Impact Assessment of COVID-19 Outbreak on Hydrofluoric Acid Market
Hydrofluoric acid is a clear, colorless, fuming liquid with a sharp, pungent odor. 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. Hydrofluoric acid is used as a precursor to produce several fluorinated derivatives such as fluoride, fluoropolymers, and fluorosurfactants. The fluorides witness high demand from the steadily growing aluminum industry. The increasing production of fluorides is expected to propel the demand for hydrofluoric acid, globally.
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The report offered herewith considers all the essential elements and variables adding to growth of the global hydrofluoric acid market. Factors like market figures, drivers, restraints, new openings, market potential, regions, and landscape. The report helps in understanding the market situation and competitive scenarios in the market. This is understood better by displaying the key players, driving districts, business techniques, and extent of improvement.
Global Hydrofluoric Acid Market: Drivers and Restraints
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. The global 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.
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However, the global hydrofluoric acid market is projected to face numerous challenges. For starters, fluorspar — the raw material majorly used for hydrofluoric acid production — is unevenly distributed, with more than 50% of the reserves located in China. To benefit the local manufacturers, China has restricted the export of fluorspar to the other regions, thereby creating a significantly negative impact on the profitability and margins of manufacturers.
Nevertheless, hydrofluoric acid is also used in the manufacturing of aluminum fluoride, which is predominantly used as a raw material for the manufacturing of aluminum. An increase in the use of aluminum across major end-use industries, such as automotive, packaging and others, has been noticed over the past few years, which will lead to the growth of hydrofluoric acid market.
Global Hydrofluoric Acid Market: Geographical Outlook
From a geographical point of view, the market is examined for regions such as Asia Pacific is estimated to be the largest market for hydrofluoric acid. This region is projected to register the highest CAGR during the coming years due to the presence of numerous fluorocarbon manufacturers. China is expected to account for the largest share of the market in Asia Pacific. A thorough account of the competitive dynamics of the global hydrofluoric acid market is also included in the report.
Global Hydrofluoric Acid Market: Competitive Landscape
The market presently has few companies owing to the relative novelty associated with the product. However, new companies are expected to foray into the global hydrofluoric acid market in the near future. Some of the leading companies in the market presently are Dongyue Group (China), Honeywell International (US), and Daikin (Japan). Manufacturers of hydrofluoric acid are emphasizing on strengthening their network. This is also expected to positively influence the global hydrofluoric acid market in the near future.
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