Northrook, IL -- (SBWIRE) -- 05/24/2020 -- The report "Hydrofluoric Acid Market by Grade (Anhydrous, and Diluted Hydrofluoric Acid (Above 50%, and Below 50% Concentration)), Application (Fluorocarbons, Fluorinated Derivatives, Metal Pickling, Glass Etching), and Region - Global Forecast to 2023", The hydrofluoric acid market is driven by the rising demand for hydrofluoric acid from the fluorocarbon and fluorinated derivative production, metal pickling, glass etching and cleaning, oil refining, and uranium fuel production applications. The hydrofluoric acid market is expected to be 1.6 million tons in 2018 and is projected to reach 2.1 million tons by 2023, at a CAGR of 5.5% between 2018 and 2023.

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Anhydrous hydrofluoric acid estimated to be the largest grade of hydrofluoric acid during the forecast period.
Anhydrous hydrofluoric acid (AHF) is the largest grade of hydrofluoric acid and is suitable for a wide range of applications such as fluorocarbon production, fluorinated derivative production, and oil refining. AHF is usually found in the gaseous form with concentrations ranging between 99% and 100% . It is a very corrosive and toxic compound, making it difficult to handle and store.

Fluorinated derivatives estimated to be the fastest-growing application for hydrofluoric acid during the forecast period.
The hydrofluoric acid market in the fluorinated derivatives application is projected to register the highest growth during the forecast period. The consumption of hydrofluoric acid in this application is growing due to the rising demand for hydrofluoric acid for the manufacture of fluorinated derivatives such as fluoride, fluoropolymers, and fluorosurfactants.

Asia Pacific is estimated to account for the largest share of the hydrofluoric acid market in 2018, with China estimated to be the major market in Asia Pacific. Japan, India, and South Korea are other major countries contributing to the growth of the hydrofluoric acid market in this region. The increasing demand for hydrofluoric acid from applications such as fluorocarbon production, fluorinated derivative production, metal pickling, and glass etching and cleaning is expected to drive the hydrofluoric acid market in these countries.

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Key companies profiled in the hydrofluoric acid market research report include Dongyue Group (China), Honeywell International (US), Daikin (Japan), Solvay (Belgium), Mexichem (Mexico), Sinochem Group (China), LANXESS (Germany), Yingpeng Group (China), Fluoride Chemical (China), and Fluorchemie Group (Germany).

Increased demand for fluorine compounds in several industries to drive the global hydrofluoric acid demand
Hydrofluoric acid is a clear, colourless, fuming liquid with a sharp, pungent odour. It is widely used in the chemical industry to produce fluorine compounds such as fluorocarbons, fluorides, and fluoropolymers. Fluorocarbons such as hydrofluorocarbons (HFCs), and hydrofluoroolefins (HFOs) are the major types of refrigerants used, globally. Therefore, increasing demand for refrigerants is expected to propel the fluorocarbon production, thereby driving the hydrofluoric acid market.

Fluorides, such as sodium hexafluoroaluminate (Na3AlF6) and aluminum trifluoride (AlF3), are used in aluminum production, globally and are witnessing high demand from aluminium industry. In addition, sodium fluoride and uranium hexafluoride have gained importance in the production of pharmaceuticals and uranium, respectively. Apart from this, the growing demand for fluoropolymers from the automotive and electronics & semiconductor industries is expected to increase the need for hydrofluoric acid to produce them. Thus, the high demand for fluorine compounds from several industries plays a crucial role in driving the hydrofluoric acid market.

Key Questions :
- Which are the raw materials used for production of hydrofluoric acid? How will their price change have effect on the market?
- Most of the producers have adopted expansion as the key strategy as could be seen from the recent developments. Where will it take the industry in the forecast period?
- What are the hazardous effects of the hydrofluoric acid?
- What are the regulations on the use of fluorocarbon refrigerants in different regions?
- Hydrofluoric acid market is expected to grow with the growing applications, globally?

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