Boron Trifluoride and Complexes Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Boron Trifluoride and Complexes Market grew at a CAGR of 4.6% between 2017-2021 and is estimated to be US$ 298.7 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 5.5% and is expected to reach a valuation of US$ 510.2 Mn by 2032 end.
Throughout the projected period, the market is anticipated to grow in response to the Growing demand for boron trifluoride in the chemical industry. Its applications to various products are expected to positively impact the global boron trifluoride and complexes market during the forecast period.
GROWING DEMAND FOR CHEMICALS WILL BOOST THE MARKET FOR BORON TRIFLUORIDE AND ITS COMPLEXES
The global chemical industry is a rapidly expanding sector that is heavily dependent on industrial chemicals. The use of boron trifluoride and BF3 diethyl etherate complex as catalysts for various chemical reactions, including hydroxy fatty acid synthesis, alkylation of aromatics, and paraffin isomerization, has increased globally over the years to meet the demand for more efficient chemical products ensuring market growth during the forecast period.
STRICT REGULATIONS IMPOSE BY GOVERNMENT HAMPER THE MARKET GROWTH
The boron trifluoride market has been steadily growing in recent years and this trend is likely to continue during the forecast period. The transportation of boron trifluoride is associated with strict monitoring, which might hamper market growth, for instance, due to the closely-regulated storage of boron trifluoride required by governing bodies. However, it is possible that the Boron Trifluoride market can become an increasingly popular choice among users due to its many advantages over current alternatives.
THE RISE IN THE PHARMACEUTICAL INDUSTRY WILL CREATE MORE OPPORTUNITIES FOR THE MARKET
In the upcoming years, there are expected to be a lot of opportunities for the adoption of Boron Trifluoride and Complexes systems due to Boron trifluoride and its complexes being used in the pharmaceutical industry where they are utilized in the production of different pharmaceutical intermediates. Increasing production and exports of pharmaceutical drugs to drive the growth in the demand for boron trifluoride and its complexes.
The market was negatively affected due to the impact of COVID-19. Disruption in the supply chain and temporary shutdown of factories hindered the business in the market. Market players adopted new strategies to withstand the unprecedented situations amid the pandemic.
However, it is anticipated that the boron trifluoride market is expected to show steady growth during the forecast period. The market is buoyed by increasing demand for the same from various end-use industries, particularly the chemical and pharmaceutical sectors. The market value might catch up to the pre-COVID-19 value until 2027.
Market Segments Covered in Report
By End Use:
By Region and Country:
Why is BF3 Diethyl Etherate Complex projected to ensure the most revenue during the forecast period?
At 45.0% of the market, BF3 Diethyl Etherate Complex had the greatest revenue share. Boron diethyl etherate complex is an important Lewis acid catalyst used in a wide range of reactions such as acetylation, alkylation, dehydration, and dehydration. It can also be employed in manufacturing sensitive neutron detectors in ionization chambers among others. The boron diethyl etherate complex market is expected to grow due to its versatile nature and increasing applications.
Why is the chemical industry segment expected to expand the fastest during the forecast period?
In 2021, The growth in the demand for the chemical industry owing to increasing production and processing activities is projected to contribute to the BIF intermediate (II), including boron trifluoride and its complexes market. The chemical industry dominates the boron trifluoride and complexes market with a larger share due to its vast usage trends in various applications such as polymerization, isomerization, alkylation, etc.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
The R & D industry has a vital role in the manufacturing process by developing new technology and machinery. Over the past few years, a shift of manufacturers and their focus toward emerging regions has been witnessed to meet the increasing demand for mono-propylene glycol. Several key players are also focusing on expanding their production capacities, product launches, R & D, and increasing mergers & acquisition activities.
Some of the key developments that have taken place in the Boron Trifluoride and Complexes Market include:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Type, Application, End Use, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 5.5%.
The global pharmaceutical business has been steadily growing and the demand for BF3 increases every year.
Major global Boron Trifluoride and Complexes Market players are BASF SE, Arkema, Qingzhou Chenkai Chemical Co., Ltd.., Honeywell International Inc., NAVIN FLUORINE INTERNATIONAL LIMITED, Praxair Technology, IncMatheson Tri-Gas Inc., The Linde Group, Hunan Heaven Materials Development Co.
Stringent oversight is required when transporting boron trifluoride, which has significantly slowed expansion. As a result, market growth throughout the anticipated timeframe might be hindered.
The Asia Pacific region is expected to account for the largest market revenue share in the Global Boron Trifluoride and Complexes market.
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