New York, Sept. 11, 2019 (GLOBE NEWSWIRE) -- Increasing demand for hydrofluoric acid from the production of fluorocarbons and fluorinated derivatives applications and an increasing manufacturing base in the Middle East and Asia Pacific regions are key factors contributing to high CAGR of Hydrofluoric Acid during the forecast period.
According to the current analysis of Reports and Data, The global Hydrofluoric Acid (HF) market was valued at USD 1.60 million in 2018 and is expected to reach USD 2.42 million by the year 2026, at a CAGR of 5.3%. This market is likely to follow a modest growth route with its drivers and restraints in place. Hydrofluoric acid produced by treatment of fluorite with sulfuric acid. It used in various industries such as mining, chemicals, refining, silicon chip fabrication, and others. Fluorocarbons which are the major types of refrigerants used globally are the most significant application segment of this acid.
Despite having several advantages, 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. Moreover, there are environmental concerns as well because of the hazardous effects of Hydrofluoric Acid. It is because of these reasons that this market does not have a smoothly rising CAGR over the forecast years.
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Further key findings from the report suggest
- Hydrofluoric acid majorly used as an intermediate material for the production of a number of a fluorochemical which used as a refrigerant and air conditioning agent. It can use in the anhydrous form - anhydrous hydrofluoric acid (AHF) - or the dilute form - aqueous hydrofluoric acid. The dilution ratio can vary as per the requirements. It is a significant input for this application.
- Metal Pickling, which is expected to register a CAGR of almost 5% during the forecast years, will add a lot to the demand for Hydrofluoric Acid. The acid has a property of dissolving oxides and other impurities, and, hence, used at several stages in the processing of metals such as carbon steel, stainless steel, and titanium.
- Hydrofluoric acid used as to producing several fluorinated derivatives such as fluoride, fluoropolymers, and Fluorosurfactants. The significant fluorides produced using hydrofluoric acid are Na3AlF6 and AlF3. These, in turn, have a high demand due to the expanding aluminum industry.
- The import business is rising in the American markets. This market is raising the demand for hydrofluoric acid in the end segment industries. However, the environmental norms are strict in the region due to which this chemical product will be witnessing only moderate growth over the coming years.
- An evolving foreign business and flexible government laws for foreign trade in the Middle East will result in impressive growth in the market for fluorocarbons in the region during 2019-2026.
- Asia-Pacific market is expected to gain a significant CAGR in the coming assessment period. China is the primary producer of raw material for the manufacture of hydrofluoric acid. This, together with the massive demand from metallurgical and chemical industries and an actively growing manufacturing base in APAC, will propel the market of hydrofluorocarbons.
- Anhydrous Hydrofluoric Acid is the most popular grade type, and it held a market share of more than 50.5% in the global market during the base year 2018. However, this grade has a high transportation cost which is a discouraging factor for the end-use industries of Hydrofluoric Acid.
- Across the world, most of the countries are planning to phase out the use of hydrochlorofluorocarbons (HCFCs) and hydrofluorocarbons (HFCs) by imposing stringent regulations to limit their consumption. Alternatives are expected to show up and seriously affect the global market
- Globally, from a regional perspective, China is anticipated to lead the global Market, both in terms of value (US$) and volume (MT) owing to readily available raw material and workers at a low price, so that the manufacturers can offer their products at relatively lower prices. Increase in growth for fluorochemicals refrigerant and air conditioning system is expected to create significant opportunities in the market. Additionally, India is also anticipated to expand their production facilities at a relatively higher growth rate during the forecast period. Europe is expected to witness for sluggish growth due to the stringent regulations on the use of fluorochemical and its derivatives. However, the consumption of hydrofluoric acid (HF) is anticipated to exhibit low volume and high growth in the coming forecast period.
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Segments covered in the report:
For the purpose of this study, Reports and Data have segmented the market on the basis of grade, application, and region:
Grade (Revenue in USD Million) (Volume in tons) (2016–2026)
- Anhydrous
- Aqueous
Application (Revenue in USD Million) (Volume in tons) (2016–2026)
- Fluorocarbon Production
- Fluorinated Derivative Production
- Metal Pickling
- Glass Etching and Cleaning
- Oil Refining
- Uranium Fuel Production
- Others
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Regional Outlook (Revenue in USD Million) (Volume in tons) (2016–2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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