Press release
Anhydrous Hydrogen Fluoride Market Set to Reach US$ 5.7 Billion by 2033: A 5.8% CAGR Forecast
Anhydrous Hydrogen Fluoride Market
The market is anticipated to increase at a 5.8% CAGR from 2023 to 2033, achieving a value of US$ 5.7 billion by the end of that year. In fiscal year 2023, the market for anhydrous hydrogen fluoride is anticipated to be worth US$ 3.25 billion, up from US$ 3.07 billion in fiscal year 2022.
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Rising consumer demand for goods including refrigerator gas, air conditioners, electronics, and autos is expected to fuel market growth over the projected period. Additionally, it is anticipated that the region's increasing chemical industry would drive demand for the product along with expanding manufacturing facilities, subsidiaries, and a number of mergers and acquisitions.
Fluorspar is the main raw material used to make anhydrous hydrogen fluoride. According to the national renewable energy laboratory, China mines more acid-grade fluorspar than any other country in the world, amounting to 2,500 kilotons each year (USGS 2017). The following two largest producers of acid-grade fluorspar are South Africa and Mexico, with each country producing around 600 kilotons annually (150 kilotons).
Anhydrous hydrogen fluoride is one of the fastest-growing markets in the world as a result of the quick development of the chemical and consumer products sectors. Additionally, due to the region's developing chemical manufacturing industry, demand has increased in North America, while it has increased in Asia Pacific for fluorine compounds used in metallurgical and metal extraction applications.
The anhydrous hydrogen fluoride market is expected to grow as a result of the extensive use of fluoro gases in the manufacturing of HFCs, CFCs, and HCFCs for use in HVAC systems, self-chilling beverage cans, defrost systems, refrigeration equipment, and other applications. The predominant technology for mobile refrigeration and air conditioning, as well as for commercial and residential applications, is vapor compression systems.
Key Takeaways from the Market Study
- During the historical period of 2018-2022, the anhydrous hydrogen fluoride market grew at a CAGR of 3.7 %.
- The global anhydrous hydrogen fluoride market is predicted to rise with a steady 5.8% CAGR during 2023-2033.
- The global anhydrous hydrogen fluoride market is currently worth more than US$ 3.2 Billion.
- The fluoropolymers segment will be the fastest growing segment during the forecast period with a 5.7% CAGR.
- In 2023, the fluoro gases application category is anticipated to dominate with a 64% revenue share.
- The North American region is predicted to grow with a steady CAGR of 6.1% during 2023-2033.
- The APAC anhydrous hydrogen fluoride market is expected to grow with a steady CAGR of 5.6% during 2023-2033.
"Anhydrous hydrogen fluoride is now more in demand than ever before since it is a necessary ingredient in the production of several fluorine-containing compounds. These chemicals are used in a wide range of items, including kitchenware and automobiles, thus in the upcoming years, they are anticipated to have substantial expansion." comments a Future Market Insights analyst.
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Competitive Landscape
Honeywell International Inc., Solvay, Linde plc, Arkema, Lanxess, Navin Fluorine International Limited, Fubao Group, Foosung, Co Ltd, Fluorchemie Dohna GmbH, Fluorsid S.p.A., and Derivados del Fluor SA. are a few of the well-known companies in the worldwide market for treating malaria.
- In 2020, Arkema announced a unique and long-term collaboration with Nutrien Ltd, the world's largest integrated agricultural enterprise, for the delivery of anhydrous hydrogen fluoride to Arkema's Calvert City (KY) plant. In comparison to more traditional production techniques, it offered more environmental protection and promoted the growth of fluoropolymers in the profitable areas of water treatment, electronics, and batteries.
- In 2022, Honeywell committed to developing tech-driven solutions for the delivery of healthcare. With the potential for future local and international cooperation, Honeywell signed Memorandums of Understanding (MOUs) with two of the major healthcare organizations. This builds on Honeywell's considerable expertise in the hospital setting.
Key Segments Covered in the Anhydrous Hydrogen Fluoride Market Report
Anhydrous Hydrogen Fluoride Market by Application:
Fluoropolymers
Fluoro Gases
Pesticides
Others
Anhydrous Hydrogen Fluoride Market by Region:
North America
Latin America
Europe
Asia Pacific
Middle East & Africa (MEA)
More Valuable Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the anhydrous hydrogen fluoride market, presenting historical demand data (2018-2022) and forecast statistics for the period of 2023-2033.
The study divulges essential insights on the market on the basis of anhydrous hydrogen fluoride market by application (fluoropolymers, fluoro gasses, pesticides) and regions.
Future Market Insights' Domain Knowledge in Chemicals and Materials
Our chemicals and materials consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the chemicals and materials sector.
Our expertise in recognizing the challenges and trends impacting the global chemicals and materials industry provides indispensable insights and support - encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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