Potassium Fluoroborate Market Trends
Growth Drivers
- Enhanced Use of Potassium Fluoborate (KBF4) In Soldering Agents - Soldering and brazing are used in many processes from assembling circuit boards to welding car parts. As more electric and automotive products are produced, the demand for these labor-intensive processes increases, resulting in an increased demand for soldering and brazing works. For instance, on average, computer, electronic, and optical products account edfor 103 of the Index of Industrial Production in India, up 12% from FY 2021-22. KBF4 is increasingly being used in soldering agents owing to its ability to increase the flow of molten solder, reduce oxidation of the solder, improve electrical contact, and increase the reliability of soldered joints.
- Rapid Development of Robust Industrial Infrastructure Around the World - For instance, a total of USD 1.3 trillion will be spent by India on infrastructure projects between 2019 and 2023 through the National Infrastructure Pipeline (NIP). The demand for Potassium Fluoborate is driven by its use in industrial applications such as welding, surface coating and fire retardants. The growing demand for these products has resulted in an increased need for the chemical, particularly in the areas of rapid industrial development.
- Accelerated Consumption Seen in Chemicals Worldwide - A 16% increase in global chemical sales has been reported between 2020 and 2021, from USD 3,760 billion to USD 4,000 billion. With a share of 15%, the EU27 chemical industry ranks second in worldwide sales, followed by the US with a share of 10%.
- Rapid Growth In The Petrochemicals Industry- It was observed that approximately 3 billion metric tons of petrochemicals were produced globally in 2021, making it the most productive industry in the world. Potassium fluoborate is widely used in the petrochemicals industry for applications such as catalysts, flame retardants and corrosion inhibitors.
- Availability of Potassium Fluoborate in Varied Forms by Manufacturers- For instance, as a precursor for the manufacture of chemicals, 3MTM 11B Enriched Potassium Fluoborate is available as a white or off-white powder product. It is used for the production of fluoborate salts and fluoborate compounds, which are used in a variety of industries, including pharmaceuticals, electronics, and specialty chemicals.
Challenges
- Presence of substitute products - Substitute products, such as sodium fluoborate, are cheaper and offer similar features to potassium fluoborate, making them attractive to many consumers. This can lead to a decrease in demand for potassium fluoborate, hindering market growth.
- High production costs and the lack of availability of raw materials
- Lack of consumer awareness about product
Potassium Fluoborate Market: Key Insights
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
5.5% |
|
Base Year Market Size (2024) |
USD 321.36 million |
|
Forecast Year Market Size (2037) |
USD 644.58 million |
|
Regional Scope |
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