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Report ID: SQMIG15A2303
Report ID:
SQMIG15A2303 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
65 |
Figures:
63
Hydrofluoric Acid Market size was valued at USD 1.04 billion in 2021 and is poised to grow from USD 1.10 billion in 2022 to USD 1.70 billion by 2030, growing at a CAGR of 5.6% in the forecast period (2023-2030).
The hydrofluoric acid market is experiencing significant growth, driven by its diverse industrial applications and rising demand from various sectors. Hydrofluoric acid, a strong inorganic acid with unique properties, finds extensive use in industries such as chemical manufacturing, petrochemicals, electronics, and pharmaceuticals. It is a crucial component in the production of fluorocarbons, which are used in refrigerants and as a propellant in aerosol products. Additionally, the semiconductor industry relies on hydrofluoric acid for etching silicon wafers and cleaning semiconductor materials.
The market's growth is further fueled by the expansion of the automotive and construction industries, where hydrofluoric acid is used in surface treatment and glass manufacturing. Furthermore, its importance in the oil refining sector for catalyst regeneration and alkylation processes contributes to market expansion.
Geographically, North America and Asia-Pacific are the key regions driving the hydrofluoric acid market, owing to their robust industrial infrastructure and increasing industrialization. However, stringent safety regulations and environmental concerns regarding the handling and disposal of hydrofluoric acid pose challenges to market growth. Despite these challenges, the growing demand for hydrofluoric acid across various industries, coupled with ongoing technological advancements, is expected to sustain the market's upward trajectory in the coming years.
US Hydrofluoric Acid Market is poised to grow at a sustainable CAGR for the next forecast year.
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Report ID: SQMIG15A2303