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Rising Demand in Cookware and Cable Wire Industries Boosts Hydrofluoric Acid Market
Hydrofluoric Acid Market
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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 smaller 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 3.3% global market CAGR.
- The Japanese hydrofluoric acid market is projected to advance at a CAGR of 4.6%. The value of the Japanese industry for 2024 is highlighted to be USD 971.6 million.
- South Korea is poised to see the industry register a CAGR of 5.2% during the projection period. The value of the sector in South Korea for 2024 is penned in to be USD 318.3 million.
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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 Chemical 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 2024 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 2024 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.
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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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