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Steel Pickling and Metal Treatment Segment to Drive the Hydrofluoric Acid Market. The hydrofluoric acid market in Europe is expected to accumulate a market share value of 30.1% in 2022. Toxicity and Health Hazards Associated with the Hydrofluoric Acid to Limit the Market Growth.
NEWARK, Del. , Sept. 14, 2022 /PRNewswire/ -- The global hydrofluoric acid market is expected to be valued at US$ 1.83 Million in 2022. With the increasing sale of cookware and cable wire, coupled with the rise in the need for hydrofluorocarbons (HFCs) and hydrofluorolefins (HFOs), the overall demand for hydrofluoric acid is projected to grow at a CAGR of 3.7% between 2022 and 2032, totaling around US$ 2.63 Million by 2032.
A rise in the production level of fluorochemicals in the U.S. and Germany is further favoring the global demand. In the Asia Pacific region, the increasing production of fluorocarbons and the presence of large-scale manufacturers are expected to boost the market growth. The product demand is anticipated to rise in India during the forecast period on the account of the increasing production of aluminum and aluminum products wherein hydrofluoric acid is a key raw material.
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The global market is highly fragmented with the presence of numerous players in both developed and developing economies. Key players are focusing on mergers and acquisitions to increase their presence throughout the value chain. The majority of the industry players are focusing on product advancements aiming at the development of new products with eco-friendly characteristics to cater to a broader application market.
The increasing sale of cookware and cable wire is driving the growth of the hydrofluoric acid market. Hydrofluoric acid is used as a raw material in the aluminum fluoride manufacturing and is also used in the manufacturing of aluminum. The application of aluminum in many industries such as industries and automotive is increasing, which will boost the demand for hydrofluoric acid market.
Key Takeaways from the Market Study
The growing use of aluminium across end-use sectors like automobile, packaging, and manufacturing, among others are positively influencing the growth of hydrofluoric acid in the global market, remarks an FMI analyst.
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Players in the global Hydrofluoric Acid Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
Know More about What the Hydrofluoric Acid Market Report Covers
Future Market Insights offers an unbiased analysis of the global Hydrofluoric Acid Market, providing historical data for 2016-2021 and forecast statistics from 2022-2032.
To understand opportunities in the hydrofluoric acid market, the market is segmented on the basis of grade, and application across six major regions.
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Key Segments Covered in the Hydrofluoric Acid Industry Analysis
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
5. Global Hydrofluoric Acid Market Demand Analysis 2017-2021 and Forecast, 2022-2032
5.1. Historical Market Volume (Tons) Analysis, 2017-2021
5.2. Current and Future Market Volume (Tons) Projections, 2022-2032
5.3. Y-o-Y Growth Trend Analysis
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About Future Market Insights, Inc.
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