covered in the hydrofluoric acid market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
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.
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.
Hydrofluoric Acid Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on hydrofluoric acid market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for hydrofluoric acid? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The hydrofluoric acid market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.