Potassium Fluoroborate Market - Regional Analysis
North American Market Forecast
The market share of potassium fluoborate in North America, amongst the market in all the other regions, is projected to be the largest with a share by the end of 2035. The oil and gas industry is undergoing a period of rapid growth owing to the increasing demand for petrochemicals in the region. The rising need for energy, as well as advancements in technology which have allowed for more efficient extraction of oil and other resources. Oil production in the United States is predicted to increase by 630,000 barrels per day to 12.6 million barrels per day by 2023, according to the US Energy Information Administration. Also, the U.S. production of dry natural gas has increased in October and November of 2022, surpassing the records set before the pandemic. Potassium fluoborate is used in the oil and gas Industry to reduce the corrosive effects of oil and gas. It is also used to reduce the formation of scale and to improve the flow of oil and gas through pipes and equipment.
APAC Market Statistics
The Asia Pacific potassium fluoborate market is estimated to be the second largest, registering a share by the end of 2035. The Asia Pacific region has become a major manufacturing hub for the automotive industry owing to the availability of cheap labor and other resources. As a result, there has been an increase in the production and sales of vehicles, which in turn has heightened the demand for potassium fluoborate in the region. For instance, the Chinese automobile industry sold 27 million units in 2021, dominated by passenger cars, which accounted for around 20 million of that number. Potassium fluoborate is a corrosion inhibitor and lubricant used in the production of automobiles and other vehicles. It helps reduce corrosion, friction and wear of metal parts, and it also helps reduce noise and vibration. Moreover, the region is home to some of the fastest-growing economies in the world such as China, India and Japan. It has resulted in an increased demand for potassium fluoborate, which is used in a variety of industrial applications, such as glass production, electronics, and automotive.
Europe Market Forecast
Further, the potassium fluoborate market in the Europe, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The growth of the market can be attributed majorly to the growing demand for a range of applications such as in the production of glass, ceramics and fertilizers. Additionally, the demand for potassium fluoborate is steadily increasing in Europe owing to its superior properties such as low cost, high thermal stability, non-toxic nature and ease of availability. Additionally, the European Union's regulations on hazardous chemicals, such as mercury, further limit the availability of certain materials and components, and potassium fluoborate is increasingly seen as a safe substitute, thus driving demand for it in the region.
