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