New York, Sept. 13, 2023 (GLOBE NEWSWIRE) -- The global Potassium Fluoroborate market size is poised to grow at a CAGR of over ~ 5 % from 2023 to 2035. The market is anticipated to garner a revenue of USD 493 Million by the end of 2035, up from a revenue of ~USD 289 Million in the year 2022. backed by increased demand for machinery in industries such as automotive, oil & gas, and petrochemicals. Potassium fluoroborate is used in various industrial processes, such as lubricants, metalworking fluids, and ceramics. As machinery becomes more advanced, the need for these materials grows to ensure that machines are running smoothly and efficiently. Additionally, increased global demand for goods has increased the need for more metal production, such as steel and iron, creating a demand for potassium fluoroborate market. In FY22, there were 132 metric tons of crude steel and 121 metric tons of finished steel produced in India.
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During April–October 2022, crude steel production and finished steel production, respectively, amounted to 70 MT and 69 MT. Potassium fluoborate has a very high melting point, which makes it ideal for use in the production of metals. It also has the ability to bind strongly with oxygen, which prevents oxidation of the metal during the production process. Additionally, it has very low solubility in water, which prevents contamination of the metal with water during the production process.
Global Potassium Fluoroborate Market: Key Takeaways
- Market in North America to grow at a highest rate
- The abrasive segment to garner the highest growth
- Market in Asia Pacific to witness substantial growth
Intensifying Use of Potassium Fluoroborate (KBF4) in Soldering Agents to Boost Market Growth
The potassium fluoroborate acts as a flux in the production of soldering agents, helping to remove impurities from the molten metal and improve the flow of the alloy. This results in a high-quality soldering agent with an even distribution of alloy particles. The electronics sector requires soldering and brazing to join components, while the automotive sector uses soldering and brazing to join metal parts together. As the demand for electronics and automotive products increases, so does the need for soldering and brazing work. For instance, as per the Index of Industrial Production, computer, electronic, and optical products represent 103 on average in India, up 12% from FY 2021–22. Over the past year, electronic goods exports have increased by 50% to USD 15 billion, compared to USD 10 billion in April–December 2022. Potassium fluoroborate has a high melting point, good thermal stability, and low volatility, which makes it an ideal material for soldering and brazing. Additionally, it does not corrode metals and helps to reduce the formation of oxide layers, which can interfere with the soldering process.
Global Potassium Fluoroborate Market: Regional Overview
The global potassium fluoroborate market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rapid Growth in Petrochemicals, Oil and Gas Industry to Drive The Growth In The North America Region
The potassium fluoroborate market in the North America region is estimated to garner the largest revenue by the end of 2035 as the region is one of the key consumers of potassium fluoroborate market and has seen an increase in demand for the product over the past few years owing to the increasing number of industries operating in the region. Additionally, the region has seen an increase in investments in petrochemical and gas and oil infrastructure, along with rising production of oil and gas, which has further propelled the growth of the market in this region. The US Energy Information Administration predicts crude oil production in the United States will increase by 630,000 barrels per day to 12.6 million barrels per day in 2023. In addition, dry natural gas production in the U.S. has increased through October and November of 2022, exceeding monthly production records from before the pandemic. Potassium fluoroborate is used to reduce the corrosive effects of sulfuric acid in the production of petrochemicals, as well as in the refining of crude oil and natural gas. It also helps to improve the efficiency of catalysts and reduce the formation of gaseous pollutants. Also, the region has a robust industrial infrastructure, facilitating the manufacture and distribution of products based on potassium fluoroborate, as well as several key industry players who have invested heavily in research and development. Furthermore, the United States has access to plentiful raw materials, which gives the country a competitive edge over other countries.
Increasing use in Automobile Sector along with Increasing Vehicle Production to Drive the Growth in the Asia Pacific Region
The potassium fluoroborate market in the Asia Pacific region is estimated to garner the highest CAGR by the end of 2035, backed by the growing demand for potassium fluoroborate from the electronics, automotive, and construction industries in the region, as well as the increasing investments in the manufacturing sector in the region. Automobiles are a big part of China's economy. There were a total of 27 million units sold in the Chinese automobile industry in 2021, a number that was dominated by passenger cars, of which around 20 million were sold. Potassium fluoroborate is used in the manufacturing process of steel and other metals, as well as in the production of automobile components such as engines, brakes, and gearboxes. This has caused the demand for the metal to increase significantly, leading to the growth of the potassium fluoroborate market. Additionally, China is one of the leading producers of chemical products in the world, with a large number of factories producing a wide variety of chemicals. Potassium fluoborate provides a stable and safe source of fluoride ions for the production of agrochemicals. The fluoride ions are used in the production of electrolytes, which are an essential component in lithium-ion batteries. This makes it a useful and versatile chemical for various applications.
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Global Potassium Fluoroborate, Segmentation by Application
- Soldering Agent
- Abrasive
- Metal Processing
- Fluxing Agent
- Others
The abrasive segment is anticipated to hold the largest revenue by the end of 2035, owing to the widespread use of potassium fluoroborate in abrasive products, which provides superior hardness, wear resistance, and durability to the products. This makes these products highly desirable for a variety of industrial and consumer applications. Further, the automotive industry is one of the largest and fastest-growing industries in the world, and it has a large and growing demand for abrasive materials. The use of abrasive materials for polishing and grinding is required owing to the ever-increasing demand for precision in car and other vehicle production. For instance, the number of motor vehicles produced around the world increased by 1.2% from 2020 to 78 million in 2021. The Indian automobile industry produced more than 22,930,200 vehicles between April 2021 and March 2022, an increase from 22,600,600 units from April 2020 to March 2021. This includes passenger cars, commercial vehicles, three- and two-wheelers, and quadricycles. Moreover, abrasive materials are used in a variety of industrial and consumer applications, such as grinding and polishing, surface finishing, and cutting. The increasing demand for abrasive materials in these applications is expected to drive the growth of the abrasive segment.
Global Potassium Fluoroborate, Segmentation by Type
- Technical Grade
- Reagent Grade
The reagent grade segment is anticipated to hold the largest revenue by the end of 2035. As demand for high-performance reagents and chemicals increases, the reagent grade segment is expected to capture the largest market share due to its superior quality. Such chemicals are designed to meet the stringent requirements of various industries. They are subject to stringent quality control measures and can be used in a wide range of laboratory and industrial applications. Moreover, reagent grade potassium fluoborate is suitable for use in manufacturing processes that require materials to be resistant to corrosion from moisture. It is also used in the production of sodium fluoborate, which is used to produce glass, ceramics, and other products. Furthermore, the increasing glass production owing to the increasing popularity of glass as a material for construction and automotive applications as well as other uses such as medical equipment, electronics, and furniture is anticipated to augment segment growth in the coming years. The glass industry is a massive global industry, with 1200 companies on 2155 sites producing 205 million metric tons a year. The demand for fabricated flat glass is projected to reach nearly USD 135 billion by 2023. Reagent grade potassium fluoborate is used in glass production to reduce the melting point of glass. It also helps to reduce the amount of bubbles and defects that can arise during glass production.
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Few of the well-known the global potassium fluoroborate market that are profiled by Research Nester are Solvay S.A., American Elements, BASF SE, Alfa Aesar (Thermo Fisher Scientific Inc.), Morita Chemical Industries Co. Ltd., AMG Aluminum, Coronet Industries Incorporated, Strem Chemicals, Inc., CeramTec GmbH, Toray Industries, Inc., and other key market players.
Recent Development in the Global Potassium Fluoroborate Market
- As a new abrasive, 3M has introduced the 3M Xtract Cubitro II 710W Net Abrasive Disc, which is capable of removing up to 97% of dust particles from metal, wood, and composite surfaces.
- Ascensus Specialties LLC acquired Strem Chemicals UK, a UK-based distributor of high-purity and research-grade catalysts, ligands, organometallics, metal carbonyls, and CVD/ALD precursors from Ascensus.
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