The hydrofluoric acid market size is forecast to expand from USD 4,934.6 million in 2024 to USD 7,279.5 million by 2034. Sales of hydrofluoric acid are projected to book a CAGR of 4% throughout the forecast period.
Hydrofluoric acid is used prominently in the making of polymers. Teflon and fluoropolymers like PTFE (polytetrafluoroethylene) are made using the acid and the growth in demand for these polymers is set to aid industry acceleration. For example, the demand for fluoropolymers is estimated to cross the USD 18 billion mark by 2033, buoyed by increasing applications in industries as varied as healthcare and automotive.
Another prominent usage of the acid is in fluorocarbons. The demand for fluorocarbons is rising as its application sprouts new wings, being used in processes as versatile as tattoo removal and vapor disposition. The chemically inert and environmentally non-toxic nature of these compounds also helps them gather more of a foothold in end-user industries. Thus, the hydrofluoric acid industry is being catapulted to new heights by the rising demand for fluorocarbons.
Demand in the hydrofluoric acid sector is heating up due to the prominent usage of the product in refrigerants. Increasing disposable income and rising global temperatures have led to the sales of air conditioners being boosted. According to the Consumer Electronics and Appliances Manufacturers Association (CEAMA), the sale of air conditioners in India was projected to be around 14 million units. Thus, the increasing need for refrigerants is informing the growth of the target industry too.
The acid plays a prominent role in the production of inorganic fluorides. Demand for inorganic fluorides is being compelled by increasing aluminum and glass production, among other applications. For example, the aluminum sector is forecasted to reach a value of nearly USD 300 billion by 2033. The enhanced demand for inorganic fluorides is benefitting the sales of hydrofluoric acid too.
Global Hydrofluoric Acid Industry Assessment
| Attributes | Description |
|---|---|
| Estimated Global Hydrofluoric Acid Market Size (2024E) | USD 4,934.6 million |
| Projected Global Hydrofluoric Acid Market Value (2034F) | USD 7,279.5 million |
| Value-based CAGR (2024 to 2034) | 4% |
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The hydrofluoric acid market shows promising growth potential. From 2024 to 2034, the market is slated to grow variably. The first half of the 2023 to 2033 period is expected to show a CAGR of 4.8%. The second half of this period is projected to have a CAGR of 5%.
| Particular | Value CAGR |
|---|---|
| H1 | 4.8% (2023 to 2033) |
| H2 | 5% (2023 to 2033) |
| H1 | 4.9% (2024 to 2034) |
| H2 | 5.3% (2024 to 2034) |
Moving into the subsequent period, from H1 2024 to H2 2034, the CAGR is projected as 4.9% in the first half and is set to grow to 5.3% in the second half. In the first half (H1), the market witnessed an increase of 10 BPS and in the second half (H2), the increase was 30 BPS.
Pharmaceutical Industry Use to Lead to Greater Scope for Hydrofluoric Acid
Stakeholders in the hydrofluoric acid market are benefiting from the enhanced use of the product in the pharmaceutical realm. One notable use of the product in the pharmaceutical industry is in the production of fluoxetine, popularly known as Prozac.
A greater focus on mental health is leading to a boost in demand for Prozac. It is claimed that in 2024 sales of the medication in the United States are set to approach USD 100 million. Thus, the pharmaceutical aspect of the product is a big earner for stakeholders in the industry.
Oil Refinery Use Leading to Growth Spurts for the Industry
Stakeholders are taking advantage of the lucrative oil refinery business to increase sales prospects. In India, it is claimed that oil companies are expected to increase crude oil refining by 35-40 million tonnes by 2030. The progress of the oil refinery sector in not only India but also in other parts of the world such as China and Latin America is set to ensure the concurrent progress of hydrofluoric acid.
Cleaning Ability of the Acid Helping It Become a Part of More Industrial Processes
The use of the acid in removing stains, rust, and water spots is seeing the compound become a part of households through various products. Stain removers, ceramic and fabric rust inhibitors, and more household cleaning and hygiene products are prominently making use of the acid. Moreover, car washes too are using products made from hydrofluoric acid to clean wheels efficiently. This versatile application of the material keeps the demand flowing in the market.
Poisonous Nature of the Material and Raw Material Price Fluctuations Counteract Growth
Hydrofluoric acid is highly toxic in nature and contact of human skin with it can lead to a number of health problems. Among the issues caused by the acid include nerve damage, bone damage, bronchitis, and more. In its severe form, the acid has the ability to cause lesions and membrane damage. There is thus hesitation to adopt products containing the acid.
Hydrofluoric acid manufacturers are at the mercy of fluctuations in the prices of raw materials. Fluorspar is one of the prominent building blocks for the acid, but its reserves are limited. 40% of the world’s fluorspar reserves are located in China. Measures by the local government to ensure local manufacturers are given priority make the procurement of the raw material uncertain for industry players located outside China.
Principal Consultant
hydrofluoric acid sales recorded a CAGR of 1.7% for the historical period. With the industry value pegged to be USD 4,461 million in 2019, the end of the historical period saw it climb up to USD 4,776.9 million.
From 2019 to 2023, the hydrofluoric acid market experienced steady growth. Increased demand from the electronics sector boosted overall performance. Oil refining remained a significant contributor, driving consistent consumption levels.
Regulatory changes prompted manufacturers to adopt safer production methods. The pharmaceutical industry also increased its reliance on hydrofluoric acid. However, supply chain disruptions affected availability during the pandemic. Companies adapted by diversifying suppliers to mitigate risks. Overall, the market demonstrated resilience despite facing challenges.
To stay competitive, companies focused on innovation and technology upgrades. Investments in research and development led to improved production processes. Collaborations with industry partners enhanced reach and capabilities. Companies prioritized sustainability to meet regulatory and consumer demands.
Strengthening safety protocols improved operational reliability and brand reputation. Expanding into emerging markets provided new growth opportunities. Adapting to changing regulations ensured compliance and minimized disruptions. Overall, a proactive approach enabled companies to maintain competitiveness globally.
Tier 1 manufacturers account for around 20-24% of the overall market with a product revenue from of more than USD 200 million. Tier-1 manufacturers include Honeywell Research Chemicals, Daikin Industries, Ltd. (Japan), SRF Limited, LANXESS AG, Solvay SA, Mexichem S.A.B. de C.V.(Orbia), Navin Fluorine International Ltd, Merck group, The Chemours Company (US), and Stella Chemifa Corporation.
Tier 2 manufacturers such as Daikin Industries, Ltd, Gulf Fluor, Zhejiang Juhua Group, RCI Labscan Group, SoleChem, and other players are projected to account for 70-76% of the overall market. Their revenue is estimated to be under the range of USD 200 million from the sales of hydrofluoric acid.
The global hydrofluoric acid market is fragmented, with a large number of players holding the majority of shares in the industry. Key participants account for about 24 percent of the global share.
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The anhydrous version is by far the preferred when it comes to the product grade. Fluorochemical end-use is the prominent application of the product.
| Segment | Anhydrous (Product Grade) |
|---|---|
| Value Share (2024) | 74.6% |
Anhydrous hydrofluoric acid is in line to account for 74.6% of the industry share in 2024. The value of the segment for 2024 is adjudged to be USD 5,399.9 million. By 2034, a slight dip in industry share is predicted, accounting to be 74.2%. The CAGR of the segment over the next ten years is put forth to be 3.9%.
The anhydrous segment is predominantly dominating the global hydrofluoric acid market due to its high purity. Anhydrous version is preferred in processes requiring precision in chemical reactions, such as fluorinated compound production, semiconductor production, and specialty chemicals, in which any minimal moisture content can cause detrimental effects.
Its concentrated form makes storage and handling easier. Moreover, the rising demand for high-performance materials in electronics and pharmaceuticals pushes the use of anhydrous hydrofluoric acid further because of its use in the process of etching as well as cleaning.
| Segment | Fluorochemicals (End Use) |
|---|---|
| Value Share (2024) | 67.7% |
Fluorochemicals are anticipated to account for 67.7% of the industry share in 2024. The value of the segment is anticipated to be USD 4,745.9 million in 2024. Thereafter, for the next ten years, the segment is anticipated to progress at a CAGR of 3.6%. The share of fluorochemicals in 2034 is expected to be 3.6%.
The market is dominated by fluorochemicals due to the increasing demand in various sectors like pharmaceuticals and agrochemicals along with the use of refrigerants. Hydrofluoric acid is one of the key precursors used in the manufacture of fluorochemicals for the production of various products, such as fluoropolymers and fluorinated intermediates.
The upsurge in the demand for high-performance materials in the electronic and automotive industries provides a huge impetus to fluorochemicals. Moreover, the increasing awareness of the benefits of fluorinated compounds providing chemical stability and resistance to heat and corrosion contributes to the growth of this segment. The fluorochemicals segment will likely continue leading the sector as industries innovate and develop more advanced materials.
The table below demonstrates the growth rates of the industry in five prominent nations. Among these, Japan and South Korea are set to witness significant CAGRs of 4.6% and 5.2%, respectively, through 2034.
| Countries | CAGR (2024 to 2034) |
|---|---|
| South Korea | 5.2% |
| United States | 3.3% |
| Japan | 4.6% |
| China | 4% |
| India | 3.2% |
The Japanese hydrofluoric acid market is projected to advance at a CAGR of 4.6%. The value of the Japanese industry for 2024 is highlighted to be USD 971.6 million. The share of the country in the East Asia is supposed to be 34.5%.
The Japanese chemical sector is on the up as highlighted by the Japanese UBE Corporation buying LANXESS’ Urethane Systems business in October 2024. The storing framework for the chemical sector in Japan sees the country become flush with opportunities for hydrofluoric acid players as well.
South Korea is poised to see the industry register a CAGR of 5.2% during the projection period. The value of the sector in South Korea for 2024 is penned in to be USD 318.3 million, for an 11.3% share of the East Asia region.
End users in South Korea are increasingly relying on local manufacturers to satiate their hydrofluoric acid needs. Thus, there is a strong opportunity to increase the scope of the business in South Korea. Manufacturers are taking advantage of this opportunity by increasing production in the country. For example, Soulbrain built a new factory in Gongju, South Chungcheong Province to produce high-purity hydrofluoric acid in 2020.
The Chinese hydrofluoric acid market is projected to exhibit a CAGR of 4% during the assessment period. The value of the Chinese market in 2024 is expected to be USD 1,528.6 million, while its share in East Asia is determined to be 54.2%.
China is the world’s largest producer of fluorspar. It is claimed that in 2023, China produced 5.7 million metric tons of the material. These reserves create lucrative opportunities for both domestic and foreign manufacturers in China.
To complement the domestic produce and counter the limited reserve in the country, China has also started importing fluorspar. According to official Chinese customs data, the import of metspar (fluorspar raw ore) from Mongolia increased by 348% in 2023 as compared to 2022. Thus, the abundance of raw materials makes China a lucrative country for manufacturers.
Investors should focus on funding innovative production technologies for hydrofluoric acid. This can enhance efficiency and reduce environmental impact. Collaborating with research institutions can drive advancements in safer applications.
Additionally, exploring new markets, such as renewable energy, can boost demand. Manufacturers should prioritize sustainability in their operations to attract eco-conscious clients. Implementing strict safety protocols will also enhance brand reputation. Diversifying product offerings can meet varied industry needs effectively. Investing in marketing strategies will improve visibility in key sectors.
Manufacturers should strengthen partnerships with end-users in critical industries. This includes oil refining, pharmaceuticals, and electronics. Engaging in joint ventures can expand reach and capabilities. Continuous training for staff on safety and handling is essential.
Regularly updating equipment ensures compliance with evolving regulations. Monitoring trends helps adapt to changing consumer preferences. Overall, a proactive approach will foster growth in the hydrofluoric acid market.
Industrial demand is a primary driver of market performance. Key sectors include oil refining, pharmaceuticals, and electronics manufacturing. Regulatory standards significantly influence production and usage practices. The availability of raw materials affects production costs and supply stability.
Additionally, safety concerns impact industry dynamics and consumer preferences. Technological advancements can enhance production efficiency and safety. Economic conditions also play a crucial role in growth. Overall, these interconnected factors shape the hydrofluoric acid market landscape.
Industry Updates
Based on the product grade, the industry is segmented into anhydrous, aqueous-70%, and aqueous-49%.
Based on the end use, the industry is segmented into fluorochemicals, steel pickling and metal treatment, petroleum catalyst, glass etching, electronics and semiconductors, and others.
The sector has been analyzed with the following regions covered: North America, Latin America, Europe, South Asia, East Asia, Oceania, and the Middle East and Africa.
The global hydrofluoric acid market value is forecast to total USD 4,934.6 million in 2024.
Demand is set to increase at a CAGR of 4% through 2034.
By 2034, global revenue is projected to total USD 7,279.5 million.
South Korea is set to see growth happen quickly, with a CAGR of 5.2% predicted over the forecast period.
Merck Group and Honeywell Research Chemicals are leading players in the industry.
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Hydrofluoric Acid Market
