When TSMC, Samsung, and SK Hynix are all scrambling for supplies, electronic-grade hydrofluoric acid has become an irreplaceable "chemical key" in AI chip manufacturing.

1. What happened? — Electronic Grade Hydrofluoric Acid: The "Precision Chemical Tool" of Semiconductor Manufacturing

1. What is Electronic Grade Hydrofluoric Acid?

Electronic Grade Hydrofluoric Acid (EG-HF) is one of the wet electronic chemicals with the largest usage and most rigid demand in integrated circuit manufacturing. It is prepared by purifying anhydrous hydrofluoric acid and then absorbing it into ultrapure water. Relying on the unique chemical reaction between fluoride ions and silicon dioxide (the core substrate of wafers), electronic grade hydrofluoric acid plays an irreplaceable role in chip manufacturing, primarily used for wafer cleaning (removing natural oxide layers and trace residual impurities) and etching (achieving precise patterning and structural forming on wafer surfaces).

Based on purity and application scenarios, electronic grade hydrofluoric acid is classified into multiple grades such as EL, UP, UPS, UPSS, and UPSSS (i.e., semiconductor G5 grade). Among them, UPSSS is currently the highest grade, mainly used for 12-inch wafers with processes of 55nm and below, and its technical barrier and product pricing are significantly higher than lower-grade products. Global leaders in G5-grade hydrofluoric acid mainly include Japan's Stella Chemifa and Kanto Chemical, as well as South Korea's Soulbrain and ENF Technology.

2. Application Scenarios and Market Size:

From the perspective of end demand structure, semiconductor manufacturing is the largest consumer of electronic grade hydrofluoric acid. According to the H-share prospectus of Befar Group, based on data from Frost & Sullivan, the overall market size of electronic grade hydrofluoric acid in China in 2025 is approximately 4.25 billion RMB. Among this, the production capacity, output, and revenue of G5 (semiconductor-grade) products in China reach 135k tons, 74.9k tons, and 658 million RMB respectively. With the continuous expansion of production capacity for AI chips, memory chips, and logic chips, this market is growing at a double-digit rate.

3. Three Catalysts for the Sudden Surge in Market Attention Recently:

Catalyst One: Cost-driven price increases triggered by a sharp rise in upstream raw material prices. Since March 2026, Middle East geopolitical conflicts have led to a tightening of global sulfur supply, causing a surge in sulfuric acid (the core raw material for producing anhydrous hydrofluoric acid AHF) prices, which directly pushed up the cost of anhydrous hydrofluoric acid. A UBS report (Figure 5) shows that the price of anhydrous hydrofluoric acid in China has been on a significant upward trend since 2026. The cost pressure is transmitted layer by layer along the chain of "sulfur → sulfuric acid → anhydrous hydrofluoric acid → electronic grade hydrofluoric acid," ultimately reflected in the 20%-30% terminal price increase disclosed by Do-Fluoride. ……