Increasing demand for hydrofluoric acid from the manufacture of fluorocarbons and fluorinated derivatives and an increase in manufacturing base in the Middle East and Asia Pacific regions are key factors contributing to the high CAGR of Hydrofluoric Acid during the forecast period.
New York, NY -- (SBWIRE) -- 04/09/2021 -- The global Hydrofluoric Acid Market was valued at 4.39 USD Billion in 2019 and is expected to reach 6.77 USD Billion by the year 2027, at a CAGR of 5.6%. The increasing adoption of fluorine compounds across multiple industries is currently showing significant growth coupled with rising glass etching and cleaning applications proving as driving factors for the market. This market is likely to have a modest growth with its drivers and restraints in place. Hydrofluoric Acid is produced by the treatment of fluorite with concentrated sulfuric acid. Various industries use it in mining, chemicals, silicon chip fabrication, pharmaceutical products, and agrochemicals. Fluorocarbons are the prominent types of refrigerants used globally are the largest application segment.
Fluorocarbons are the prominent segment and major refrigerants used across the globe and are divided into three more sub-segments such as HCFC, HFC, and HFO's. Hydrofluoric acid is used as a precursor to produce several fluorinated derivates such as fluoride, fluoropolymers, and fluorosurfactants. The increase in production and the rise in demand for the fluoride and fluoropolymers is expected to give a proper demand to the Hydrofluoric Acid market.
Despite having several benefits, Hydrofluoric Acid is toxic for individuals, as it can damage the lungs and cornea of eyes permanently. There are a lot of issues and concerns regarding the workers who have to deal with this product. Moreover, there are other concerns as well because of the hazardous effects of hydrofluoric acid on the environment. It is because of these reasons that the market does not have a smooth rising CAGR over the forecast years. The market is segmented by grade type, by application type, and by the regional outlook.
Globally, key players are planning to introduce an alternative way for the transportation of anhydrous grade as it creates extra cost during transportation. Currently, companies are using the investment and expansion strategy to increase their geographical presence and cater to the increasing demand for hydrofluoric acid products. For example, Korea-based Soulbrain, built a new factory in Gongju, South Chungcheong Province in 2019, thereby doubling its capacity and expanding into the South Korean market.
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The report further studies the significant trends and demands of the market in each key region of the market and analyzes the strategic steps and initiatives taken by the leading companies of the industry. Some of the major companies operating in the Hydrofluoric Acid market and profiled in the report are:
Honeywell International, Solvay, Mexichem, YingPeng Chemicals, Dongyue Group, Do-Fluoride Chemicals, Dupont, Sinochem Group, Lantian Fluorchemie, Juhua Group (KAISN), SANMEI, Stella, Chemifa, ShaoWu, Daikin, Lanxess, and YongFei.
The research study further covers the expansion and scope of the market in the key geographies across the globe. It assesses the scope of the market on a global as well as country-wise level. The market is spread across the key regions that include: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report provides a comprehensive analysis of the production and consumption patterns, import and export ratio, supply and demand dynamics, key trends and demands, consumer behavior, and presence and operations of prominent players in each region of the market.
The report covers the assessment of the historical data of the market to offer key insights into the current and emerging trends in the business sphere. The report considers 2017-2018 as historical years, 2019 as the base year, and 2021-2027 as forecast years. The report also discusses in detail the mergers and acquisitions, collaborations, joint ventures, product launches, brand promotions, corporate and government deals, and partnerships occurring in the market.
The report further segments the market on the basis of product types and application spectrum offered by the market.
Grade Type (Revenue in USD Million; Volume in Kilo Tons, 2017–2027)
Anhydrous Hydrofluoric Acid
Diluted Hydrofluoric Acid (Above 50% concentration)
Diluted Hydrofluoric Acid (Below 50% concentration)
Application (Revenue in USD Million; Volume in Kilo Tons, 2017–2027)
Fluorocarbon Production
Fluorinated Derivative Production
Metal Pickling
Oil Refining
Uranium Fuel Production
Others
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Regional Outlook (Revenue in USD Billion; 2017–2027)
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
TOC -
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018 – 2027
Chapter 3. Indicative Metrics
3.1. Macroeconomic Indicators
3.2. Rising demand from petroleum, aluminum and pharmaceutical industries
3.3. Increasing glass etching and cleaning applications
Chapter 4. Covid-19 Impact Assessment
4.1. Hydrofluoric Acid market impact outlook
4.2. Mapping of applications in high-demand healthcare products
…………….
Chapter 9. Competitive Landscape
9.1. Market Revenue Share by Manufacturers
9.2. Manufacturing Cost Breakdown Analysis
9.3. Mergers & Acquisitions
9.4. Strategy Benchmarking
9.5. Vendor Landscape
Chapter 10. Company Profiles
10.1. Honeywell International
10.1.1. Company Overview
10.1.2. Financial Performance
10.1.3. Product Length Benchmarking
10.1.4. Strategic Initiatives
10.2. Mexichem
10.2.1. Company Overview
10.2.2. Financial Performance
10.2.3. Product Length Benchmarking
10.2.4. Strategic Initiatives
10.3. Dongyue Group
10.3.1. Company Overview
10.3.2. Financial Performance
10.3.3. Product Length Benchmarking
10.3.4. Strategic Initiatives
10.4. Chemifa
10.4.1. Company Overview
10.4.2. Financial Performance
10.4.3. Product Length Benchmarking
10.4.4. Strategic Initiatives
10.5. YongFei
10.5.1. Company Overview
10.5.2. Financial Performance
10.5.3. Product Length Benchmarking
10.5.4. Strategic Initiatives
Continued……….
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The report is a qualitative and quantitative research study that offers key insights into the latest strategic steps and tactics undertaken by the industry players to gain a robust footing in the market. The report further offers strategic recommendations to the new and emerging players and established companies to help them overcome the barriers of the industry. The report also covers a comprehensive SWOT analysis and Porter's Five Forces analysis to offer a better understanding of the Hydrofluoric Acid market and its competitive landscape.
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