Tin Fluoborate Market Trends
Growth Drivers
- Increasing Demand in the Automotive Sector for Electroplating of Vehicles – The upsurge in the automotive sector for the electroplating of vehicles is driving the growth of this market. Electroplating of the vehicle is one of the most common and rapid utilization of tin fluoroborate. The global automotive electroplating market accounted for a market revenue of USD 12 billion in 2019.
- Rapid Industrialization and Urbanization – With the growing disposable income of people and urbanization the growth of the market is also increasing. As more and more people are opting for electroplating of their automobiles and ornaments & other devices. For instance, industrialization has contributed around 23% to the global GDP.
- Growing Investment in Research and Development of Product – Key market players and government authorities of various regions are focusing on the research and development of tin fluoborite to provide the population with better products and services. According to a study focused on developing a new tin fluoroborate electrolyte for tin electroplating, the research team sought to optimize the composition of the electrolyte to improve the efficiency of the plating process and reduce waste. This study demonstrates investment in research and development of new and improved products in the tin fluoroborate market.
Challenges
- Harmful Side Effects to Health – Tin Fluoborate is a chemical that comes from the family of stannous or tin. Therefore, this chemical must be used with caution and proper safety measures. If it is not used properly then this might cause serious health issues such as burning the skin.
- Ruptured Demand and Supply Chain Owing to COVID-19
- Requirement of High Initial Investment
Tin 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 |
6.9% |
|
Base Year Market Size (2024) |
USD 1.14 billion |
|
Forecast Year Market Size (2037) |
USD 2.71 billion |
|
Regional Scope |
|
