Hydrofluoric Acid Market expected at a CAGR of ~ 2.9% & US$ 4,313.2 Mn during the forecast period 2021–2031

Increasing demand for high-octane gasoline, fluorine compounds, and electronics is expected to aid the growing demand for hydrofluoric acid. According to a new study by Future Market Insights (FMI), the market for hydrofluoric acid is set to rise sluggishly with a CAGR of less than 3% through the end of the projection period in 2031.

The global requirement for hydrofluoric acids has grown steadily owing to wide scope of applications for refrigerant compounds in multiple sectors. Strict government regulations associated with the environmental impacts of fluorocarbons will influence long-term demand. In metal sector operations, hydrofluoric acid also finds roles in the processing and production of aluminum products for automotive and packaging sectors.

Hydrofluoric acid is also used in the chemical processing sector in multiple roles including as etching agents, cleaning agents, and for the production of fluorides such as sodium fluoride, cryolite, and aluminum trifluoride, in addition to fluorocarbons, fluoropolymers, freons, and more. Hydrofluoric acid is also gaining attention as a precursor to niche drugs, a key factor which indicates regular demand from the global pharmaceutical industry.

The growing demand for hydrofluoric acids, particularly from emerging economies will influence the direction of the market. On the other hand, the high concentration of fluorspar in China unbalances production capabilities. In addition, health and environmental concerns are also issues holding back growth. With further restraints on end user industries, during the covid-19 pandemic, demand is likely to recover gradually through 2021.

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Key Takeaways of Hydrofluoric Acid Market Study

Hydrofluoric acid sales to increase at 2.9% CAGR through the assessment period.
The dominant fluorochemical applications of hydrofluoric acid, are likely to decline in the near future owing to stringent regulations associated with climate change.
Continuing demand for fluorochemicals the metal industry allows Germany to register a relatively higher growth rate.
United States market is projected to face major challenges owing to strict environment protection regulations.
China will remain a dominant market, owing to easy availability and restrictions on imports associated with key raw materials.

Fluorspar Constraints Influence Market Developments

According to FMI, the unbalanced state of global fluorspar supplies, has pushed hydrofluoric acid manufacturers to focus on the development of alternative production avenues to reduced the gap in raw material supples.

The use of fluorosilicic acid has been gaining traction in the industry. The material is produced through reactions between sulfuric acid and phosphate rock with silicates. It is being viewed as a commercially feasible alternative to fluorspar supplies.

Currently, the use of fluorosilicic acid for the production of hydrofluoric acid is still in a nascent stage. However, an increasing number of manufacturers are expected to adopt the technology over the coming decade.  The major advantage of this method is the significant reduction in production costs, resulting in a substantial rise in profit margins for the foreseeable future.

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Who is Winning?

The global hydrofluoric acid market can be considered as moderately consolidated, with a few leading players accounting for a major share of the overall hydrofluoric acid production. Manufacturers are increasingly focused on investments into research and development aimed towards product development with a focus on environment protection.

Key market participants including Gulf Fluor, Laxness AG, Solvay SA, Honeywell International, Buss ChemTech AG, Sinochem International Corp., Tanfac Industries Ltd., Fubao Group, Navin Fluorine International Limited, Merck KGaA, SRF Limited, Gujarat Fluorochemicals Ltd., Stella Chemifa Corporation, Morita Chemical Industries Co. Ltd., and Soulbrain Co., Ltd. amongst others are also focusing on consolidating their presence in the global market by diversifying supplies and distribution channels, dealing with the fallout of the covid-19 pandemic.

Hydrofluoric Acid Market by category

Grade

Anhydrous
Aqueous

Application

Fluorochemicals
Steel Pickling and Metal Treatment
Petroleum Catalyst
Glass Etching
Electronics & Semiconductor
Others

Region

North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East & Africa

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About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

This release was published on openPR.