Hydrofluoric Acid Global Market Report 2024 - By Report, Size, Share, Demand, Forecast To 2033

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.

Market Overview -
Hydrogen fluoride is a colorless, fuming liquid or vapor with a powerful, repulsive odor. It is often transported as a compressed gas in steel cylinders. Hydrogen fluoride solutions are visually indistinguishable from water when diluted and quickly dissolve in water to generate colorless hydrofluoric acid solutions. Hydrofluoric acid is used to make refrigerants, herbicides, pharmaceuticals, high-octane gasoline, aluminum, plastics, electrical components, and fluorescent light bulbs.

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Rising Demand From Chemical Industries Fuels Growth In The Hydrofluoric Acid Market
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.

Competitive Landscape -
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.

Innovative Product Offerings Drive Hydrofluoric Acid Market Trends
Product innovation is the key trend gaining popularity in the hydrofluoric acid market. Major companies operating in the hydrofluoric acid market are focused on developing technologically advanced products to strengthen their market position. For instance, in November 2021, HMD Kontro, a UK-based sealless pump engineering, and manufacturing company launched a pump option specifically designed for use in hydrofluoric acid (HF) alkylation. Features that address operator-specific requirements for the HF alkylation process have been incorporated into the design of the HMD Kontro HF Pump. The pump Secondary containment rated at 40 bar - eliminates the possibility of leakage into the environment, reducing operational risks and the associated costs to meet stringent environment, health, and safety (EH&S) goals. To satisfy strict EH&S objectives, the pump's secondary containment, rated at 40 bar, completely eliminates the chance of leakage into the environment while lowering operational risks and related expenses. This pump is always monitored to guarantee dependable sealless pump performance, including leak detection tools and safeguards against dry pump operation.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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