Electronic Grade Hydrofluoric Acid Market Trends

Growth Drivers

• Rising Adoption of Renewable Energy – Electronic Grade Hydrofluoric Acid is frequently used to clean silicon wafers in photovoltaic cells which are the primary component of silicon-based solar cells, use silicon as their basis to convert sunlight into electricity. For instance, by 2026, renewable energy sources will contribute over 92% of the increase in global power capacity; solar photovoltaics alone will account for more than half of this increase.
• Growing Adoption of Advanced Technologies such as IoT, and Artificial Intelligence- In electronic systems used in IoT devices and artificial intelligence, semiconductors, and microelectronics are crucial components, which necessitates the use of electronic grade hydrofluoric acid since these devices call for smaller and more intricate electronic components. For instance, it is projected that by 2030, there will be over 28 billion Internet of Things (IoT) devices globally, nearly doubling from 15 billion in 2020.
• Increasing Sale of Electric Vehicles- The need for electronic-grade hydrofluoric acid is expected to rise owing to the need for improved electronic components and chipsets in electric vehicles that are utilized in inverter power modules, which are used as the primary drive-in electric cars. For instance, an electric vehicle (EV) typically has more than 2,000 chips, which is more than twice as many as a non-EV.

Challenges

• Fluctuations in the prices of raw materials - Calcium and fluorine combine to form the industrial mineral fluorite which is mined in more than 15 nations and can be extracted from quarries, open pits, and underground mines. Moreover, fluorite tends to shatter into tiny fragments after being mined, which makes it challenging to extract, and owing to stringent mining regulations and safety checks, the supply of fluorspar is expected to remain limited, which may hamper the electronic grade hydrofluoric acid market growth.
• Strict regulations owing to the toxic nature can increase the overall complexity
• Manufacturing of Electronic Grade Hydrofluoric Acid Lacks Standardization