January 03, 2020
According to the research report titled ‘Potassium Tetrafluoroborate Market Size By Purity (98% Purity, 99% Purity), By Application (Metal Processing, Fluxing Agent, Abrasives, Soldering Agent), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, UK, France, Italy, Spain, Russia, Netherlands, Sweden, Poland, China, India, Japan, South Korea, Australia, New Zealand, Taiwan, Malaysia, Vietnam, Brazil, Argentina, Saudi Arabia, UAE, South Africa), Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’, available at MarketStudyReport.com, the global potassium tetrafluoroborate market is expected to cross USD 340 million by the year 2025.
According to the report, surging need for abrasives in applications such as electronics, machinery, metal fabrication, and automotives is a major factor driving the growth of potassium tetrafluoroborate market. Potassium tetrafluoroborate is extensively used for making the abrasives which are required in thermosetting resin grinding wheel. These materials are also used for magnesium and aluminum metal casting, further amassing sizable gains.
Growing need for chemicals like boron trifluoride used in pharmaceutical, petrochemical, and agrochemical industries is aiding the expansion of potassium tetrafluoroborate market. This product is used in chemical testing, electrochemical engineering, and as a catalyst for producing several chemicals. Thus, rising adoption of potassium tetrafluoroborate in the chemical industry is stimulating the industry outlook.
As per purity, 98% purity segment is expected to exceed USD 225 million by the year 2025. 98% pure potassium tetrafluoroborate is largely used as a raw material for producing aluminum, boron, and titanium alloys. Hence, increasing consumption of aluminum metal in aerospace, electronics, construction, and automotive industries would contribute towards the popularity of the product across the globe.
Considering the geographical landscape, the report cites that North America will showcase a growth rate of 3.5% during the forecast period. Growing need for various types of abrasives in metal fabrication equipment, especially in Canada and U.S., is fueling the growth of this regional segment.
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Meanwhile, Europe potassium tetrafluoroborate market is projected to be worth USD 65 million by the year 2025. Increasing demand for lightweight vehicles in the region will amplify the remuneration scale of the product. Given the product is utilized in aluminum metallurgy to develop lightweight & fuel efficient vehicle parts.
The prominent companies operating in global potassium tetrafluoroborate market are Coronet Industries Inc., Hunan Merits New Material Co. Ltd., Honeywell Fine Chemicals, Alfa Aesar, Morita Chemical Industries, Solvay, and American Elements among others.
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