Wilmington, Delaware , Feb. 14, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Hydrofluoric Acid Market by Grade (Anhydrous, and Diluted) and Application (Fluorocarbon, Fluorinated Derivatives, Metal Pickling, Glass Etching, Oil Refining, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032.” According to the report, the global hydrofluoric acid market was valued at $1.9 billion in 2022 and is projected to reach $3.5 billion by 2032, growing at a CAGR of 6.1% from 2023 to 2032.
Prime determinants of growth
The growth of the hydrofluoric acid market is primarily determined by factors such as expanding applications in industries such as electronics, petroleum refining, and pharmaceuticals, driven by their stringent quality requirements. Additionally, the rising demand for fluorocarbons in refrigerants and the increasing adoption of hydrofluoric acid in the production of fluorinated compounds contribute to market growth. Furthermore, advancements in production processes coupled with investments in research and development for innovative applications, play a crucial role in shaping the market landscape. Moreover, favorable regulatory frameworks and growth in awareness regarding the benefits of hydrofluoric acid further propel its market expansion.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $1.9 Billion |
| Market Size in 2032 | $3.5 Billion |
| CAGR | 6.1% |
| No. of Pages in Report | 300 |
| Segments covered | Grade, Application, And Region. |
| Drivers | increased Demand In Industrial Processes Increase In Demand For Hydrofluoric Acid In Chemical Industry |
| Opportunities | Renewable Energy Technologies |
| Restraints | Stringent Regulations Rise In Health And Environmental Consciousness Regarding The Hazards Of Hydrofluoric Acid |
Impact of the Russia–Ukraine War on the Hydrofluoric Acid Market
Geopolitical events sometimes lead to changes in regulations and trade policies. These changes affect the movement and trade of hydrofluoric acid, impacting market dynamics and the cost of doing business. Geopolitical tensions influence investor confidence and decision-making. Uncertainty led to delays or reconsideration of investments in industries related to hydrofluoric acid production or application.
The anhydrous segment is expected to grow at a notable pace throughout the forecast period
In 2022, the anhydrous category dominated the market, securing the highest revenue share, accounting for more than half of the global hydrofluoric acid market. The anhydrous segment leads the hydrofluoric acid market owing to its water-free composition, vital for applications in electronics and petroleum refining. Its versatility across various industries coupled with rapid growth prospects, solidifies its dominance, reflecting its indispensable role and preference among consumers within the global market landscape.
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The fluorocarbon segment is expected to lead by 2032
Depending on the application, the fluorocarbon sector acquired the highest market share in 2022, accounting for nearly half of the global market revenue due to increase in demand for fluorocarbons in refrigerants, coupled with their extensive use in electronics and chemical manufacturing. This segment reflects significant growth potential and market preference.
However, the fluorinated derivatives segment is projected to register the highest CAGR of 6.6% from 2023 to 2032. This projection is fueled by increasing demand for fluorinated compounds across various sectors including pharmaceuticals, electronics, and agrochemicals, reflecting their expanding applications and market potential.
Asia-Pacific to maintain its dominance by 2032
Region-wise, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly half of the global market revenue, and is expected to continue the same trend during the forecast period. This trend is anticipated to persist throughout the forecast period, driven by increasing industrial activities, particularly in the electronics and chemical manufacturing sectors, coupled with rising demand for hydrofluoric acid in countries such as China, Japan, and South Korea.
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Players: -
- Daikin Industries Limited
- Dongyue Group Ltd
- Honeywell International Inc.
- Lanxess
- Solvay S.A.
- Sinochem Group
- Mexichem S.A.B. de C.V.
- Yingpeng Group
- Stella Chemifiae Corporation
- Fluorchemie Group
Leading manufacturers are engaged in R&D to develop non-toxic products. Online sales have surged, yet direct sales retain dominance due to their accessibility. Key players focus on mergers, acquisitions, and cost-cutting strategies across the value chain.
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