The global tin fluoborate market is estimated to grow at a CAGR of ~5.5% over the forecast period, i.e., 2022 – 2031. Tin fluoborate, also known as stannous fluoborate or Sn(BF4)2 is primarily used in the chemical reaction of electrodeposition. Electrodeposition is commonly known as electroplating, which is extensively used in the automotive sector. The growth of the market can be attributed to the increasing demand for tin fluoborate in the automotive and healthcare sectors. The major application of tin fluoborate is for electroplating the vehicles, as electroplating reduces risks of corrosion in the metal. As a result, the growing production and sales of automobiles is estimated to boost the demand for tin fluoborate in the upcoming years. According to the data by the International Energy Agency (IEA), the sales of cars reached 73 million in 2020, while the sale of electric vehicles touched 2.3 million in the same year. Along with this, tin fluoborate is also extensively used for metal cleaning, which is estimated to increase its demand in the healthcare sector. Surgical and non-surgical equipment, which are metallic, require deep cleansing to remove any debris and microorganisms present on the surface of the equipment. Tin fluoborate is used to clean the metallic medical equipment, which is further anticipated to promote the growth of the market growth.
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The market is segmented by end-user into automotive, kitchen ware, healthcare, consumer electronics, and others, out of which, the automotive segment is anticipated to hold a substantial share in the global tin fluoborate market over the forecast period on account of increasing demand for personal as well as, commercial vehicles. The growing demand for vehicles will directly raise the need for tin fluoborate for electroplating the vehicles, which, in turn, is bound to encourage the segment growth.
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 tin fluoborate market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of presence of major automobile manufacturing companies in the countries, such as, Japan, India, and South Korea. As per the statistics by IEA, Japan and India together registered sale of 8 million cars in 2019, whereas China alone saw the sale of 25 million cars in the same year.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the growing demand for EVs in the region. Moreover, the advancing healthcare sector in the United States is another major growth factor for the regional market.
The global tin fluoborate 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 tin fluoborate market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing application in the automotive and healthcare sectors is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~5.5% over the forecast period, i.e., 2022 – 2031.
The major players in the market are Crest Chemicals (Pty) Ltd., Lincoln Chemical Corporation, Muby Chem Ltd., Harshil Industries, Sharretts Plating Company, Inc., Morita Chemical Industries Co. Ltd, and Otto Chemie Pvt. Ltd.
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, end-user, and by region.
The electroplating segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Requirement of high initial investment is estimated to hamper the market growth.
The Asia Pacific region is anticipated to provide more business opportunities over the forecast period owing to the growing sales of automobiles in the region.
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