The global hydrofluoric acid market grew at a moderate paced until 2020. In 2021, the market is forecast to gain from the rising demand for aqueous hydrofluoric acid, evaluates ESOMAR-certified consulting firm, Future Market Insights. According to the report, the global hydrofluoric acid market is expected to exceed the mark of US$ 5.73 Bn by 2031.
According to the study, the market is expected to gain from the increasing use of hydrofluoric acid in the production of fluorocarbons. Applications of fluorochemicals in several end-use industries such as chemicals, pharmaceutical and healthcare is fuelling the demand. Usage of fluorochemicals as solvents, refrigerants in chemical industry and aluminum industry is accelerating the demand for hydrofluoric acid among manufacturers.
However, several countries are phasing out the usage of hydrochlorofluorocarbon (HCFC) and chlorofluorocarbons (CFC), restricting the growth of hydrofluoric acid. India and the United States are among those few countries who have imposed strict regulations on the usage of HCFC and CFC, due to the adverse effects on environment, suppressing the growth of hydrofluoric acid market.
“Regardless of the strict policies on the usage of fluorocarbons, demand for hydrofluoric acid in semi-conductor industry is creating growth opportunities. Applications of HCFC in pharmaceutical and herbicides industry will enable growth in the coming years,” remarks the FMI analyst.
Key Takeaways
- Anhydrous grade expected to retain its dominance throughout the forecast period
- Stringent regulations for fluorochemicals usage due to environmental concerns is decelerating the segment growth
- China is expected to lead the market backed by the abundance of raw materials reserves in the country
- S. is expected to be the key consumer for the market, however strict regulations for use of fluorocarbon is expected to limit the growth in country
- Fluorochemicals application will lead the hydrofluoric acid market in Germany, accounting for 2/3rd of total market share
- Rise in aluminum production is the key driver for growing hydrofluoric acid demand in India
- Brazil is anticipated to lead the hydrofluoric acid market in Latin America
Prominent Drivers
- Burgeoning demand for hydrofluorocarbons and hydrofluoroelfins as refrigerants in chemical industry is propelling hydrofluoric acid demand
- Soaring demand for fluoropolymer from electronics & semi-conductors and automotive industry is accelerating the market growth
- Increased usage of fluorine compounds in several end-use industries such as manufacturing and healthcare is driving the hydrofluoric acid market
Key Restraints
- Due to the adverse effect of fluorocarbon refrigerants on atmosphere, government and regulatory bodies are imposing regulations to limit the use, hampering the growth
- Several countries such as India and U.S. agreeing to phase out the use of hydrochlorofluorocarbon (HCFC) is restricting the growth of hydrofluoric acid
Discover more about the hydrofluoric acid market with figures and data tables, along with the table of contents. You will also find detailed market segmentation on https://www.futuremarketinsights.com/reports/sample/rep-gb-6176
Competitive Landscape
Leading manufacturers profiled by FMI include Gulf Fluor, Laxness AG, Solvay SA, Honeywell International, Buss ChemTech AG, Sinochem International Corp., Tanfac Industries Ltd., Fubao Group, Navin Fluorine International Limited, Merck KGaA, SRF Limited, and Morita Chemical Industries Co. Ltd. among others. Key players are strategizing by launching new high quality products to generate new proceedings. New and innovative products, solutions and technologies for industries seems to be the key focus area for leading players.
For instance, in November 2020, a global leader in specialty chemicals towards sustainable solutions, Archroma, announced an increase of up to 20% in the selling prices of its Nuva® N and Fluowet® fluorocarbon polymers.
Also in 2019, Engineered Floors, the only leading carpet manufacturing company, announced that they will not be using Fluorocarbons for PureColor, solution dyed polyester products.
More Insights on FMI’s Hydrofluoric Acid Market
Future Market Insights, in its new offering, presents a detailed analysis of the global hydrofluoric acid market. The study divulges essential insights on the hydrofluoric acid market on the basis of grade (anhydrous and aqueous), application (fluorochemicals, steel pickling & metal treatment, petroleum catalyst, glass etching, electronics & semi-conductor, and others), and across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa)
