Tin Fluoborate Market size was valued at USD 1.07 Billion in 2023 and is set to cross USD 2.55 Billion by 2036, expanding at more than 6.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of tin fluoborate is evaluated at USD 1.14 Billion. The growing use of electroplating in various end-user industries such as automotive, aircraft, electronics, and agriculture is the primary factor driving the growth of this market. As per ASEAN Automotive Federation, around 256,160 motor vehicles were sold in 2020.
Furthermore, metal cleaning is another factor driving the growth of this market. Various end use industries increase the demand for metal usage which further upsurges the demand for metal cleaning. As per data, the global metal cleaning material market held a market revenue of USD 15 billion in 2022.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
6.9% |
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Base Year Market Size (2023) |
USD 1.07 Billion |
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Forecast Year Market Size (2036) |
USD 2.55 Billion |
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Regional Synopsis |
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Application (Metal Cleaning, Electroplating, Degreasing)
The electroplating segment in the tin fluoborate market is anticipated to hold the largest revenue share of around 35% in the forecast period. Since electronics and electrical products can get exposed to air, which results in the corrosion of the product. To protect those products from corrosion electroplating is used.
Also, electroplating is highly used in automobiles to coat the body of the vehicle with sunroof and non-corrosive compounds. This increases the demand for electroplating in the automotive industry. The automotive electroplating market is anticipated to grow at a CAGR of 6% by the end of 2028.
End-User (Automotive, Kitchen-Ware, Healthcare, Consumer Electronics)
The automotive segment is anticipated to account for 38% share of the global tin fluoborate market by the end of 2036. Tin fluoborate is widely used as a lightweight material for automobiles in the automotive industry. Furthermore, the growing need for lightweight and fuel-efficient car parts is propelling the expansion of this segment of the market. Also, lightweight vehicle parts or automobiles in general reduce the weight of the car at the same time it does not affect the performance and fuel efficiency of the vehicles. Therefore, the automobile industry is driving the industry growth.
Our in-depth analysis of the global market includes the following segments:
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Type |
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End User |
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Application |
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APAC Market Forecast
The tin fluoborate market in the Asia Pacific region is estimated to gain the largest market share of 42% over the forecast period. This is attributed to the presence of major automobile manufacturing companies in the countries, such as Japan, India, China, and South Korea. These countries are a few of the biggest producers of automobiles and electronics in the world. As per the statistics by IEA, Japan, and India together registered sales of 8 million cars in 2019, whereas China alone saw the sale of 25 million cars in the same year. Besides, the metal cleaning industry is also anticipated to drive the growth of this market in the Asia Pacific region.
North American Market Statistics
The tin fluoborate market in the North America is anticipated to account for the second-largest share of 30% in the forecast period. This can be attributed to the growing demand for electric vehicles in the region. As per data, the United States solely generated a market revenue of USD 62 billion with the production of Electric Vehicles in 2023, and it is anticipated account for a market revenue of 140 billion by the end of 2027.
Moreover, the advancing healthcare sector in the United States is another major growth factor for the regional market. re is anticipated to boost the growth of the market in this region.
Author Credits: Rajrani Baghel
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