Increasing demand for high-octane gasoline, fluorine compounds, and electronics is expected to aid the growing demand for hydrofluoric acid. According to a new study by Future Market Insights (FMI), the market for hydrofluoric acid is set to rise sluggishly with a CAGR of less than 3% through the end of the projection period in 2031.
The global requirement for hydrofluoric acids has grown steadily owing to the wide scope of applications for refrigerant compounds in multiple sectors. Strict government regulations associated with the environmental impacts of fluorocarbons will influence long-term demand. In metal sector operations, hydrofluoric acid also finds roles in the processing and production of aluminum products for the automotive and packaging sectors.
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Hydrofluoric acid is also used in the chemical processing sector in multiple roles including as etching agents, cleaning agents, and for the production of fluorides such as sodium fluoride, cryolite, and aluminum trifluoride, in addition to fluorocarbons, fluoropolymers, freons, and more. Hydrofluoric acid is also gaining attention as a precursor to niche drugs, a key factor that indicates regular demand from the global pharmaceutical industry.
The growing demand for hydrofluoric acids, particularly from emerging economies will influence the direction of the market. On the other hand, the high concentration of fluorspar in China unbalances production capabilities. In addition, health and environmental concerns are also issues holding back growth. With further restraints on end-user industries, during the covid-19 pandemic, demand is likely to recover gradually through 2021.
Key Takeaways of Hydrofluoric Acid Market Study
- Hydrofluoric acid sales to increase at 2.9% CAGR through the assessment period.
- The dominant fluorochemical applications of hydrofluoric acid, are likely to decline in the near future owing to stringent regulations associated with climate change.
- Continuing demand for fluorochemicals in the metal industry allows Germany to register a relatively higher growth rate.
- United States market is projected to face major challenges owing to strict environmental protection regulations.
- China will remain a dominant market, owing to easy availability and restrictions on imports associated with key raw materials.
Fluorspar Constraints Influence Market Developments
According to FMI, the unbalanced state of global fluorspar supplies has pushed hydrofluoric acid manufacturers to focus on the development of alternative production avenues to reduce the gap in raw material supplies.
The use of fluorosilicic acid has been gaining traction in the industry. The material is produced through reactions between sulfuric acid and phosphate rock with silicates. It is being viewed as a commercially feasible alternative to fluorspar supplies.
Currently, the use of fluorosilicic acid for the production of hydrofluoric acid is still in a nascent stage. However, an increasing number of manufacturers are expected to adopt the technology over the coming decade. The major advantage of this method is the significant reduction in production costs, resulting in a substantial rise in profit margins for the foreseeable future.
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Who is Winning?
The global hydrofluoric acid market can be considered as moderately consolidated, with a few leading players accounting for a major share of the overall hydrofluoric acid production. Manufacturers are increasingly focused on investments into research and development aimed towards product development with a focus on environment protection.
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 also focusing on consolidating their presence in the global market by diversifying supplies and distribution channels, dealing with the fallout of the covid-19 pandemic.
Hydrofluoric Acid Market by category
Grade
- Anhydrous
- Aqueous
Application
- Fluorochemicals
- Steel Pickling and Metal Treatment
- Petroleum Catalyst
- Glass Etching
- Electronics & Semiconductor
- Others
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa