Global Hydrogen Fluoride Market 2019-2023
About this market
The increasing use of aluminum in the automotive industry will contribute majorly to the hydrogen fluoride market growth in the forthcoming years. Hydrogen fluoride is a key raw material for the producing aluminum fluoride and aluminum used majorly for the automotive industry. As a result, with the rising growth of the automobile industry, the demand for hydrogen fluoride will rise considerably during the upcoming years. Technavio’s analysts have predicted that the hydrogen fluoride market will register a CAGR of almost 5% by 2023.
Increasing use of aluminum in the automotive industry
One of the growth drivers of the global hydrogen fluoride market is the increasing use of aluminum in the automotive industry. The increasing automotive production across the globe will drive the demand for aluminum in the automotive industry and, thereby, the demand for aluminum fluoride, which, in turn, will drive the demand for hydrogen fluoride market.
Tight supply of fluorspar
One of the challenges in the growth of the global hydrogen fluoride market is the tight supply of fluorspar. The reduced supply of fluorspar is expected to reduce the production of hydrogen fluoride, which in turn is expected to increase the price of hydrogen fluoride during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the hydrogen fluoride market during 2019-2023, view our report.
The market appears to be fragmented with the presence of several market players. The increasing awareness about reducing carbon dioxide emission has forced various car manufacturers to focus on fuel efficiency and design. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Technavio Announces the Publication of its Research Report – Global Hydrogen Fluoride Market 2019-2023
Technavio recognizes the following companies as the key players in the global hydrogen fluoride market: Honeywell International Inc., LANXESS, Mexichem S.A.B. de C.V., Solvay, and Tanfac Industries Ltd.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the emergence of HFOs.”
According to the report, one of the major drivers for this market is the rising number of insulation foam applications.
Further, the report states that one of the major factors hindering the growth of this market is the health hazards due to exposure to hydrogen fluoride.
Honeywell International Inc.
Mexichem S.A.B. de C.V.
Tanfac Industries Ltd.
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