Segments - Hydrofluoric Acid Market by Application (Etching Agent, Cleaning Agent, Oil Refining, Organofluorine Compounds, and Fluorocarbon Production), Type (Industrial Hydrofluoric Acid and Electronic Hydrofluoric Acid), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
The global hydrofluoric acid market size was nearly USD 3.5 Billion in 2022 and is likely to reach USD 4.6 Billion by 2031, expanding at a CAGR of 5.9% during the forecast period, 2023–2031. Increasing demand from the chemical processing industry boosts the market.
Hydrofluoric acid is a colorless liquid with a pungent smell. It is mainly the solution of hydrogen fluoride. It is widely used in the production of fluorine compounds that are similar to fluorides, fluoropolymers, and fluorocarbons. It is corrosive in nature. Thus, it is widely used in industrial applications. Aqueous hydrofluoric acid is generally used in industry and research for its capability to etch silicon compounds.
Hydrofluorocarbons and hydrofluoroolefins are the two basic types of fluorocarbons. They are used as refrigerants. Hydrofluoric acid is employed in many industries such as glass, oil, semiconductors, and microelectronic. Hydrofluoric acid cleaning products include concrete cleaners, metal polishes, and toilet bowl cleaners. Concentrated hydrofluoric acid is used as an herbicides, pharmaceuticals, high-octane gasoline, and fluorescent light bulbs.
The research report finds that the COVID-19 pandemic affected the hydrofluoric acid market. Usage of hydrofluoric acid decreased during the pandemic. Moreover, disruption of the supply chain made it difficult for the manufacturers to receive the raw materials. Automotive and chemical industries shut down their manufacturing activities during the pandemic, which in turn decreased demand for hydrofluoric acid. However, hydrofluoric acid has applications in the pharmaceutical industry, which boosted the market to a certain limit.
Rising product application in several industries is likely to propel the market in the coming years. The market growth is attributed to the high usage of hydrofluoric acid in several end-use applications, such as fluorocarbon, aluminum, refrigerants, metal, plastics, and oil refining.
Harmful and toxic nature of hydrofluoric acid is expected to hamper the hydrofluoric acid market growth in the coming years. Furthermore, stringent regulations on the use of fluorocarbon refrigerants and price fluctuation of raw materials are estimated to restrain the market during the forecast period.
Wide application of hydrofluoric acid in the semiconductor industry is projected to create lucrative opportunities for market players. This acid is widely used for cleaning and glass etching. Extensive advancements in semiconductor manufacturing technology boost the demand for hydrofluoric acid.
The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Hydrofluoric Acid Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2022 |
Historic Data |
2016–2021 |
Forecast Period |
2023–2031 |
Segmentation |
Application (Etching Agent, Cleaning Agent, Oil Refining, Organofluorine Compounds, and Fluorocarbon Production) and Type (Industrial Hydrofluoric Acid and Electronic Hydrofluoric Acid) |
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
Key Players Covered in the Report |
Lanxess; Do-Fluoride Chemicals Co., Ltd.; Sigma-Aldrich Corporation; Mexichem S.A.B. de C.V.; Fluorchemie Gruppe; Daikin Industries, Ltd.; Honeywell International Inc.; Solvay S.A.; Sinochem Group; and Zhejiang Yipeng Chemical Co., Ltd. |
On the basis of application, the hydrofluoric acid market is segmented into etching agent, cleaning agent, oil refining, organofluorine compounds, and fluorocarbon production.
The fluorocarbon production segment is projected to expand at a considerable CAGR during the forecast period, due to the rising usage of fluorocarbon. Hydrofluoric acid is the primary fluorine source and an important element used for fluorocarbon production.
Fluorocarbons offer high abrasion resistance and are used in several industries, similar to refrigerants. However, the etching agent segment is anticipated to account for a major market share during the forecast period. Electronic grade hydrofluoric acid is an isotopic etching agent, and it is commonly used to etch the internal surface of the ceramic restoration.
Based on type, the market is divided into industrial hydrofluoric acid and electronic hydrofluoric acid. The industrial hydrofluoric acid segment is expected to hold a significant share of the market in the coming years, owing to the rapid use of hydrofluoric acid in the manufacturing process of refrigerants. Hydrogen fluoride is used to produce high-octane gasoline, aluminum, plastics, herbicides, electrical components, pharmaceuticals, and fluorescent light bulbs.
The electronic hydrofluoric acid segment is projected to hold a large market share during the forecast period, as it is widely employed in the cleaning of silicon wafers in photovoltaic cells, microelectronics, and semiconductors. Electronic-grade hydrofluoric acid is a reactive, strong, and corrosive agent, which reacts with bases, acids, and oxidants.
In terms of region, the global hydrofluoric acid market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.
The market in North America is anticipated to expand at a rapid pace in the coming years, due to rising demand for anhydrous hydrofluoric in cleaning and glass etching applications. The regional market growth is further attributed to the rapid industrialization and the growing production of fluorocarbons and fluorinated derivatives in the region.
Asia Pacific is expected to dominate the market during the forecast period, owing to the low cost & abundant availability of raw materials, low labor and transportation costs, and rapidly growing semiconductor & electronics industries in the region. Growing demand for electronics & semiconductors and metal is likely to boost the regional market in the coming years.
The global hydrofluoric acid market has been segmented on the basis of
Key players competing in the global hydrofluoric acid market are Lanxess; Do-Fluoride Chemicals Co., Ltd.; Sigma-Aldrich Corporation; Mexichem S.A.B. de C.V.; Fluorchemie Gruppe; Daikin Industries, Ltd.; Honeywell International Inc.; Solvay S.A.; Sinochem Group; and Zhejiang Yipeng Chemical Co., Ltd. Some of these prominent players are actively engaged in product launches, mergers, partnerships, and collaborations to expand their manufacturing units. For instance,