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Hydrofluoric Acid Market Competitive And Growth Analysis 2024 - Major Players, High Growth Strategies And Opportunities | Stella Chemifa Corp, Solvay SA, Honeywell International Inc, Zhejiang Sanmei Chemical Ind.Co. Ltd.
Hydrofluoric Acid Global Market Report
The Business Research Company presents an extensive market research report on the Hydrofluoric Acid Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
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 growth in the historic period can be attributed to strong economic growth in emerging markets, an increasing demand for chemical products and an increasing 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 growth in the forecast period can be attributed to government support and a growing use of industrial and home cleaners. Major trends in the forecast period include product launches, introduction of new pump options, innovative developments and introduction of new purifying processes.
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Key Market Players:
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 Jäklechemie GmbH & Co. KG., Rexchem UK Limited, Penta chemicals, Sigma-Aldrich, SolvChem, RICCA Chemical, the Chemours Company, Fisher Scientific, Merck Millipore, Alphachem Limited, Orbia, Correias Mercúrio, Pall Corporation, Mexichem Brasil, Gulf Fluor LLC, ICL Group Ltd, Kemcore, Desmet Ballestra, Orbia, Chemifa Corp.
Market Drivers:
The increasing demand from chemical industries is expected to propel the growth of the hydrofluoric (HF) acid market going forward. In the manufacture of fluorine-containing polymers, hydrofluoric acid is a critical reagent. HF is used to make several organ fluorine chemicals such as polytetrafluoroethylene (Teflon), fluorocarbons, and refrigerants including freon. Hydrofluoric acid is also used to make a variety of high-volume inorganic fluoride compounds. Hence, the use of hydrofluoric acid in chemical industries is driving the demand. For instance, in July 2023, according to the US Bureau of Labor Statistics, a US-based government agency, in the U.S., the trade value of chemical manufacturing products exported in 2022 amounted to $288.0 billion, reflecting a growth of 13.4% compared to the previous year, 2021. Furthermore, in January 2022, according to ACS Publications, a US-based provider of high-quality scholarly journals, the US chemical sector recovered in 2021, with production growing by 1.4%, and it is anticipated that in 2022, the growth rate of chemical output will return to 4.3%. Therefore, the increasing demand from chemical industries is driving the demand for the hydrofluoric acid market.
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https://www.thebusinessresearchcompany.com/report/hydrofluoric-acid-global-market-report
The hydrofluoric acid market covered in this report is segmented -
1) By Product Type: Electronic Hydrofluoric Acid, Industrial Hydrofluoric Acid
2) By Grade: Anhydrous, Diluted
3) By Application: Fluorocarbon, Fluorinated Derivatives, Metal Pickling, Glass Etching, Oil Refining, Other Applications
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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