Hydrofluoric Acid Market Projected to Reach $4.5 Billion by 2027, Fueled by Strong at 5.9% CAGR: Comprehensive Analysis and Insights
The Hydrofluoric acid market size is estimated to be USD 3.4 billion in 2022, and it is projected to reach USD 4.5 billion by 2027 at a CAGR of 5.9%. The reaction between a hydrogen atom and a fluorine atom leads to the formation of hydrogen fluoride, a colourless, caustic liquid or vapor. It can be dissolved in water, can exist as a colourless gas, or as a liquid that fumes. Hydrofluoric acid is formed when hydrogen fluoride dissolves in water. Hydrofluoric acid market is segmented on the basis of the grade into the AHF, DHF (above 50% concentration) and DHF (below 50% concentration) on their concentrations. Hydrofluoric acid is used in different applications like fluorocarbon production, fluorinated derivative production, metal pickling, glass etching and cleaning, oil refining, uranium fuel production, and others.
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The demand for Hydrofluoric acid is mainly furnished by global players manufacturing for various end-use industries. Some of the leading companies involved in the manufacturing of Hydrofluoric acid are Honeywell International Inc. (US), Solvay (Belgium), Stella Chemifa Corporation (Japan), Daikin (Japan), and Lanxess (Germany) and others are covered in the Hydrofluoric acid market. These companies, along with other regional companies, cater to the demand for Hydrofluoric acid globally.
Honeywell International Inc. (US) is a publicly traded, American global conglomerate firm with its main office in Charlotte, North Carolina. The company’s primary business segments are Aircraft, Building Technologies, Performance Materials & Technology, and Safety & Productivity Solutions. The company supplies hydrofluoric acid under the Advanced Materials subsegment.
Solvay (Belgium) is a science-based firm whose innovations improve various facets of daily life. The company operates through the Materials, Chemicals, and Solutions segments. It also runs a Corporate and Business Service segment. It sells hydrofluoric acid through its chemical segment. It has a presence in Asia Pacific, Europe, the Middle East, North America, and Latin America.
Daikin (Japan) primarily produces air conditioning systems. It also operates through the Chemical, Oil Hydraulics, and Defense segments. It also produces, manufactures, and sells air purifiers, heat-pump hot-water supply and room heating systems, absorption refrigerators, air-processing units, freezers, and other air conditioning products. Its chemical products include fluorocarbons, fluoroplastics, fluor elastomers, fluoro paints, fluoro coating agents, products for semiconductor etching, water- and oil-repellent agents, medicines, and intermediates.
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Other companies have initiated the following developments:
- In November 2022, Solvay and Orbia (Mexico) entered a joint venture. The joint venture will build one of the greatest capacities in North America for manufacturing suspension-grade polyvinylidene fluoride (PVDF) required for battery components. Orbia’s fluorinated solutions business Koura and Polymer Solutions business Vestolit will supply hydrofluoric acid, vinyl chloride monomer (VCM), and chlorine for the project.
- In September 2021, Honeywell International Inc and Ultium Cells LLC (Ohio, US) collaborated for battery project. The quality control system (QCS) from Honeywell will be used by Ultium Cells LLC to guarantee the reliability of the lithium-ion batteries produced at its new facility in Lordstown, Ohio. These batteries require the use of hydrofluoric acid during production.
- In March 2022, Daikin developed a new technology. Over 90% of hydrofluoric acid components are imported from Japan from China. The new Daikin technology reduces dependency on China for chip-making materials by using Mexican fluorite crystals, which are less pure than Chinese fluorite, to make hydrofluoric acid.
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