This study intends to unfurl the multiple facets of global hydrofluoric acid market and thereby examine how the short-term growth of the market will unfold during the stipulated time span.
Rocketing Consumption of Fluorocarbons for Industrial Applications Keeps Hydrofluoric Acid Market Afloat
Fluorocarbon is becoming increasingly necessary for manufacturing processes like glass printing, cleaning, and oil refining. This is primarily fueling the expansion of hydrofluoric acid market. Using fluorocarbons will drive sales of hydrofluoric acid as refrigerants, and the growing demand for refrigerants. Cookware, and cable wires both use hydrofluoric acid. It provides a matte surface with superior enamel-resin retention for cookware, and it lessens smoke toxicity and equipment damage in cable wires. Hydrofluoric acid market is expanding because of the rising sales of cable wire and cookware. Both aluminum, and aluminum fluoride production need hydrofluoric acid as a raw material. Aluminum is being used more often in various sectors, including the automotive and manufacturing industries, which will increase demand for hydrofluoric acid. In North America, it is anticipated that each light vehicle will utilize about 570 pounds of aluminum by 2030.
Global hydrofluoric acid market is increasing due to rising imports and an increase in R&D efforts to create more environmentally friendly products while maintaining the same level of performance. For instance, in April 2021, to manufacture materials for factories that make electric vehicles using vertical integration techniques, Renascor Resources is looking into green financing possibilities for its Siviour Battery Anode Material Project in South Australia. Major players in the sector are concentrating on mergers and acquisitions to expand their position along the entire value chain. To lower overall operational costs, these actors simultaneously perform several tasks, such as creating and promoting the finished good. All of these elements contribute toward the expansion of hydrofluoric acid market.
Hydrofluoric Acid Market: COVID-19 Impact
The COVID-19 outbreak had a negative impact on the hydrofluoric acid business. The COVID-19 epidemic has hampered the flow of goods throughout the world's supply chains by challenging manufacturers to obtain ingredients with little human interaction. Because less of it was being used, there was less of a market for hydrofluoric acid. Pharmaceutical items are also produced using hydrofluoric acid, benefiting the industrial supply chain impacted by COVID-19. During the COVID-19 epidemic, the chemical and automotive sectors were shut down, reducing demand for hydrofluoric acid and impacting the hydrofluoric acid market.
Rising Industrial Application to Drive Growth for Hydrofluoric Acid Market
The increased use of industrial hydrofluoric acid in synthesizing fluorine compounds is driving the hydrofluoric acid market. These fluorine compounds include, among others, fluorochemicals, fluorides, and fluorocarbons. Additionally, the market is growing due to the rising demand for fluorocarbons utilized as cooling agents in air conditioners and refrigeration equipment. The market expansion can be attributed to the rise in hydrofluoric acid demand, which is necessary to produce aluminum fluoride, which is then utilized to make aluminum goods. As a result, the global hydrofluoric acid market is expanding due to the increasing usage of aluminum in various end-use industries, including manufacturing, packaging, and the automotive industry. However, the growing use of hydrofluoric acid as a cleaning agent in the automotive sector to remove rust, stains, and water spots is favorably impacting the performance of hydrofluoric acid market.
Increasing Consumption in Fluorochemical Production Process Sustains Hydrofluoric Acid Market
One of the primary factors projected to drive the demand over the forecast period is the growing consumption of hydrofluoric acid in the global manufacturing of fluorochemicals and fluorine components. It is an aqueous hydrogen fluoride that is mostly used in industry for tasks like cleaning metal, etching glass, and manufacturing electronics. It is also a component in household rust removers. Anhydrous and diluted hydrofluoric acid are the two primary product grades offered on the market. Because it is less hazardous and offers superior quality at low temperatures, anhydrous hydrofluoric acid is becoming increasingly popular. Additionally, there is a growing need for fluorocarbon in manufacturing glass printing, glass cleaning, oil refining, and other products. The market for hydrofluoric acid is expanding as a result of this. The hydrofluoric acid market will be driven by the fact that fluorocarbons are also employed as refrigerants, and there is a growing need for them. In addition, cookware and cable cables both employ hydrofluoric acid. In cable wires, it lowers equipment damage and smoke toxicity. It provides a matte finish with good enamel-resin retention for cookware.
Fluctuating Prices Prevail as a Longstanding Challenge Facing Hydrofluoric Acid Market
The primary raw material utilized in manufacturing hydrofluoric acid is fluorspar. With more than 40% of the reserves in China, it is unequally allocated. To aid domestic producers, China has imposed export restrictions on fluorspar, which has affected the profitability and margins of businesses. Another significant factor anticipated to restrain the growth of the hydrofluoric acid market throughout the study period is the strict government rules and guidelines on using fluorocarbon refrigerants. A hurdle for the target market's expansion is projected to be the uncertainty in raw material supply, which can raise raw material prices and drive up the cost of hydrofluoric acid.
Hydrofluoric Acid Market Witnesses Anhydrous Variant Dominate in Terms of Sales
The market is segmented by grade into anhydrous and aqueous. The anhydrous category dominated the market over the forecast period. This is attributed to the increased product inclusion in the formulation of surfactants, fluorochemicals, and fluoropolymers, among others. It is used as a catalyst in petroleum alkylation. It is also used as a reagent in the acidolysis of the benzyl group in cysteine peptides. It improves production capabilities at lower temperatures, which, in turn, positively impacts the demand for an anhydrous grade. Diluted or aqueous hydrofluoric acids are used in stainless steel pickling, metal coatings, glass etching, quartz purification, and exotic metal extraction. It is also used to remove native silicon dioxide from wafers. It is commonly used in research due to its ability to etch silicon compounds. The product is highly corrosive to the skin and toxic, creating a barrier to global hydrofluoric acid market growth. A certain unit of anhydrous grade may cause serious respiratory problems when inhaled. A defined range of acid exposure up to 100 mg m3 is permitted to protect the workers. The use of anhydrous hydrofluoric acid in residential metal cleansers and wheel cleaners is growing. In turn, it is anticipated that this will result in segment growth during the forecast period.
Sales of Fluorochemicals Surge Ahead in Hydrofluoric Acid Market; Refrigerants, and Air Conditioning Systems Contribute to Demand Surge
Based on application, the hydrofluoric acid market is segmented into fluorochemicals, steel pickling and metal treatment, glass etching, petroleum catalyst, electronics & semiconductors and others. The fluorochemicals category held the largest market share in 2021 and is anticipated to increase significantly over the next several years. This is ascribed to increased output, particularly in developing nations, due to the increased demand for fluorocarbons from refrigerants and air conditioning systems. As a non-chlorinated substitute for ozone-depleting chlorofluorocarbons, the demand for hydrofluoric acid in the fluorocarbon industry is rising. It is commonly used as a cleaning agent and an etchant in the pickling of stainless steel and the semiconductor sector. It has many uses, including the etching of glass, the purifying of quartz, graphite, and ferrosilicon, the creation of ceramics, the pickling of metals, and the cleaning of chemical solutions. The item is also used to polish and finish the surface of metals by removing surface stains and layers and providing gloss. The petrochemical sector is often utilized to increase fuel economy during the alkylation process. Alkenes and isobutane (mainly butylene or propylene) are processed in hydrofluoric acid alkylation units as part of the petroleum refining process to create alkylate, which is then used to produce gasoline. The product is also utilized as a raw material in manufacturing aluminum, and it is projected that the rising demand for aluminum goods across various industries in the world will spur market expansion in the next years.
Asia Pacific Remains in the Badwagon in Hydrofluoric Acid Market Owing to Government Initiatives to Promote Sustainable Farming Products
Over the forecast period, it is anticipated that Asia Pacific’s hydrofluoric acid market will account for the largest revenue share. This is explained by the region's dense concentration of fluorocarbon manufacturers. Over the projection period, the market is anticipated to develop the fastest. China's increased product demand is positively impacted by the country's increasing demand for the metal, electronics, and semiconductors. A further factor projected to promote market growth is the expanding use in the industrial and civil production sectors. Moreover, the region's hydrofluoric acid market will expand even more throughout the projected period due to the rise in usage in applications, including national defense, industrial, and civil production. Various investments in many nations across the nation are driving market growth. For instance, in September 2021, Sumitomo Chemical intended to construct a factory costing USD 90 million to sell hydrogen fluoride to South Korea.
The European hydrofluoric acid market is anticipated to experience stable revenue growth throughout the forecast period. Due to the increase in applications for fluorochemical manufacturing, Europe is predicted to experience significant growth in the hydrofluoric acid market. In the next years, it is also projected that the presence of significant key players will fuel the expansion of the hydrofluoric acid market in the area. Additionally, during the analysis period, factors, including the expanding product demand in metal pickling, oil refining, and uranium fuel manufacturing, are anticipated to support the growth of the market in Europe. In the next years, it is also projected that significant key players will further fuel the expansion of the hydrofluoric acid market in the region. For instance, in August 2021, WeylChem Group announced plans to construct a new hydrogen fluoride production facility at its Allessa location in Frankfurt's Fechenheim Industrial Park.
Global Hydrofluoric Acid Market: Competitive Landscape
In April 2021, an environmentally safer alternative to traditional hydrofluoric acid purification techniques was selected by EcoGraf for a contract to construct a battery anode materials facility outside of China to manufacture spherical graphite. Similarly, in February 2021, a novel technology being developed by Samsung Electronics is intended to make it easier to reuse cleaning solutions containing high concentrations of liquid hydrogen fluoride for use on semiconductor fabrication lines.
A few players in the hydrofluoric acid market include Gulf Fluor, Lanxess AG, Solvay SA, Honeywell International, Buss ChemTech AG, Sinochem International Corp., Tanfac Industries ltd., Fubao Group, Navin Fluorine International Limited, Merck KgaA, SRF Limited, Gujarat Fluorochemicals Ltd., Stella Chemifa Corporation, Morita Chemical Industries Co. Ltd. and Soulbrain Co. ltd.
Global Hydrofluoric Acid Market is Segmented as Below:
Key Elements Included In The Study: Global Hydrofluoric Acid Market
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