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Hydrofluoric Acid Market Size, Share & Trends Growth [2031]

Hydrofluoric Acid Market

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Segments - 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

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Riddhesh Dani

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Report Description

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.

Hydrofluoric Acid Market Dynamics

Major Drivers

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.

Existing Restraints

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.

Emerging Opportunities

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.

Scope of Hydrofluoric Acid Market Report

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.

Hydrofluoric Acid Market Segment Insights

Application Segment Analysis

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.

Type Segment Analysis

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.

Regional Analysis

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.

Segments

The global hydrofluoric acid market has been segmented on the basis of

Application

Etching Agent
Cleaning Agent
Oil Refining
Organofluorine Compounds
Fluorocarbon Production

Type

Industrial Hydrofluoric Acid
Electronic Hydrofluoric Acid

Region

Asia Pacific
North America
Latin America
Europe
Middle East & Africa

Key Players

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
Zhejiang Yipeng Chemical Co., Ltd.

Competitive Landscape

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,

In November 2022, Solvay S.A. and Orbia (Mexico) joint venture, proposed to manufacture suspension-grade polyvinylidene fluoride (PVDF) required for battery components. Polymer Solutions business Vestolit and Orbia’s fluorinated solutions business Koura are anticipated to supply vinyl chloride monomer (VCM), hydrofluoric acid, and chlorine for the project.

In March 2022, Daikin Industries, Ltd. introduced a purifying process to produce chipmaking chemicals. The new technology uses raw materials from Mexico to reduce dependency on China for chip-making materials. Fluorite crystals from China are considered pure than fluorite crystals from Mexico.

Hydrofluoric Acid Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Hydrofluoric Acid Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Hydrofluoric Acid Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Hydrofluoric Acid Market - Supply Chain
  4.5. Global Hydrofluoric Acid Market Forecast
     4.5.1. Hydrofluoric Acid Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Hydrofluoric Acid Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Hydrofluoric Acid Market Absolute $ Opportunity
5. Global Hydrofluoric Acid Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Hydrofluoric Acid Market Size and Volume Forecast by Types
     5.3.1. Industrial Hydrofluoric Acid
     5.3.2. Electronic Hydrofluoric Acid
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Hydrofluoric Acid Market Analysis and Forecast by Applications
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Applications
     6.2.2. Y-o-Y Growth Projections by Applications
  6.3. Hydrofluoric Acid Market Size and Volume Forecast by Applications
     6.3.1. Etching Agent
     6.3.2. Cleaning Agent
     6.3.3. Oil Refining
     6.3.4. Organofluorine Compounds
     6.3.5. Fluorocarbon Production
  6.4. Absolute $ Opportunity Assessment by Applications
  6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Hydrofluoric Acid Market Analysis and Forecast by Region
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by Region
     7.2.2. Y-o-Y Growth Projections by Region
  7.3. Hydrofluoric Acid Market Size and Volume Forecast by Region
     7.3.1. North America
     7.3.2. Latin America
     7.3.3. Europe
     7.3.4. Asia Pacific
     7.3.5. Middle East and Africa (MEA)
  7.4. Absolute $ Opportunity Assessment by Region
  7.5. Market Attractiveness/Growth Potential Analysis by Region
  7.6. Global Hydrofluoric Acid Demand Share Forecast, 2019-2026
8. North America Hydrofluoric Acid Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
  8.2. North America Hydrofluoric Acid Market Size and Volume Forecast by Country
     8.2.1. U.S.
     8.2.2. Canada
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. North America Hydrofluoric Acid Market Size and Volume Forecast by Types
     8.4.1. Industrial Hydrofluoric Acid
     8.4.2. Electronic Hydrofluoric Acid
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. North America Hydrofluoric Acid Market Size and Volume Forecast by Applications
     8.7.1. Etching Agent
     8.7.2. Cleaning Agent
     8.7.3. Oil Refining
     8.7.4. Organofluorine Compounds
     8.7.5. Fluorocarbon Production
  8.8. Basis Point Share (BPS) Analysis by Applications
  8.9. Y-o-Y Growth Projections by Applications
  8.10. Market Attractiveness/Growth Potential Analysis
     8.10.1. By Country
     8.10.2. By Product Type
     8.10.3. By Application
  8.11. North America Hydrofluoric Acid Demand Share Forecast, 2019-2026
9. Latin America Hydrofluoric Acid Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Latin America Average Pricing Analysis
  9.2. Latin America Hydrofluoric Acid Market Size and Volume Forecast by Country
      9.2.1. Brazil
      9.2.2. Mexico
      9.2.3. Rest of Latin America
   9.3. Absolute $ Opportunity Assessment by Country
  9.4. Latin America Hydrofluoric Acid Market Size and Volume Forecast by Types
     9.4.1. Industrial Hydrofluoric Acid
     9.4.2. Electronic Hydrofluoric Acid
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Latin America Hydrofluoric Acid Market Size and Volume Forecast by Applications
     9.7.1. Etching Agent
     9.7.2. Cleaning Agent
     9.7.3. Oil Refining
     9.7.4. Organofluorine Compounds
     9.7.5. Fluorocarbon Production
  9.8. Basis Point Share (BPS) Analysis by Applications
  9.9. Y-o-Y Growth Projections by Applications
  9.10. Market Attractiveness/Growth Potential Analysis
     9.10.1. By Country
     9.10.2. By Product Type
     9.10.3. By Application
  9.11. Latin America Hydrofluoric Acid Demand Share Forecast, 2019-2026
10. Europe Hydrofluoric Acid Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Europe Average Pricing Analysis
  10.2. Europe Hydrofluoric Acid Market Size and Volume Forecast by Country
     10.2.1. Germany
     10.2.2. France
     10.2.3. Italy
     10.2.4. U.K.
     10.2.5. Spain
     10.2.6. Russia
     10.2.7. Rest of Europe
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Europe Hydrofluoric Acid Market Size and Volume Forecast by Types
     10.4.1. Industrial Hydrofluoric Acid
     10.4.2. Electronic Hydrofluoric Acid
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Europe Hydrofluoric Acid Market Size and Volume Forecast by Applications
     10.7.1. Etching Agent
     10.7.2. Cleaning Agent
     10.7.3. Oil Refining
     10.7.4. Organofluorine Compounds
     10.7.5. Fluorocarbon Production
  10.8. Basis Point Share (BPS) Analysis by Applications
  10.9. Y-o-Y Growth Projections by Applications
  10.10. Market Attractiveness/Growth Potential Analysis
     10.10.1. By Country
     10.10.2. By Product Type
     10.10.3. By Application
  10.11. Europe Hydrofluoric Acid Demand Share Forecast, 2019-2026
11. Asia Pacific Hydrofluoric Acid Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Asia Pacific Average Pricing Analysis
  11.2. Asia Pacific Hydrofluoric Acid Market Size and Volume Forecast by Country
     11.2.1. China
     11.2.2. Japan
     11.2.3. South Korea
     11.2.4. India
     11.2.5. Australia
     11.2.6. Rest of Asia Pacific (APAC)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Asia Pacific Hydrofluoric Acid Market Size and Volume Forecast by Types
     11.4.1. Industrial Hydrofluoric Acid
     11.4.2. Electronic Hydrofluoric Acid
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Asia Pacific Hydrofluoric Acid Market Size and Volume Forecast by Applications
     11.7.1. Etching Agent
     11.7.2. Cleaning Agent
     11.7.3. Oil Refining
     11.7.4. Organofluorine Compounds
     11.7.5. Fluorocarbon Production
  11.8. Basis Point Share (BPS) Analysis by Applications
  11.9. Y-o-Y Growth Projections by Applications
  11.10. Market Attractiveness/Growth Potential Analysis
     11.10.1. By Country
     11.10.2. By Product Type
     11.10.3. By Application
  11.11. Asia Pacific Hydrofluoric Acid Demand Share Forecast, 2019-2026
12. Middle East & Africa Hydrofluoric Acid Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Middle East & Africa Average Pricing Analysis
  12.2. Middle East & Africa Hydrofluoric Acid Market Size and Volume Forecast by Country
     12.2.1. Saudi Arabia
     12.2.2. South Africa
     12.2.3. UAE
     12.2.4. Rest of Middle East & Africa (MEA)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Middle East & Africa Hydrofluoric Acid Market Size and Volume Forecast by Types
     12.4.1. Industrial Hydrofluoric Acid
     12.4.2. Electronic Hydrofluoric Acid
  12.5. Basis Point Share (BPS) Analysis by Types
  12.6. Y-o-Y Growth Projections by Types
  12.7. Middle East & Africa Hydrofluoric Acid Market Size and Volume Forecast by Applications
     12.7.1. Etching Agent
     12.7.2. Cleaning Agent
     12.7.3. Oil Refining
     12.7.4. Organofluorine Compounds
     12.7.5. Fluorocarbon Production
  12.8. Basis Point Share (BPS) Analysis by Applications
  12.9. Y-o-Y Growth Projections by Applications
  12.10. Market Attractiveness/Growth Potential Analysis
     12.10.1. By Country
     12.10.2. By Product Type
     12.10.3. By Application
  12.11. Middle East & Africa Hydrofluoric Acid Demand Share Forecast, 2019-2026
13. Competition Landscape
  13.1. Global Hydrofluoric Acid Market: Market Share Analysis
  13.2. Hydrofluoric Acid Distributors and Customers
  13.3. Hydrofluoric Acid Market: Competitive Dashboard
  13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     13.4.1. Lanxess
     13.4.2. Do-Fluoride Chemicals Co., Ltd.
     13.4.3. Sigma-Aldrich Corporation
     13.4.4. Mexichem S.A.B. de C.V.
     13.4.5. Fluorchemie Gruppe
     13.4.6. Daikin Industries, Ltd.
     13.4.7. Honeywell International Inc.
     13.4.8. Solvay S.A.
     13.4.9. Sinochem Group
     13.4.10. Zhejiang Yipeng Chemical Co., Ltd.

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