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Global Hydrofluoric Acid Market to Grow at a CAGR of 6.72% During 2022-2027, Aided by the Rising Demand for Industrial Hydrofluoric Acid

According to a new report by EMR titled, ‘Global Hydrofluoric Acid Market Report and Forecast 2022-2027’, the market attained a volume of more than 1.9 million tons in 2021. The market is further expected to grow at a CAGR of around 6.72% between 2022 and 2027 to reach a volume of over 2.8 million tons by 2027.

The rising application of hydrofluoric acid in the production of aluminium is driving the market growth. This can be attributed to the increasing demand for aluminium in various industries including automotive, aerospace and defence, oil and gas, energy and mining, and building and construction, among others. In addition to this, the increasing product demand for fluorocarbons, which are widely utilised in aerosol sprays and refrigerants, is anticipated to propel the demand for hydrofluoric acid in the forecast period, as they are utilised in their production.

Some of the major players in the market include Honeywell International Inc (NASDAQ: HON) and Daikin Industries,Ltd. (OTCMKTS: DKILY), among others. Due to the ability of hydrofluoric acid to dissolve glass, it is also a major component in the semiconductor industry. In Q1 2021, Samsung Electronics announced the development of a system, which will recycle the hydrofluoric acid for its semiconductor production lines. Such developments are expected to positively influence the market in the coming years.

In terms of region, North America is anticipated to witness a considerable growth in the forecast period. The growing demand for glass and ceramics in the region, supported by rapid urbanisation and technological advancements in the infrastructure, is anticipated to aid the market growth in the forecast period.

Market Breakup by Product Type, Grade, Application, and Region:

  • The market is segmented based on product type into electronic hydrofluoric acid and industrial hydrofluoric acid.
  • On the basis of grade, the market is segmented into anhydrous hydrofluoric acid, diluted hydrofluoric acid (above 50% concentration), and diluted hydrofluoric acid (below 50% concentration).
  • The major applications of the product include fluorocarbon production, fluorinated derivative production, metal pickling, glass etching and cleaning, oil refining, and uranium fuel production, among others.
  • Region-wise, the global market for hydrofluoric acid can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for hydrofluoric acid is being driven by the thriving end use industries of hydrofluoric acid including glass etching, oil refining, and uranium fuel production, among others.
  • The rapid industrialisation and urbanisation are likely to aid the market for hydrofluoric acid.
  • The rising demand for glass, ceramics, aluminium, and fluorine derivatives, is anticipated to propel the market growth in the forecast period.
  • The market is expected to be aided by the technological advancements and growing investments by the market players to enhance their production capacity.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for hydrofluoric acid for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the product types, grades, applications, and regions of hydrofluoric acid.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global hydrofluoric acid market are Honeywell International Inc., Daikin Industries, Ltd., Dongyue Group Co., Ltd, Do-Fluoride New Materials Co., Ltd., and Solvay S.A., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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