The boron trifluoride & complexes market is on a growth trajectory, with a projected year-on-year increase of 6.34% in 2023, reaching an estimated value of around USD 320.7 million by 2023.
The global industry is expected to maintain substantial growth, with a notable CAGR of 6.34% between 2023 and 2033. The robust expansion is predicted to culminate in a market valuation of around USD 478.9 million by 2033.
Key Trends and Highlights
| Attributes | Key Insights |
|---|---|
| Boron Trifluoride & Complexes Market Estimated Size in 2023 | USD 320.7 million |
| Projected Market Size in 2033 | USD 478.9 million |
| Value-based CAGR from 2023 to 2033 | 6.34% |
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The scope for global boron trifluoride & complexes market insights rose at a 4.34% CAGR between 2018 and 2022. The market is anticipated to develop at a moderate CAGR of 6.34% over the forecast period from 2023 to 2033.
| Attributes | Details |
|---|---|
| Market Value in 2018 | USD 280.12 million |
| Market Value in 2022 | USD 309.24 million |
| CAGR from 2018 to 2022 | 4.34% |
The global boron trifluoride & complexes market experienced a steady expansion between 2018 and 2022, with sales increasing at a CAGR of 4.34%. Key contributors to this growth were the chemical and petrochemical industries, which accounted for a significant portion of the market's demand. However, the outbreak of the COVID-19 pandemic had a dampening effect on sales, leading to a temporary decline.
Certain end-use industries, such as pharmaceuticals and agrochemicals, continued to drive sales to some extent during the pandemic crisis. Despite the widespread disruptions caused by COVID-19, these industries maintained a steady demand for boron trifluoride due to its essential role in various applications.
The market is poised for significant growth in the forecast period as the world gradually recovers from the pandemic's impact. Higher consumption from end-use industries, coupled with a resurgence in demand, is expected to drive the boron trifluoride market forward.
The compound's versatile applications in pharmaceuticals, agrochemicals, and the broad chemical industry position it as a key component in various processes, contributing to its growth potential in the coming years.
Principal Consultant
The below table showcases revenues in terms of the five countries, spearheaded by the United States, China, South Korea, India, and Japan. Out of these 5 countries, the United States is leading followed by India.
| Countries | Market Share in 2023 |
|---|---|
| The United States | 18.3% |
| Japan | 8.3% |
| South Korea | 8.5% |
| China | 6.5% |
| India | 11.2% |
The United States is expected to play a significant role in the global boron trifluoride and complexes market. Boron trifluoride finds extensive use in the petroleum and petrochemical industries, particularly in the alkylation of aromatic hydrocarbons and the operation of olefins in petroleum processes.
The increasing emphasis on shale gas drilling in the countries of North America, especially the United States, is poised to further boost market growth. The applications of boron trifluoride extend across various sectors, including the production of plastic resins, synthetic fibers, rubber products, paints and coatings, and industrial chemicals.
The diverse range of applications indicates the broad influence of the petrochemical industry on market dynamics, making the United States a key player in the global boron trifluoride & complexes market.
The electronics industry in Japan has experienced significant growth, making it a key market for boron trifluoride. The semiconductor sector has witnessed substantial development, where boron trifluoride is increasingly used in semiconductor manufacturing and fabrication processes due to its unique properties.
The demand for boron trifluoride is expected to rise significantly as technological advancements continue in Japan's electronic industry. The shift in usage patterns is anticipated to drive the consumption of boron trifluoride in the country, making it a pivotal player in the market's growth.
South Korea witnessed remarkable growth in its electronics industry, particularly in the semiconductor sector. South Korea is home to some of the world's leading electronics manufacturers and semiconductor companies.
The vibrant electronics ecosystem has led to an increased demand for boron trifluoride in semiconductor manufacturing and fabrication processes. As South Korea continues to make strides in electronics and technology, the consumption of boron trifluoride is poised to grow substantially.
The country's prominence in the global electronics market positions it as a vital contributor to the expansion of the boron trifluoride market in the region.
China stands as a formidable force in both the production and consumption of boron trifluoride & complexes. The country boasts a robust presence of key manufacturing players, numerous consumption units, and a thriving landscape of end-use industries.
China is expected to leave a significant influence on the market's dynamics and is considered one of the leading producers and consumers of boron trifluoride globally. With its dominant position in both production and consumption, China is poised to play a central role in shaping the trajectory of the global boron trifluoride market throughout the forecast period.
India’s growth is underpinned by the burgeoning demand from the polymer and petrochemical industries. The significantly expanding economy of India has witnessed substantial development in these sectors, leading to a surge in demand for boron trifluoride.
The market for boron trifluoride is predicted to experience significant growth and present new and lucrative market opportunities as the polymer and petrochemical industries continue to thrive in India. This factor positions India as a key player in the global boron trifluoride landscape.
The below table highlights how BF3 (Gas) is projected to lead the application market expanding at a market share of 43.5% through 2033. The table further continues with details about how catalysts are anticipated to witness a market share of 63.4% through 2033.
| Category | Market Share by 2033 |
|---|---|
| BF3(Gas) | 43.5% |
| Catalyst | 63.4% |
The catalyst segment is likely to dominate the market because BF3 is a versatile catalyst used in the manufacturing processes of several chemicals in polymers & petrochemical, electronics, and pharmaceutical industries.
BF3 as a catalyst is used to improve the efficiency and yield of the process, as well as the quality of the finished products. It also helps to cut expenses in the manufacturing process. All these factors are estimated to drive the market of boron trifluoride as a catalyst during the forecast period.
BF3 gas is set to take the spotlight as a prominent and versatile choice within the product type segment. BF3 gas finds its applications as an acid catalyst or co-catalyst in a myriad of organic synthesis reactions. Its versatility extends further as it serves as a flux for soldering magnesium, demonstrating its utility across different domains of chemical processes.
BF3 gas plays a pivotal role in the disproportionation of paraffin and finds its place in various sectors such as pesticides, fungicides, herbicides, and polymers.
Its multifaceted nature is particularly evident in the manufacturing of rubber and other elastomeric polymers, which are in increasing demand across a diverse range of end-use industries. This multifaceted role of BF3 gas positions it as a key player in the market, driving growth and innovation in various sectors.
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There has been a notable trend among manufacturers in the monopropylene glycol market, with a strategic shift in focus towards emerging regions to cater to the growing demand. The shift has been accompanied by efforts to expand production capacities and engage in mergers and acquisitions.
The proactive steps taken by key players reflect the dynamic nature of the market and their commitment to meeting the evolving needs of customers while pursuing sustainable growth. Some of the recent developments are mentioned below.
| Attributes | Details |
|---|---|
| Estimated Market Size in 2023 | USD 320.7 million |
| Projected Market Valuation in 2033 | USD 478.9 million |
| CAGR Share from 2023 to 2033 | 6.34% |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | Value in USD million |
| Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East & Africa |
| Key Market Segments Covered | Type, Application, End Use, Region |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel |
| Key Companies Profiled | 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.; Wujiang City Fuhua Chemical Co., Ltd. |
The boron trifluoride & complexes market is expected to reach a valuation of USD 320.7 million in 2023.
South Korea registered a market share of 8.5% in 2023.
The market is set to expand at a CAGR of 6.34% by 2033.
The market is forecasted to reach USD 478.9 million by 2033.
BF3 (gas) is preferred and to rise at a 43.5% market share through 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 5.1. BF3 (Gas) 5.2. BF3 Tetrahydrofuran Complex 5.3. BF3 Methanol Complex 5.4. BF3 Diethyl Etherate Complex 5.5. BF3 acetonitrile Complex 5.6. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Catalyst 6.2. Chemical Intermediate 6.3. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use 7.1. Polymer and Petrochemicals 7.2. Pharmaceuticals 7.3. Electronics 7.4. Agrochemicals 7.5. Others 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. BASF SE 18.2. Voltaix LLC (acquired by Air Liquide) 18.3. NAVIN FLUORINE INTERNATIONAL LIMITED 18.4. Praxair Technology, Inc. 18.5. Honeywell International Inc. 18.6. Stella Chemifa Corporation 18.7. Matheson Tri-Gas Inc. 18.8. Arkema 18.9. Gulbrandsen 18.10. Entegris, Inc. 18.11. Tanfac Industries Ltd. 18.12. Qingzhou Chenkai Chemical Co., Ltd. 18.13. The Linde Group 18.14. Hunan Heaven Materials Development Co. 18.15. ZIbo Shuanglian Petroleum & Chemical Co., Ltd. 18.16. Wujiang City Fuhua Chemical Co., Ltd. 19. Assumptions & Acronyms Used 20. Research Methodology
Chemicals & Materials
October 2023
REP-GB-161
315 pages
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Boron Trifluoride & Complexes Market
