Reports and Insights has published a new report titled, “Boron Trifluoride Market: Opportunity Analysis and Future Assessment 2022-2030” By Product Type (BF3 Gas, BF3 Di Ethyl Etherate, BF3 Tetrahydrofuran Complex, BF3 Methanol Complex, BF3 Acetonitrile Complex, and Others), By Application (Catalyst, Chemical Intermediate, & Others), By Grade (Agricultural, Industrial/Technical, & Pharmaceutical), By End Use (Polymers and Petrochemicals, Pharmaceuticals, Electronics, Agrochemicals, and Others), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, & Africa).
A recently published Reports & Insights report anticipates the global market for Boron Trifluoride to flourish at a CAGR of 5.2% during the forecast period of 2022 to 2030. Growing petrochemical industries and growing demand for plastic are bolstering the market growth in the coming years.
The boron trifluoride market is estimated to reach at a value of US$ 2,49,070.4 Thousand by the end of 2022 and expected to grow at a CAGR of 5.2% during the forecast period of 2022 to 2030.
Boron trifluoride is among the strongest Lewis acid, thus it is used as a catalyst in various chemical reactions which includes polymerization, alkylation, esterification, isomerization, acylation and many others. Several number of polymer derivatives are manufactured in the presence of boron trifluoride like polyethylene, polypropylene, polyether and others
With the significant growth in the petrochemical industries and significant demand for plastics and other petrochemical products, consumption rate of boron trifluoride is also anticipated to witness a significant growth rate during the coming years.
Moreover, significant growth in the demand for hydrocarbon synthesis and various other chemicals in the oil and gas industries are also bolstering the sales of boron trifluoride. Strong refining rate of crude oil is expected to drive the demand for boron trifluoride as a catalyst.
Growing demand for pharmaceuticals and agrochemicals are boosting the market of boron trifluoride
Boron trifluoride is utilized as a catalyst and as intermediate for the production of several pharmaceutical items, drugs and antibiotics. It is further used to alter the rate of the chemical reaction for the production of pharmaceuticals.
There has been substantial investment in establishing production units for the manufacturing of pharmaceutical products all over the globe, especially in the emerging economies. Several multinational companies are expanding their manufacturing units in the developing nations to decrease the production cost and also to increase their global reach. This development in the pharmaceutical industry is anticipated to fuel the demand for boron trifluoride in the coming years.
The agrochemical industries utilized substantial quantity of specialty gases as intermediate feedstock in the production of several chemicals such as fungicide, insecticide, pesticide and fertilizers and others. Growing production of fertilizers and agrochemicals are expected to uplift the consumption rate of BF3 over the forecast period.
Key Takeaways from the Market Study
- Boron trifluoride market to be valued at US$ 2,49,070.4 Thousand by end of year 2022
- The BF3 product type segment likely to expand at a CAGR of 5.2% until 2030
- In 2022, the catalyst application segment accounted for the largest market share and expected to grow at 5.3% CAGR during the forecast period.
- Asia Pacific region is expected to remain the prominent region in the global market and is estimated to remain the fastest growing region
- The U.S. boron trifluoride market is expected to increase 1.3X during the forecast period 2022 to 2030
The prominent players in the market of boron trifluoride includes Honeywell International, Praxair Inc. (Now Linde plc), Arkema S.A., 3M, Matheson Tri Gas, Air Liquide, Vortex and many others. The key players are focusing on enhancing their market footprint to dominate over the market. Key players are also investing a fair share of their annual turnover in research and development to cater the growing demand from the end use industries.