Hydrofluoric Acid Global Market Opportunities and Strategies to 2032

This report describes and explains the hydrofluoric acid market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.

The global hydrofluoric acid market reached a value of nearly $1,333.6 million in 2022, having grown at a compound annual growth rate (CAGR) of 3.3% since 2017. The market is expected to grow from $1,333.6 million in 2022 to $1,718.7 million in 2027 at a rate of 5.2%. The market is then expected to grow at a CAGR of 5.8% from 2027 and reach $2,278.2 million in 2032.

Growth in the historic period resulted from strong economic growth in emerging markets, an increasing demand for chemical products and an increasing usage of aluminum. Factors that negatively affected growth in the historic period included fluctuating raw material price of hydrofluoric acid.

Going forward, government support and a growing use of industrial and home cleaners will drive the growth. Factors that could hinder the growth of the hydrofluoric acid market in the future include impact of Russia Ukraine war and health hazards related to hydrofluoric acid.

The hydrofluoric acid market is segmented by product type into electronic hydrofluoric acid and industrial hydrofluoric acid. The industrial hydrofluoric acid market was the largest segment of the hydrofluoric acid market segmented by product type, accounting for 57.7% of the total in 2022. Going forward, the electronic hydrofluoric acid segment is expected to be the fastest growing segment in the hydrofluoric acid market segmented by product type, at a CAGR of 5.3% during 2022-2027.

The hydrofluoric acid market is segmented by grade into anhydrous and diluted. The anhydrous market was the largest segment of the hydrofluoric acid market segmented by grade, accounting for 59.1% of the total in 2022. Going forward, the anhydrous segment is expected to be the fastest growing segment in the hydrofluoric acid market segmented by grade, at a CAGR of 5.3% during 2022-2027.

The hydrofluoric acid market is segmented by application into fluorocarbon, fluorinated derivatives, metal picking, glass etching, oil refining and other applications. The fluorocarbon market was the largest segment of the hydrofluoric acid market segmented by application, accounting for 54.8% of the total in 2022. Going forward, the fluorocarbon segment is expected to be the fastest growing segment in the hydrofluoric acid market segmented by application, at a CAGR of 5.4% during 2022-2027.

Asia Pacific was the largest region in the hydrofluoric acid market, accounting for 45.1% of the total in 2022. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the hydrofluoric acid market will be Asia Pacific and North America where growth will be at CAGRs of 6.0% and 5.0% respectively. These will be followed by South America and Middle East where the markets are expected to grow at CAGRs of 4.8% and 4.4% respectively.

The global hydrofluoric acid market is concentrated, with a few large players. The top ten competitors in the market made up to 41.62% of the total market in 2021. This can be due to the existence of number of local players in the market serving customers in particular geographies. Stella Chemifa Corp. was the largest competitor with 11.49% share of the market, followed by Solvay SA with 6.56%, Honeywell International Inc., Incorporated with 5.28%, Zhejiang Sanmei Chemical Ind.Co. Ltd. with 5.26%, Do-Fluoride New Materials Co., Ltd. with 3.56%, Lanxess AG with 3.46%, Daikin Industries, Ltd. with 3.09%, Koura Global with 1.54%, Dongyue Group Co. Limited with 0.99% and Fluorsid Group Srl with 0.40%.

The top opportunities in the hydrofluoric acid market segmented by product type will arise in the industrial hydrofluoric acid segment, which will gain $220.6 million of global annual sales by 2027. The top opportunities in the hydrofluoric acid market segmented by grade will arise in the anhydrous segment, which will gain $231.6 million of global annual sales by 2027. The top opportunities in the hydrofluoric acid market segmented by application will arise in the fluorocarbon segment, which will gain $218.5 million of global annual sales by 2027. The hydrofluoric acid market size will gain the most in China at $132.4 million.

Market-trend-based strategies for the hydrofluoric acid market include product launches, introduction of new pump options, innovative developments and introduction of new purifying processes.

Player-adopted strategies in the hydrofluoric acid market include diversifying hydrofluoric acid production by selling units to companies from other geographic regions, strengthening business by launching new technologies into the market, adoption of sustainable development strategy, focus on new development and innovation in the fluorine chemical industry and investing in new technology research and development.

To take advantage of the opportunities, the publisher recommends the hydrofluoric acid companies to focus on new product launches, focus on introduction of new pump options, focus on launching new purifying processes, focus on strategic collaborations and acquisitions, expand in emerging markets, continue to focus on developed markets, focus on competitive pricing, participate in trade shows and events, continue to use B2B (business-to-business) promotions and continue to target fast-growing applications.