Hydrofluoric Acid Market Set to Reach New Heights with Anticipated Value of US$ 2,748.6 million in 2033

Hydrofluoric Acid (HF), a potent and highly corrosive compound, contains hydrogen and fluorine. Used in various industrial processes like etching and glass manufacturing, its unique ability to dissolve silica makes it exceptionally hazardous. Contact with HF can lead to severe burns and tissue damage, often necessitating immediate medical attention due to its capacity to penetrate the skin.

Thorough research from FMI indicates that the Hydrofluoric Acid market had an estimated value of US$ 1,640.4 million in the historical year 2018. Furthermore, during the period between 2018 and 2022, it expanded noticeably, having a CAGR of 2.9%. The global market value increased to US$ 1,839.1 million by 2022, underscoring the expanding use of hydrofluoric acid across several sectors.

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The overall market is anticipated to maintain its upward trend, reaching an anticipated value of US$ 1,892.4 million in the year 2023. With the demand for hydrofluoric acid expected to increase at 4.1% CAGR between 2023 and 2033, the future looks bright for producers of the chemical. Further, it is predicted that hydrofluoric acid sales, in terms of value, might reach a staggering US$ 2,748.6 million by the end of this forecast period.

The use of hydrofluoric acid in the manufacture of cookware and cable wires is a significant element influencing the rise in demand for the chemical. Moreover, there is an increasing demand for reliable and effective cookware as well as better communication infrastructure as the world's population continues to expand. Such items' manufacturing processes depend hugely on hydrofluoric acid, which, in turn, is driving up its demand, particularly in industrializing economies.

Hydrofluoric acid is used in the making of hydrofluorocarbons (HFCs) and hydrofluorolefins (HFOs), which are also in high demand on the market these days. These substances have a small influence on the ozone layer than conventional refrigerants, which makes them popular refrigerants and air conditioning system components. So the sales of hydrofluoric acid have increased as governments and businesses are increasingly prioritizing ecologically acceptable alternatives hugely.

Key Takeaways from the Global Hydrofluoric Acid Market Study Report by FMI

- The use of hydrofluoric acid in the manufacturing of fluorinated derivatives was credited with the dominance of the United States with a 19.3% global market share.
- In 2022, the demand for hydrofluoric acid in Germany had a sizeable market share, at 16.3% of the global revenue share.
- Asia Pacific's market captured an impressive share of 36.5% of the global market of 36.5% in the year 2022. The sales of hydrofluoric acid in India are anticipated to sustain the trend with a 3.7% CAGR throughout the forecast period.

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Competitive Landscape for the Hydrofluoric Acid Market Players

The demand for hydrofluoric acid has been increasing globally, which has had a positive impact on the industry's profitability encouraging many new players. With a promising outlook, the new players are anticipated to continue profiting from the rising worldwide demand for hydrofluoric acid and its numerous applications.

The Top Players are

Gulf Fluor
Lanxess 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.
Soulbrain Co. Ltd.

Recent Developments by the Hydrofluoric Acid Manufacturing Industries

Clariant International Ltd. and AkzoNobel joined forces in February 2023 to create fresh hydraulic acid additives. Through this collaboration, they might be able to create novel additives that lessen corrosion, increase lubricity, and prolong the lifespan of hydraulic acid systems.
The Dow Chemical Company stated in January 2023 that it might be expanding its hydraulic acid production facility to supply the rising demand for hydraulic acid. As a result of this expansion, the firm is going to boost manufacturing capacity and shorten lead times.

Key Segments Covered in the Hydrofluoric Acid Industry Analysis

By Grade:

Anhydrous
Aqueous

By Application:

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

By Region:

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

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About Future Market Insights, Inc. (FMI)

Future Market Insights (ESOMAR-certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments based on Source, Application, Sales Channel, and End Use over the next 10 years.

This release was published on openPR.