Hydrofluoric Acid Market is forecast to reach $2.29 Million by 2025, after growing at a CAGR of 5.30% during 2020-2025. The increasing demand for hydrofluorocarbons (HFCs) and hydrofluoroolefins (HFOs) and the increasing demand for fluorine compounds from several industries like steel aluminum, petroleum and pharmaceutical are the main factors driving the global market for hydrofluoric acids over the forecast period. The report covers hydrofluoric acid market size by grade and application, hydrofluoric acid market share by top 5 companies and also the market share by start-ups during the forecast period.
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By Grade – Segment Analysis
Anhydrous hydrofluoric carbon segment held the largest share in the butane market in 2019. The rising demand of this grade in the fluorinated derivative production, fluorocarbon production, and oil refining applications is expected to raise the consumption of anhydrous hydrofluoric carbon globally. AHF is used as a pickling agent in metal working, to remove the oxides and other impurities from carbon steels because of its ability to dissolve steel.
By Application – Segment Analysis
Fluorocarbons held the largest share in the butane market in 2019. With the growing demand for main kind of refrigerants like hydrofluorocarbons (HFCs) and hydrofluoroolefins (HFOs), the hydrofluoric acid market is estimated to grow during the forecast period. The fluorides witness high demand from aluminum industry. The increasing production of fluorides is expected to propel the demand for hydrofluoric acid market.
Geography – Segment Analysis
Asia-Pacific dominated the hydrofluoric acid market with a share of more than 45% during the forecast period. China is projected to be the fastest-growing market for hydrofluoric acid in Asia Pacific, followed by India and Japan due to numerous number of manufacturers. Due to massive demand from chemical and metallurgical industries and actively growing manufacturing base in APAC, it will propel the hydrofluoric acid market during the forecast period.
Drivers – Hydrofluoric Acid Market
Hydrofluroic acid is used in the manufacture of aluminium fluoride which is predominantly used as a raw material for the manufacturing of aluminum. Hence increasing usage of aluminium across various end-use industries such as automotive, packaging will lead to growth of hydrofluoric acid market. It is most commonly used in the field of cooling systems and air conditioning as a raw material and fluorine source.
Challenges – Hydrofluoric Acid Market
Fluorspar is the raw material majorly used in for the production hydrofluoric acid. It is unevenly distributed with more than 40% of the reserves located in China. China has restricted the export of fluorspar to other regions to benefit he local manufacturers, thereby creating negative impact on the profitability and margins of manufactures.
Hydrofluoric Acid is toxic for individuals, as it can damage the lungs and cornea of eyes permanently. There is considerable concern regarding the workers who have to deal with the acid. In addition, environmental concerns are also present due to the dangerous effects of hydrofluoric acid. Fluorocarbon refrigerants adversely affect the ozone layer of the atmosphere; therefore, various governments and agencies are imposing regulations to limit the use of fluorocarbon refrigerants. Several countries have agreed to phase out the use of HCFCs and HFCs by imposing protocols and regulations to limit their consumption.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the hydrofluoric acid market. In 2019, the market of hydrofluoric acid has been consolidated by the top five players accounting for xx% of the share. Major players in the hydrofluoric acid market are Honeywell International, Daikin, Solvay, Dongyue Group, Mexichem, Sinochem Group, LANXESS, Yingpeng Group, Fluoride Chemical, and Fluorchemie Group among others.
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