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.
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.
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 (000’ 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.