Hydrofluoric Acid Market: By Type (Anhydrous Hydrofluoric Acid, Diluted Hydrofluoric Acid), By Application (Etching and Cleaning, Metal Pickling, Oil Refining, and Other Applications), By End Use Industry (Petrochemical and Chemical, Metalworking, Electronics, Energy, Pharmaceuticals, Agriculture, and Others), and Geography

Hydrofluoric Acid Market size was valued at USD 3,648.2 Million in 2023 and is poised to grow at a CAGR of 5.9% from 2024-2030. The hydrofluoric acid market refers to the global industry involved in the production, distribution, and sale of hydrofluoric acid or hydrogen fluoride (HF), a highly corrosive and toxic chemical compound. Hydrofluoric acid is a strong acid and is one of the most potent mineral acids. It is unique among mineral acids because of its strong ability to dissolve various materials, including glass, ceramics, metals, and even organic compounds. This property makes it highly useful in various industrial processes and applications. The hydrofluoric acid market is significantly driven by the growing demand in the chemical industry. Hydrofluoric acid is utilized as a reagent in various chemical reactions for the production of fluorine-containing compounds and specialty chemicals. It is employed in the synthesis of fluorine-based products like fluorocarbons, fluoropolymers, and fluorinated pharmaceuticals.

Moreover, rising petrochemical industry also contributes to the growth of the hydrofluoric acid market as it needs hydrofluoric acid as a catalyst in the alkylation process, which is a crucial step in the production of high-octane gasoline components (alkylates) from low-octane hydrocarbons like propylene and butylene. Furthermore, with the expansion of industrial sectors in emerging economies, the demand for hydrofluoric acid is expected to witness significant growth. However, hydrofluoric acid is a highly corrosive and toxic substance that poses significant safety risks to human health and the environment. Hence, the stringent safety measures required for handling and transporting hydrofluoric acid can limit its widespread use and increase operational costs for users. Market players can explore collaborations, partnerships, and acquisitions to expand their product portfolio, enter new markets, and strengthen their position in the hydrofluoric acid market. For instance, in March 2023, Navin Fluorine Advanced Sciences Limited (NFASL) invested ?4.5 billion to set up a new hydrofluoric acid (HF) capacity at Dahej to expand its production capacity.

Hydrofluoric Acid Market Key Developments:

• In September 2021, TSMC launched the first hydrofluoric acid waste regeneration system that uses hydrofluoric acid waste as raw material in cryolite production to maximize resource utilization value.