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Electronic Grade Hydrofluoric Acid Market Share, Growth Analysis And Revenue Forecast 2024 To 2033
Electronic Grade Hydrofluoric Acid Market
As per the report, the electronic grade hydrofluoric acid market size has grown strongly in recent years. It will grow from $1.70 billion in 2023 to $1.82 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The electronic grade hydrofluoric acid market size is expected to see strong growth in the next few years. It will grow to $2.42 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%.
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Driving Growth Of Electronic-Grade Hydrofluoric Acid Market Through Increasing Adoption Of Electronic Products
The increasing adoption of electronic products is expected to propel the growth of the electronic-grade hydrofluoric acid market going forward. Electronic products encompass various devices, from everyday consumer gadgets like smartphones and laptops to larger items such as household appliances, industrial machinery, and medical equipment. The increasing adoption of electronic products is due to technological advancements, affordability, convenience, and the growing demand for connectivity and digitalization in various aspects of life. Electronic-grade hydrofluoric acid is utilized throughout the manufacturing process of electronic products to ensure precise patterning, surface modification, and other methods that result in reliable and efficient electronic devices. For instance, in February 2024, according to the Japan Electronics and Information Technology Industries Association, a Japan-based trade organization, consumer electronic products production reached $201.91 million (¥31,685 million), up from $149.27 million (¥ 23,425 million) in January 2023. Therefore, the increasing adoption of electronic products is driving the growth of the electronic-grade hydrofluoric acid market going forward.
Impact Of Electric Vehicle Adoption On The Electronic-Grade Hydrofluoric Acid Market
The increasing adoption of electric vehicles is expected to propel the growth of the electronic-grade hydrofluoric acid market going forward. Electric vehicles (EVs) are vehicles that are powered by electric motors, using energy stored in rechargeable batteries or other energy storage devices. The increase in the adoption of electric vehicles (EVs) is due to government financial incentives, higher energy density, the construction of fast-charging stations, and emission regulations. Electronic-grade hydrofluoric acid is essential for producing high-purity semiconductor components fundamental to the operation and performance of various electronic systems within electric vehicles. For instance, in March 2022, according to an article published by the Department of Energy, a US-based government agency, sales of new light-duty plug-in electric vehicles, encompassing both all-electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs), increased from 3.08 million in 2020 to 6.08 million in 2021. Therefore, the increasing adoption of electric vehicles is driving the growth of the electronic-grade hydrofluoric acid market.
Innovative Technologies In Electronic-Grade Hydrofluoric Acid Production And Waste Management
Major companies operating in the electronic-grade hydrofluoric acid market are focusing on developing innovative technologies, such as high-purity cryolite generation systems, on sustaining their position in the market. High-purity cryolite generation systems are setups designed to produce cryolite, a mineral compound primarily used in the electrolytic production of aluminum. These systems typically involve chemical processes that purify raw materials to create high-quality and purity cryolite. For instance, in November 2021, Taiwan Semiconductor Manufacturing Company Limited, a Taiwan-based manufacturing company, introduced the first hydrofluoric acid waste regeneration system. This system efficiently recovers and purifies hydrofluoric acid from waste streams, delivering cost savings, environmental stewardship, and regulatory compliance benefits by conserving resources and reducing hazardous waste disposal. This system minimizes waste, reduces costs, and ensures a continuous supply of high-purity HF required for these high-tech applications.
The electronic grade hydrofluoric acid market covered in this report is segmented -
1) By Type: Ultra-Pure Grade, Ultra-Pure Special Grade, Ultra-Pure Super Special Grade, Electronic Grade
2) By Application: Integrated Circuits , Solar Energy, Glass Product, Monitor Panel, Other Applications
3) By End-User: Electronics, Semiconductor, Photovoltaic, Chemical, Automotive, Other End-Users
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Major companies operating in the electronic grade hydrofluoric acid market are Honeywell International Inc., Merck KGaA, Solvay S.A., Air Products and Chemicals Inc., Formosa Daikin Advanced Chemicals Co. Ltd., Formosa Plastics Corporation, Shandong Dongyue Chemical Co. Ltd., KMG Chemicals, Zhejiang Juhua Co. Ltd., Stella Chemifa Corporation, Suzhou Crystal Clear Chemical Co.Ltd., Derivados del Fluor SAU, Zhejiang Sanmei Chemical Incorporated Company, G. Frederick Smith Chemical Company, Advance Research Chemicals Inc., Fujian Shaowu Yongfei Chemical Co. Ltd., Buss ChemTech AG, Loba Chemie Pvt Ltd., Morita Chemical Industries Co. Ltd., Kanto Chemical Co. Inc., Sunlit Chemical Co. Ltd., Hangzhou Dayangchem Co. Ltd., Rishiroop Polymers Pvt. Ltd., Sinochem Lantian Co. Ltd., Xinxiang Yellow River Fine Chemical Industry Co. Ltd.
Contents of the report:
1. Executive Summary
2. Electronic Grade Hydrofluoric Acid Market Report Structure
3. Electronic Grade Hydrofluoric Acid Market Trends And Strategies
4. Electronic Grade Hydrofluoric Acid Market - Macro Economic Scenario
5. Electronic Grade Hydrofluoric Acid Market Size And Growth
…..
27. Electronic Grade Hydrofluoric Acid Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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