Global Electronic Grade Hydrofluoric Acid Market to Reach Around US$ 500 Mn by 2026; Significant Growth in Electronics Industry to Boost Market: Transparency Market Research
The global electronic grade hydrofluoric acid market was valued at around US$ 290.0 Mn in 2017 and is anticipated to expand at a CAGR of around 7.0% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled ‘Electronic Grade Hydrofluoric Acid Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.’ Expansion in the global electronic grade hydrofluoric acid market is driven by the rise in demand for the acid in cosmetic companies. The electronic grade hydrofluoric acid market in Asia Pacific is expected to expand at a CAGR of around 8.0% during the forecast period. Advancement in manufacturing technologies and increase in adoption of sulfate-free personal care products are likely to propel the electronic grade hydrofluoric acid market in the region in the near future.
Increase in Production of Electronic Devices
Electronic grade hydrofluoric acid is a strong, reactive, and corrosive agent that readily reacts with acids, bases, and oxidants. The corrosive property of hydrofluoric acid is used for glass etching and ceramic etching in electronic devices. Electronic grade hydrofluoric acid is primarily used to clean silicon wafers in semiconductors, microelectronics, and photovoltaic cells. The electronics industry is expanding at a rapid pace owing to the rise in demand for products such as computers, smartphones, televisions, and telecommunication equipment. Increase in production of these electronic devices is anticipated to boost the electronic grade hydrofluoric acid market.
Rise in Demand for Semiconductors and Microelectronics in Internet of Things IoT Devices
IoT devices and artificial intelligence are the major technologies being adopted across the globe. These technologies enable physical objects to gather and share electronic information through software, sensors, actuators, and other electronic systems. Semiconductors and microelectronics play an important role in electronic systems engaged in IoT devices and artificial intelligence. Growth in usage of these technologies is anticipated to drive semiconductors and microelectronics industries. Rise in demand for semiconductors and microelectronics is estimated to propel the demand for electronic grade hydrofluoric acid.
Large Customer Base in Developing Countries of Asia Pacific to Create Opportunities
In terms of region, the global electronic grade hydrofluoric acid market can be segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific constitutes significant share of the global electronic grade hydrofluoric acid market. China holds prominent share of the electronic grade hydrofluoric acid market, as it is the largest manufacturing hub for the electronics industry. The last decade witnessed a notable change in the electronics industry, wherein large manufacturers of electronic devices shifted their production capacities from North America and Europe to East Asia owing to the easy availability of raw materials and competitive labor pricing in the region. However, the market for electronic grade hydrofluoric acid in North America and Europe is projected to recover and expand at a moderate pace during the forecast period.
Key players operating in the electronic grade hydrofluoric acid market include Zhejiang Juhua Co., Ltd. (Zhejiang Kaiheng Electronic Materials Co., Ltd. and Zhejiang Kaisn Fluorochemical Co., Ltd.,), Stella Chemifa Corporation, Formosa Daikin Advanced Chemicals Co., Ltd., and Morita Chemical Industries Co.,Ltd. Other prominent players include ADVANCE RESEARCH CHEMICALS. INC, Buss ChemTech AG, Derivados del Flúor, Do-Fluoride Chemicals Co., Ltd., Fujian Shaowu Yongjing Chemical Co., Ltd., Honeywell International Inc., KMG Electronic Chemicals, Loba Chemie Pvt. Ltd., Qiaoli Chemical Industry Co., Ltd. (Sunlit Fluo & Chemical Co.,LTD), Qshi Industry (Shanghai) Co., Ltd., Shanghai Changhua New Energy & Technology Co., Ltd., Solvay S.A., Xinxiang Yellow River Fine Chemical Industry Co., Ltd., and Zhejiang Sanmei Chemical Incorporated Company. Major players are focusing on backward integration by striving to expand their business across the value chain in order to gain additional share in the electronic grade hydrofluoric acid market.
The global electronic grade hydrofluoric acid market can be segmented as follows:
Global Electronic Grade Hydrofluoric Acid Market, by HF Concentration
Global Electronic Grade Hydrofluoric Acid Market, by Purity
Global Electronic Grade Hydrofluoric Acid Market, by Application
- Solar Cells/Photovoltaic
Global Electronic Grade Hydrofluoric Acid Market, by Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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