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Global Hydrofluoric Acid, Market Trends, Opportunities, Analysis 2024
Hydrofluoric Acid, Market Dynamics, Global Opportunities
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
Mark Anthony Group, Anheuser-Busch InBev, The Boston Beer Company, Diageo plc, E. & J. Gallo Winery, Heineken N.V., Molson Coors Beverage Company, Constellation Brands Inc., Kona Brewing Company, San Juan Seltzer Inc., Qalbstore, Corner Art Store, Glasstick, Liquid Ai, BeaconsTalk Technologies Pvt Ltd, Cool Story, Moonshine Meadery, Bind Beverages, Kweichow Moutai, Wuliangye Yibin, Foshan Haitian Flavouring and Food Company, Shanxi Xinghuacun Fen Wine Factory, Luzhou Laojiao, Jiangsu Yanghe Brewery Joint-Stock, Inner Mongolia Yili Industrial Group, Tsingtao Brewery Company, Casso Cocktails, Bodega Bay, CD Corp Limited, Clubby, Niyte, Endangered Brewing, Wise Bartender, White Claw, Kopparberg Brewery AB, Féfé drinks, Defy Wine, Silesia Consulting Ltd, Polmos Lublin S. A, Jax Holding Ltd, Vito-House Llc, Kursk brewery llc, Yaroslavsky Distillery, Ip Selivanenko, Truly Hard Seltzer, Barefoot Hard Seltzer, Bud Light Seltzer, Bon & Viv Spiked Seltzer, High Noon Sun Sips Hard Seltzer, Smirnoff Spiked Sparkling Seltzer, Henry's Hard Sparkling Water, Corona Hard Seltzer, Cervecería y Maltería Quilmes, Ambev, Cervecería Nacional (Ecuador), International Beverage & Filling Industries LLC, Vizzy Hard Seltzer, Dubai Refreshments PJSC, Komari Beverages, Coca-Cola Company, PURA Beverage Company, SpikedSeltzer.
Hydrofluoric Acid Market 2024 Key Insights:
• 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%.
• Rising Demand From Chemical Industries Fuels Growth In The Hydrofluoric Acid Market
• Innovative Product Offerings Drive Hydrofluoric Acid Market Trends
• Asia-Pacific was the largest region in the hydrofluoric acid market in 2023
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The Business Research Company ( https://www.thebusinessresearchcompany.com ) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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