Anhydrous Hydrofluoric Acid Remains Highly Sought-after, Accounting for over 65% of Sales: Study
The consumption of hydrofluoric acid will increase especially on account of the rising aluminum production, which is subsequently used for light weight vehicles manufacturing. As per a new study by Future Market Insights (FMI), the global hydrofluoric acid market is expected to surpass US$ 5.73 Bn by 2031.
Hydrofluoric Acid Market
Recently a market study published by Future Market Insights (FMI) on the Hydrofluoric Acid...
Hydrofluoric acid is available in two grades - anhydrous and aqueous. Of these, anhydrous grade hydrofluoric acid is used in the manufacturing of fluorochemicals, such as HCFCs, HFCs, HFOs and other air conditioning and refrigerants. As per the report, over 65% of hydrofluoric acid sold belongs from this category.
The ongoing COVID-19 pandemic has impacted the global economy to a considerable extent causing severe loss in the industrial and the commercial sector. The impact of supply-chain disruptions is felt in the hydrofluoric acid market growth as well, which is estimated to slightly dip down in the year 2020. Nonetheless, FMI and further is projected to get the desirable growth from first half of 2021.
Key Takeaways of Hydrofluoric acid Market Study
- Driven by increasing application in fluorochemicals, petroleum catalysts, and other sectors, the hydrofluoric market will exhibit 2.4% CAGR between 2021 and 2031
- Increasing applications in fluorochemicals will enable the U.S. account for over 90% sales in North America
- After considerable dip in sales in 2020, the U.K. market will recover, exhibiting a little above 1% y-o-y growth in 2021
- The demand for hydrofluoric acid is expected to rise marginally, after registering negative sales amid pandemic in Germany and France
- China will emerge as a highly lucrative market in East Asia, remaining dominant through the forecast period
“More than 90% of the overall hydrofluoric acid produced globally is through fluorspar. However, reserves for fluorspar are unevenly distributed with more than 50% being in China. Over the past few years, China has imposed restrictions on export of raw materials in order to aid local manufacturers, thereby putting price and profitability pressure on other global manufacturers” Said by a FMI analyst.
Market Landscape: Competitive
The global hydrofluoric acid market is considered as fairly fragmented. A large number of players account for a small share of the total hydrofluoric acid market. In order to survive in the market, manufacturers are focusing on long-term contracts with raw material suppliers and end users for maximizing profits and ensuring continuous revenue flow.
Key market participants including 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, Gujarat Fluorochemicals Ltd., Stella Chemifa Corporation, Morita Chemical Industries Co. Ltd. and Soulbrain Co., ltd. amongst others are focusing on increasing their share in global market by entering into strategic acquisitions and collaboration with other market participants. Moreover, significant amount of efforts are being directed towards development and commercialization of novel production methods, such as those involving production of HF from fluorosilicic acid. However, presently there are a very few players engaging in commercial production of the product by means of such alternative feedstock.
What Does the Future Hold?
Manufacturers are focusing on the development of electronic grade hydrofluoric acid for semiconductor cleaning applications. In order to sustain in the market with ever-growing competition from China-based players, a number of global manufacturers have entered into long-term partnerships and collaborations with raw material suppliers. New production methods which do not require fluorspar are being projected to gain share over the forecast period. New production facilities for fluorspar are projected to come online in Canada, South Africa and Afghanistan over the forecast period.
Want to Know More?
Future Market Insights has published a market research report on the Hydrofluoric acid market that contains global, regional, and 20+ countries’ industry analysis for 2016–2020 and opportunity assessment for 2021–2031. The report provides insightful analysis of the Hydrofluoric acid market through four different segments- grade, application and region. The Hydrofluoric acid market report further provides demand trends of different types across industry verticals, a comprehensive list of service providers in the market along with a detailed overview of the parent market.
About Chemicals & Materials division of FMI
The Chemicals & Materials division at FMI offers distinct and pin-point analysis about the chemicals & materials industry. Coverage of the chemicals and materials market extends from commodity, bulk, specialty and petrochemicals to advanced materials, composites, and nanotechnology. The team also puts special emphasis on ‘green alternatives’, recycling and renewable technology developments, and supply-demand trade assessment. Our research studies are widely referred by chemical manufacturers, research institutions, channel partners, and government bodies for developing – ‘The Way Forward’.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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