“Global Hydrofluoric Acid Market to reach a market value of USD 2.7 Billion by 2030 growing at a CAGR of 5.9%”
The Global Hydrofluoric Acid Market size is expected to reach $2.7 billion by 2030, rising at a market growth of 5.9% CAGR during the forecast period. In the year 2022, the market attained a volume of 2512.3 Kilo Tonnes, experiencing a growth of 5.1% (2019-2022).
Many oil refineries invest in capacity expansion projects or retrofit existing units to increase their alkylation capacity. Consequently, the oil refining segment would generate an 8.0% share of the market by 2030. Also, the demand of hydrofluoric acid in Saudi Arabia will approximately 3.05 kilo tonnes in oil refining by 2030. This expansion is driven by population growth, urbanization, and increasing vehicle ownership, leading to higher demand for gasoline and other refined petroleum products.
Fluoropolymers, such as polytetrafluoroethylene (PTFE) and polyvinylidene fluoride (PVDF), and fluorocarbons, including refrigerants like hydrochlorofluorocarbons (HCFCs) and hydrofluorocarbons (HFCs), are widely used in various industries for their unique properties such as chemical resistance, thermal stability, and low friction. Therefore, the growing demand for fluorine-based products drives the market’s growth.
Additionally, Technological advancements enable manufacturers to develop more efficient production processes for hydrofluoric acid. Innovations such as improved reactor designs, optimized reaction conditions, and enhanced catalyst systems help increase the yield and purity of hydrofluoric acid, leading to higher production rates and reduced manufacturing costs. Thus, the advancements in hydrofluoric acid production technologies are driving the market’s growth.
However, Fluorspar is the primary raw material used in hydrofluoric acid production, accounting for a significant portion of manufacturing costs. Fluctuations in fluorspar prices, driven by factors such as supply-demand dynamics, geopolitical tensions, and currency fluctuations, directly impact the production cost of hydrofluoric acid. Sulfuric acid is another critical raw material used in hydrofluoric acid production. Therefore, volatility in raw material prices hinders the market’s growth.
On the basis of application, the market is segmented into glass etching, oil refining, fluorocarbon, fluorinated derivatives, metal pickling, and others. The fluorocarbon segment recorded the 54% revenue share in the market in 2022. In terms of volume, Glass Etching segment would produce 188.7 kilo tonnes in 2022. Hydrofluoric acid is a primary raw material in the production of fluorocarbons. Fluorocarbons, such as hydrochlorofluorocarbons (HCFCs), chlorofluorocarbons (CFCs), and hydrofluorocarbons (HFCs), are widely used in various industries, including refrigeration, air conditioning, foam blowing, and aerosol propellants. These fluorocarbons offer unique properties such as thermal stability, chemical inertness, and low toxicity, making them indispensable in modern applications.
Based on grade, the market is bifurcated into anhydrous and diluted. The diluted segment procured a 41.1% revenue share in the market in 2022. Diluted hydrofluoric acid, also known as aqueous hydrofluoric acid, is inherently safer to handle. Aqueous HF solutions are typically less corrosive and less volatile, reducing the risk of accidents and injuries associated with handling concentrated acids. Industries prioritizing safety in their operations, such as laboratories, research institutions, and smaller-scale manufacturing facilities, prefer diluted HF solutions for their lower risk profile.
Free Valuable Insights: Global Hydrofluoric Acid Market size to reach USD 2.7 Billion by 2030
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region generated a 24.4% revenue share in the market. North America is home to a significant semiconductor manufacturing industry. HF is essential for etching and cleaning silicon wafers while fabricating integrated circuits and electronic components. With the growing demand for electronics and semiconductor devices, driven by trends such as autonomous vehicles and artificial intelligence, the demand for HF in North America’s electronics industry is increasing.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 1.7 Billion |
| Market size forecast in 2030 | USD 2.7 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 5.9% from 2023 to 2030 |
| Revenue Growth Rate | Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2019 to 2030 |
| Number of Pages | 262 |
| Number of Tables | 548 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Grade, Application, Region |
| Country scope |
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| Companies Included | Dongyue Group Limited, Daikin Industries Ltd., Honeywell International, Inc., Lanxess AG, Solvay SA, Sinochem Holdings Corporation Ltd. (SASAC), Fluorchemie Dohna GmbH, Stella Chemifa Corporation, Yingpeng Chemical Co., Ltd., Orbia Advance Corporation S.A.B. de CV |
By Grade (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Geography (Volume, Kilo Tonnes, USD Billion, 2019-2030)
The Market size is projected to reach USD 2.7 billion by 2030.
Growing Demand for Fluorine-Based Products are driving the Market in coming years, however, Volatility In Raw Material Prices restraints the growth of the Market.
Dongyue Group Limited, Daikin Industries Ltd., Honeywell International, Inc., Lanxess AG, Solvay SA, Sinochem Holdings Corporation Ltd. (SASAC), Fluorchemie Dohna GmbH, Stella Chemifa Corporation, Yingpeng Chemical Co., Ltd., Orbia Advance Corporation S.A.B. de CV
In the year 2022, the market attained a volume of 2512.3 Kilo Tonnes, experiencing a growth of 5.1% (2019-2022).
The Anhydrous segment is leading the Market by Grade in 2022 there by, achieving a market value of $1.5 Billion by 2030, growing at a CAGR of 5.6 % during the forecast period.
The Asia Pacific region dominated the Market by Region in 2022, there by, achieving a market value of $1.1 Billion by 2030, growing at a CAGR of 6.3 % during the forecast period.
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