NEWARK, Del, Oct. 19, 2022 (GLOBE NEWSWIRE) -- The global boron trifluoride and complexes market is projected to reach a value of US$ 389.4 Mn by 2029, with the market expanding at a moderate CAGR of 5.3% from 2022 to 2029. Valued at US$ 257.2 Mn in 2021, the target market is expected to reach an estimated US$ 270.7 Mn in 2022. Owing to an escalation in the application of boron trifluoride as a catalyst in the chemical industry, the boron trifluoride and complexes market is expected to expand steadily during the forecast period.
Predominantly used as a catalyst in the chemical, agricultural, petrochemical, and pharmaceutical industries, boron trifluoride (BF3) is a compressed, non-flammable gas. The global market for boron trifluoride & complexes is likely to register impressive growth in the next few years due to its immense application in various end-use industries. The chemicals and petrochemical industries are projected to continue as one of the primary growth drivers of the target market.
The chemical and pharmaceutical industries are the two other sectors that are massive contributors to the growth of the boron trifluoride and complexes market. In the chemical industry, the vast application of boron trifluoride as a catalyst is likely to boost the overall demand for the product. In the pharmaceutical industry, BF3 is used in the production of various medicines. Thus, the boron trifluoride and complexes play a vital role in the chemicals and pharmaceutical industry and with the expansion of these two industries, the target market is expected to continue to grow over the forecast period.
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“Rising application in the pharmaceutical and transportation industry will likely drive the global sales of the boron trifluoride and complexes market over the forecast period,” says an FMI analyst.
Key Takeaways:
- Expanding paints & coatings and the construction sector will strengthen future opportunities.
- The boron trifluoride & complexes market in the U.S. will hold about 66% of the market share in North America.
- South Korea accounts for about 18.4% of the global boron trifluoride market.
- Japan will offer several lucrative opportunities to the target market over the assessment period.
- China’s boron trifluoride market will reach an estimated US$ 810.1 Mn in 2029.
- The technical grade segment will generate a growth opportunity of US$ 85.3 Mn from 2022 to 2029.
- By application, the catalyst segment will reach US$ 279.8 Mn by the end of 2029.
Competitive Landscape
BASF SE, Voltaix LLC ( acquired by Air Liquide), NAVIN FLUORINE INTERNATIONAL LIMITED, Praxair Technology, Inc., Honeywell International Inc., Stella Chemifa Corporation, Matheson Tri-Gas Inc., Arkema, Gulbrandsen, Entegris, Inc., Tanfac Industries Ltd., Qingzhou Chenkai Chemical Co., Ltd., The Linde Group, Hunan Heaven Materials Development Co., Zibo Shuanglian Petroleum & Chemical Co., Ltd., and Wujiang City Fuhua Chemical Co., Ltd., among others are some of the major players in the boron trifluoride and complexes market profiled in the full version of the report.
Key market players are concentrating on entering markets in emerging economies to cater to the growing demand for monopropylene glycol. These businesses are keen on improving their R&D activities, increasing their production capabilities, releasing more products, and adopting mergers and acquisition strategies to gain a competitive advantage.
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More Insights into Boron Trifluoride & Complexes Market Report
In its latest report, FMI offers an unbiased analysis of the global boron trifluoride and complexes market, providing historical data from 2014 to 2021 and forecast statistics for 2022 to 2029. To understand the global market potential, growth, and scope, the market is segmented on the basis of type (BF3 (gas), BF3 tetrahydrofuran complex, BF3 methanol complex, BF3 diethyl etherate complex, BF3 acetonitrile complex, others), application (catalyst, chemical intermediate, others), end use (polymer and petrochemicals, pharmaceuticals, electronics, agrochemicals, others), and region.
According to the latest FMI reports, based on segmentation, the BF3 gas segment is predicted to perform well during the observation period. The segment will reach an estimated US$ 150.6 Mn in Asia Pacific (excluding Japan) by the end of 2029. While the technical grade segment will grow at a 5.5% CAGR, the catalyst application segment will reach US$ 279.8 Mn by the end of 2029.
Based on region, North America’s boron trifluoride and complexes market is primarily driven by the growth of the same in the U.S. market. Boron trifluoride and complexes market in the U.S. accounts for 66% share of the market in North America. Extensive utilization of the product in petroleum and petrochemical industries along with increasing shale gas drilling will fuel the market growth of the boron trifluoride and complexes market in this region. Other countries like China, South Korea, and Japan will also present notable growth of the boron trifluoride and complexes market during the forecast period.
Boron Trifluoride & Complexes Market by Category
By Type:
- BF3 (Gas)
- BF3 Tetrahydrofuran Complex
- BF3 Methanol Complex
- BF3 Diethyl Etherate Complex
- BF3 acetonitrile Complex
- Others
By Application:
- Catalyst
- Chemical Intermediate
- Others
By End Use:
- Polymer and Petrochemicals
- Pharmaceuticals
- Electronics
- Agrochemicals
- Others
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Table of Content
1. Executive Summary
1.1. Market Overview
1.2. Market Analysis
1.3. FMI Analysis and Recommendations
1.4. Wheel of Fortune
2. Market Introduction
2.1. Market Taxonomy
2.2. Market Definition
3. Market Viewpoint
3.1. Macro-Economic Factors
3.2. Opportunity Analysis
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