Hydrofluoric Acid Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Hydrofluoric Acid Market is segmented by Grade (Anhydrous Hydrofluoric Acid, Aqueous Hydrofluoric Acid), By Application (Fluorocarbon Production, Glass Etching And Cleaning, Metal Pickling, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Market Overview

Hydrofluoric Acid Market is growing at a CAGR of 5.3% during the forecast period 2024-2031

Hydrofluoric Acid is the primary source of the fluoride ion, which in turn forms the basis of a vast range of industrial, pharmaceutical, polymer, electronics, petroleum, personal care, agrochemical, and excellent chemical products. Hydrofluoric acid solutions come under highly hazardous chemicals. Thus its application and handling are monitored by the Federal Occupational Safety and Health Administration (OSHA) which has set a permissible exposure limit for the proper usage of the end products.

Market Summary

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Market Dynamics 

• The growing demand for hydrofluorocarbons, manufactured from hydrochloric acid, in refrigeration, air conditioning, building insulation, and fire extinguishing systems would drive the market growth of the hydrofluoric acid market.
• The use of hydrofluoric acid in cookware products results in a premium matte finish with better enamel-resin retention, while in cable wires, hydrofluoric acid reduces smoke toxicity and equipment damage. The growth in sales of cookware and cable wires is thereby expected to propel the market demand for hydrofluoric acid.
• Hydrofluoric acid is also used as a raw material in the manufacturing of aluminum fluoride, which in turn is used to manufacture aluminum.
• The rise in the application of aluminum end-products in the automotive and industrial sectors would thereby increase the market demand for hydrofluoric acid. The metal and ceramic industries are also using hydrofluoric acid for metal pickling and glass etching applications, further driving the market growth.
• The stringent environmental regulations monitoring the application of ozone-depleting chlorofluorocarbons and hydrochlorofluorocarbons have acted as barriers to market growth. Human inhalation exposure to gaseous hydrogen fluoride can cause severe respiratory damage.
• Thus proper attention must be paid while handling chemicals. The high cost associated with the transportation of anhydrous hydrofluoric acid also acts as a deterrent factor.
• Governmental organizations and environmental agencies focus on ways to reduce the damage done by fluorocarbons to the environment. Thus manufacturers and consumers are compelled to switch to alternatives. For instance, the prevalent use of hydrofluoric olefins, possessing lower global warming potential, is beginning to threaten the growth of the hydrofluoric acid market.
• The rise in the application of hydrofluoric acid in glass etching, metal pickling, and cleansing procedures in various other end-user industries such as metal, electronics, oil & gas, and pharmaceutical sectors is expected to present new opportunities for business expansion for significant market players.

Market Trends

• The anhydrous hydrofluoric acid is the leading segment owing to its extensive application in fluorocarbon and fluorinated derivative production. Fluorocarbon production is the leading segment of the application due to an increase in the production of chlorofluorocarbons and hydrochlorofluorocarbons.
• Geographically, Asia-Pacific is the leading region owing to the presence of vast reserves of fluorspar, an essential raw material in the manufacturing of hydrofluoric acid. China is the leading contributor to regional growth, with the presence of significant local players further driving the demand for hydrofluoric acid.
• The companies are focusing on specialty chemicals, aiming to improve the sustainability of their products. For instance, in March 2018, Solvay Specialty Polymers agreed to sell its Porto Marghera plant, which produces hydrofluoric acid, to Alkeemia, part of the Italian Fluorsid Group.

Market Segmentation Analysis

The global hydrofluoric acid is segmented based on grade into anhydrous and aqueous hydrofluoric acid. Anhydrous hydrofluoric acid (AHF) is more widely used owing to its application in fluorocarbon and fluorinated derivative production. The aqueous hydrofluoric acid is also expected to witness stable growth owing to its application as an etching agent in the semiconductor industry.

Based on application, global hydrofluoric acid is categorized into fluorocarbon production, glass etching and cleaning, metal pickling, oil refining, and others.Fluorocarbon production is the leading segment by market share owing to the high demand for hydrofluoric acid as a raw material in the production procedure of chlorofluorocarbons and hydrochlorofluorocarbons. The application of hydrofluoric acid in glass etching and metal pickling industries is also on the rise, further expected to boost overall market revenue.

Market Geographical Share

The global hydrofluoric acid market is segmented by geography into North America, South America, Europe, Asia-Pacific, and the Rest of the World (RoW). Asia-Pacific is the leading segment by region owing to the presence of fluorspar, a vital raw material used in the manufacturing of hydrofluoric acid. China is a leading contributor to regional growth, with more than half of the global fluorspar reserves present in the country.

The presence of key market players in the region also helps propel the regional market growth, with Daikin Industries, Ltd., Do-Fluoride Chemicals Co., Ltd., Sinochem Group, and Zhejiang Yipeng Chemical Co., Ltd. focusing on strengthening their market position in the region. For instance, in August 2017, Daikin Industries, Ltd. established a new subsidiary in Bangkok, Thailand, Daikin Chemical Southeast Asia Co., Ltd., to expand the fluorochemical business in the growing markets of Southeast Asia.

Companies and Competitive Analysis

The global hydrofluoric acid market is dominated by key players including Daikin Industries, Ltd., Sinochem Group, Lanxess Aktiengesellschaft, and Honeywell International Inc., focusing on product development to maintain a competitive edge. The competitive scenario is intense, with all major market players looking to expand their global business through acquisitions and mergers. For instance, in August 2017, Daikin Industries, Ltd. agreed to acquire Heroflon S.p.A., an Italian manufacturer of fluoropolymer compounds, keeping in line with the company's strategy to increase global sales and meet consumer needs.

Hydrofluoric Acid Market Companies

• Daikin Industries, Ltd.
• Do-Fluoride Chemicals Co., Ltd.
• Fluorchemie Gruppe
• Honeywell International Inc.
• Lanxess Aktiengesellschaft
• Mexichem S.A.B. de C.V.
• Sigma-Aldrich Corporation
• Sinochem Group
• Solvay S.A.
• Zhejiang Yipeng Chemical Co., Ltd.

Scope of the report

• The report covers the factors impacting the market, Porter 5 Forces, Competitive Scenario, Price trend analysis, Product Benchmarking, and company profiles.
• Based on grade, the market is segmented into anhydrous and aqueous hydrofluoric acid. The hydrofluoric acid market is segmented by application into fluorocarbon production, glass etching and cleaning, metal pickling, oil refining, and others. Geographically, the market is segmented into – North America, South America, Europe, Asia Pacific, and the Rest of the World.