The global potassium fluoroborate market is estimated to grow at a CAGR of ~5% over the forecast period, i.e., 2022 – 2031. Potassium fluoroborate, also known as, potassium tetrafluoroborate, is extensively used in making aluminum boron alloy. The growth of the market can be attributed to the increasing demand for potassium fluoroborate as an abrasive in the automotive and other industrial processes. Moreover, the growing demand for potassium fluoroborate for metal processing in various industrial sectors is estimated to boost the market growth. Moreover, the increasing demand for automobiles is estimated to boost the market growth. For instance, in 2020, almost 78 million motor vehicles were produced worldwide. Furthermore, potassium fluoroborate is required to make ceramics, which is also estimated to encourage the growth of the market.
The market is segmented by application into soldering agent, abrasive, metal processing, fluxing agent, and others, out of which, the abrasive segment is anticipated to hold a substantial share in the global potassium fluoroborate market over the forecast period on account of increasing demand for abrasive materials in the automotive industry for polishing and grinding applications. Moreover, the growth in the automotive industry is further estimated to boost the market growth.CLICK TO DOWNLOAD SAMPLE REPORT
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.
On the basis of geographical analysis, the global potassium fluoroborate market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Europe region is estimated to witness noteworthy growth over the forecast period on the back of increasing mining activities in the region, along with the growing chemical industry in the region. A report by the Eurostat stated that the export of chemicals surged to USD 504.83 billion in 2020, from USD 323.49 billion in 2010 in Europe.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the presence of major market players, along with the growing automotive sector in the region.
The global potassium fluoroborate market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global potassium fluoroborate market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The growing application of potassium fluoroborate as an abrasive is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 – 2031.
Rising competition from cheaper abrasive alternative is estimated to hamper the market growth.
The Europe region is anticipated to provide more business opportunities over the forecast period owing to the growing chemical industry in the region.
The major players in the market are American Elements, BASF SE, Morita Chemical Industries Co. Ltd., AMG Aluminium, Coronet Industries Incorporated, Strem Chemicals, Inc., CeramTec GmbH, and Toray Industries, Inc.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, and by region.
The abrasive segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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