The global hydrofluoric acid market is likely to showcase a growth of around 5% during the forecast period. Hydrofluoric acid regardless of its corrosive nature is used in a wide range of industries owing to its characteristics giving an edge over others. Electronics, metallurgical, glass, polymer, agrochemicals, pharmaceuticals, and petrochemicals, among others, are some of the most prominent industries where hydrofluoric acid is used. Hydrofluoric acid is not an end-user product; therefore, its market dynamics majorly depend upon the performance of the aforementioned industries. Over the years, the production capacity of these industries has been rising owing to growing demographic, rising income, and supportive policies, to name a few, thereby increasing the demand for raw materials used in the manufacturing of end products. This in turn increases the demand for hydrofluoric acid. For instance, hydrofluoric acid is used in fluorine-containing pharmaceutical products, therefore as the global pharmaceutical market increased from $879 billion in 2011 to around $1,571 billion in 2020, the demand for compounds or raw materials used in the manufacturing process also increased.
Insights Presented in the Report
“Amongst type, the anhydrous hydrofluoric acid held a prominent share in the market in 2020”
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.
“Amongst applications, the electronics segment is likely to showcase significant growth during the forecast period”
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.
“Asia-Pacific accounted for a considerable share in the global hydrofluoric acid market”
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.
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Global Hydrofluoric Acid Market Covid-19 Impact
6. Global Hydrofluoric Acid Market Revenue (usd Mn), 2019-2027f
7. Market Insights By Type
8. Market Insights By Application
9. Market Insights By Region
10. Hydrofluoric Acid Market Dynamics
11. Hydrofluoric Acid Market Opportunities
12. Hydrofluoric Acid Market Trends
13. Legal & Regulatory Framework
14. Demand And Supply-side Analysis
15. Value Chain Analysis
16. Competitive Scenario
17. Company Profiled
18. Disclaimer
Analyzing the historical market, estimation of the current market, and forecasting the future market of hydrofluoric acid, three major steps are undertaken to create and analyze its adoption across the globe. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the hydrofluoric acid industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Seek More Details About Research Methodology
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of Hydrofluoric Acid through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the hydrofluoric acid market, we conducted a detailed secondary analysis to gather current market insights and share for different segments & sub-segments for major regions. The major segment is included in the report by type and application. Further regional and country-level analyses were conducted to evaluate the overall adoption of hydrofluoric acid globally.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of hydrofluoric acid. Further, we conducted factor analysis using dependent and independent variables such as increasing demand from end-use industry and increasing semiconductor manufacturing capacity. A thorough analysis was conducted for demand and supply-side scenarios considering an increasing investment, top partnerships, mergers and acquisitions, business expansion, and product launches in the Hydrofluoric Acid industry.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global hydrofluoric acid market, and market shares of each segment. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the bottom-up approach were applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants by Stakeholders and Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global hydrofluoric acid market. Data was split into several segments & sub-segments post studying various parameters and trends in the area of type and application.
The main objective of the Hydrofluoric Acid market study
The current & future market trends of global hydrofluoric acid were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
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