Hydrofluoric Acid Market: Current Analysis and Forecast (2021-2027)
The growing demand from the hydrofluoric acid end-use industry owing to the rising population, urbanization, increasing people per capita income, and government policy to promote industrialization is increasing the consumption of hydrofluoric acid. Further, it is expected that the market is likely to showcase considerable growth during the forecast period owing to rising investment in the semiconductor industry to mitigate the chip shortage. For instance, For instance, in 2021, Taiwan Semiconductor Manufacturing Company (TSMC) announced the plan to spend $100 billion over the next three years to expand its chip fabrication capacity and fund research and development (R&D) of advanced technologies. Also, governments across the globe are focusing on the healthcare sector including pharmaceutical and medical devices in order to deal with COVID-19-like situations in the future. As the production in these industries would increase, the requirement for raw materials will grow simultaneously to maintain the production efficiency. This will increase the market size of hydrofluoric acid.
Based on type, the market is categorized into anhydrous and dilute hydrofluoric acid. Of both, anhydrous hydrofluoric acid captured a considerable share in the market owing to its usage in a large number of application areas. It is used in microchip production, cleaning agents for electronic circuits, metal cleaning, pre-treatment and treatment, glass frosting and engraving, air conditioning, refrigerators, fire extinguishers, production of inorganic chemicals, medicines, pesticides, uranium tetrafluoride, and hexafluoride.
Based on application, the market is categorized into electronics, metallurgical, glass, polymer, agrochemical, pharmaceutical, petrochemical, and others. Among all, the electronics industry is likely to showcase robust growth during the forecast period. As the demand for semiconductor witnessed robust growth in 2021, therefore chip manufacturer has taken several initiatives to reduce the supply-demand gap. For instance, in 2022, Intel Corporation announced plans for an initial investment of more than $20 billion in the construction of two new chip factories in Ohio, US. This in turn would boost the demand for hydrofluoric acid.
For a better understanding of the market adoption of hydrofluoric acid, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia-Pacific accounted for a significant share in the market and is expected to showcase substantial growth during the forecast period owing to a large and growing base of the end-use industry due to improving consumer spending power, rapid urbanization, and growing demand for better quality products. Further, the industrial shift in the region from western economies has increased the demand for hydrofluoric acid in the region.
Some of the major players operating in the market include Honeywell International Inc., Derivados Del Fluor S.A.U., Daikin Industries Ltd., Solvay S.A., Zhejiang Sanmei Chemical Ind. Co. Ltd., Lanxess AG, Fluorsid S.p.A., Navin Fluorine International Limited, Fluorchemie Gruppe, Yingpeng Chemical Co. Ltd. These companies are taking various strategic decisions to increase their market presence and share.
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