Global Hydrofluoric Acid Market Report and Forecast 2024-2032

Global Hydrofluoric Acid Market Outlook

The global hydrofluoric acid market attained a volume of more than 2.16 million tons in 2023. The market is further expected to grow at a CAGR of 6.72% during the forecast period of 2024-2032 to reach over 3.88 million tons by 2032.

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Rising Applications of Industrial Hydrofluoric Acid to Spur the Growth of the Overall Market

The global market for hydrofluoric acid is being driven by the rising use of industrial hydrofluoric acid in the production of fluorine compounds. These fluorine compounds include fluorocarbons, fluorides, and fluorochemicals, among others. In line with this, the growing demand for fluorocarbons to be used as cooling agents in air conditioners and refrigeration equipment are expanding the growth of the market.  In addition to this, the growth of the market can be associated with the growing demand for hydrofluoric acid for the production of aluminium fluoride, which is used for the manufacturing of aluminium products. Thus, the growing use of aluminium across end-use sectors like automobile, packaging, and manufacturing, among others are positively influencing the growth of hydrofluoric acid in the global market. Moreover, the increasing of hydrofluoric acid as a cleaning agent in the automotive industry to remove rust, stain, and water-spots are further influencing the growth of the market positively.

Hydrofluoric Acid: Market Segmentation

Hydrofluoric acid refers to a colourless, fuming, and corrosive chemical compound of hydrogen and fluorine. It is used to make refrigerants, herbicides, aluminium, plastics, and fluorescent light bulbs, among others.

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On the basis of product type, the market can be divided into:

• Electronic Hydrofluoric Acid
• Industrial Hydrofluoric Acid

Based on grade, the market can be segmented into:

• Anhydrous Hydrofluoric Acid
• Diluted Hydrofluoric Acid (above 50% concentration)
• Diluted Hydrofluoric Acid (below 50% concentration)

The market, based on application, can be distributed into:

• Fluorocarbon Production
• Fluorinated Derivative Production
• Metal Pickling
• Glass Etching and Cleaning
• Oil Refining
• Uranium Fuel Production
• Others

The EMR report looks into the regional markets of hydrofluoric acid like North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa.

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The Asia Pacific Region is Projected to Hold a Significant Share in the Overall Growth of the Market

On the basis of region, the Asia Pacific is projected to account for a considerable share in the growth of the global market. This can be attributed to the growing demand for hydrofluoric acid across industry verticals. For instance, the use of hydrofluoric acid for applications such as metal processing, steel picking, and metal surface treatment is pushing the growth of the regional market, owing to the flourishing steel industry of the region. In addition, the use of the product for glass etching process to provide finish and shine to glass surfaces is another factor defining the growth of the market. Moreover, hydrofluoric acid is actively used in the petrochemical industry to improve fuel efficiency in the alkylation process. The implementation of stringent vehicle regulations in the region is supporting this trend.

However, the negative properties of hydrofluoric acid such as its toxicity and corrosive properties are projected to have a negative effect on the global market. In addition, fluorocarbons release CO2 emissions which pollute the environment, and the growing adoption of climate neutral products may restrain the growth of the market in the coming years.

Key Industry Players in the Global Hydrofluoric Acid Market

The report presents a detailed analysis of the following key players in the global hydrofluoric acid market, looking into their capacity, market share, and latest developments like capacity expansions, plant turnabouts and mergers and acquisitions:

• Honeywell International Inc.
• Daikin Industries, Ltd.
• Dongyue Group Co., Ltd
• Do-Fluoride New Materials Co., Ltd.
• Solvay S.A.
• Others

The comprehensive report looks at the micro and macro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of the Porter’s Five Forces Model.

Key Highlights of the Report