Increasing Hydrofluoric Acid Application in Metal Extraction Process Driving Hydrofluoric Acid Market
Increasing application of anhydrous hydrofluoric acid in production of organic and inorganic fluorine compounds fuelling the demand.
Dubai, United Arab Emirates – May 27, 2021 /MarketersMedia/ —
The global hydrofluoric acid market is forecast to grow at 2.9% CAGR throughout the forecast period of 2021 to 2031. Surging demand of ultra pure hydrofluoric acid is one of the key factors driving the market growth.
Increasing demand for pickling treatment for production of high quality steel will fuel the market growth. Hydrofluoric acid is also finding application in herbicides, and glass etching industries.
Hydrofluoric acid is an integral part of electrolysis cell during aluminum production. Rising demand of aluminum for the manufacturing of light weight vehicles will assist the market growth, finds ESOMAR-certified consulting firm Future Market Insights (FMI) in a study.
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The hydrofluoric acid market is expected to experience a sluggish growth in upcoming years due to increasing government regulations regarding use of fluoro-chemicals in air conditioning and refrigeration applications.
Hydrofluoric acid has high global warming potency and is one of the leading ozone layer depleting factors. Stringent government policies especially implemented by the European Union (EU) regarding production, storage, handling and disposal of the hydrofluoric acid owing to high lethality might hamper the hydrofluoric acid market growth.
“Leading market players are emphasizing on exploring alternative technologies for the hydrofluoric acid production. Rapid adoption of modern technologies for producing fluorspar using acidspar and metspar will boost the market growth”, remarks the FMI analyst.
Key Takeaways
Implementation of stringent regulations regarding the manufacturing and use of hydrofluoric acid by the US Environmental Protection Agency (EPA) might hamper growth in the U.S.
Germany is expected to register positive growth trajectory during the forecast period. Surging demand from metal treatment, steel, and glass industry drives the market growth.
India is anticipated to offer lucrative growth opportunities for hydrofluoric acid market on the backs of growing aluminum production and increasing import of raw material for producing hydrofluoric acid from China.
China is expected to continue its domination in hydrofluoric acid market during the forecast period owing to presence of large fluorspar reserves in china and growing demand of raw material necessary for production of hydrofluoric acid.
Anhydrous hydrofluoric acid is finding its application in air conditioning systems as well as manufacturing of Teflon polymers, and wire and cable insulation material leading to increased market demand.
Prominent Drivers
Increasing use of hydrofluoric acid in pickling operation to remove impurities from metal in steel industry is driving the hydrofluoric acid market sales.
Introduction of hydrofluoric acid with sulfuric acid during finishing process in glass industry is further fuelling the market demand.
Surging use of hydrofluoric acid in manufacturing electrochemically stable lithium ion batteries without compromising the capacity will magnify the market growth.
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Key Restraints
Banning of chloro-fluoro-carbon (CFCs) across the globe for its ozone depletion characteristics is restricting the market growth.
Hydrofluoric acid is responsible for generation of HFCs and CFCs which are primary agents in increasing global warming. Growing health concerns regarding the use of hydrofluoric acid hinders the market demand.
Strict environmental rules and regulations with respect to production and use of hydrofluoric acid due to its hazardous and toxic nature hamper the market growth.
Competitive Landscape
According to FMI, leading players are focusing towards exploring multiple potential applications of hydrofluoric acid while simultaneously taking into account the strict government and environment rules and regulations. New product development is on the cards for the leading players.
For instance, EcoGraf acquired the contract of a battery anode materials facility outside of China, specializing in the production of spherical graphite in April 202. The facility offered eco-friendly alternatives to option to conventional hydrofluoric acid purification processes.
Renascor Resources is working towards exploring green finance options for its Siviour Battery Anode Material Project in South Australia, with the aim to produce materials for electric vehicle manufacturing facilities through vertical integration strategies.
Developmental work on a novel system aimed to assist in reusing high-concentration liquefied hydrogen fluoride cleaning solutions for applications on semiconductor production lines is in pipeline was announced by Samsung Electronics in February 2021.
Leading players profiled by FMI operating in hydrofluoric acid market include:
Gulf Fluor
Laxness AG
Solvay SA
Honeywell International
Buss ChemTech AG
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
Contact Info:
Name: Abhishek Budholiya
Email: Send Email
Organization: Future Market Insights
Website: https://www.futuremarketinsights.com/reports/hydrofluoric-acid-market
Source: MarketersMedia
Release ID: 89020320
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