Boron Trifluoride Market
Boron Trifluoride Market Trend, Opportunity, and Forecast Analysis, 2024-2032
Boron Trifluoride Market is segmented by Grade, Application, End-Use, and by Region. KDMI analyst foresees market revenue to cross USD 440.5 Billion by 2032 by growing with a CAGR of 5.9% during 2024-2032.
Boron Trifluoride Market Highlights
The global boron trifluoride market is expected to cross a value of USD 440.5 billion by the end of 2032. The market was valued at USD 288.44 billion in 2023 and is expected to expand at a CAGR of 5.9% between 2024-2032.
- Over the mid-term, the increasing expansion of the chemical sector is the primary factor anticipated to drive the global boron trifluoride market.
- The surge in concerns for price volatility of BF3 is a major factor to challenge the market growth.
- The Asia Pacific boron trifluoride market is projected to dominate the global market.
Boron Trifluoride Market: Report Scope |
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Base Year |
2023 |
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Base Year Market Size |
USD 288.44 Billion |
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Forecast Year |
2024-2032 |
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Forecast Year Market Size |
USD 440.5 Billion |
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CAGR Value |
5.9% |
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Boron Trifluoride Market Key Trends/Major Growth Drivers |
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Restraint Factors |
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Boron Trifluoride Market Segmentation |
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Boron Trifluoride Market Key Players |
BASF SE , Honeywell International Inc., Gulbrandsen, Arkema Group, 3M, Tanfac Industries Ltd., Stella Chemifa Corporation, Praxair Technology Inc., Air Liquide Deutschland GmbH, Entegris, Inc., Qingzhou ChenKai Chemical Co., Ltd., The Line Group, Wujiang City Fugua Chemical Co., Ltd., Navin Fluorine International Ltd., and others. |
Boron Trifluoride Market Outlook
Boron trifluoride (BF3) is a chemical compound consisting of one boron atom and three fluorine atoms. It is a colorless, non-flammable gas at room temperature and pressure, with a pungent odor. Boron trifluoride is highly reactive and commonly used as a versatile reagent and catalyst in various chemical processes.
According to our researchers at KD Market Insights, the increasing expansion of the chemical sector is one of the primary factors poised to influence the growth of the global boron trifluoride market during the forecast period. Our experts have found that the revenue generated from the global chemical industry in the year 2022 was near to USD 6 trillion. Additionally, the expanding use of boron trifluoride in the production of semiconductors, as the chemical acts as a dopant gas for p-type silicon wafers, essential for creating electronic circuits, is also expected to contribute to the market growth in the coming years. BASF SF, Honeywell International Inc., Gulbrandsen, and Arkema Group are some of the significant parties in the global market for boron trifluoride.
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Boron Trifluoride Market Drivers – Analyst’s Observation
According to the analysts at KD Market Insights, some key growth drivers for the global boron trifluoride market are:
- Expanding Production of Lithium Ion Batteries: The rise in production of lithium ion batteries globally, backed by the increasing use of these batteries in portable electronic products, as well as electric vehicles and other battery storage systems, is expected to drive the demand for boron trifluoride. BF3 is widely used in the electrolyte formulation process for lithium ion batteries as it influences the battery’s conductivity and performance.
- Increasing Use of Boron Trifluoride in Agrochemicals and Pharmaceuticals: Supported by the rising demand for agrochemicals and pharmaceutical drugs globally, the demand for boron trifluoride is projected to increase. BF3 is widely used as a reagent and catalyst in the synthesis of pharmaceutical intermediates and agrochemicals. The chemical is also used in alkylation reactions as it is a versatile Lewis acid catalyst that is used in various organic synthesis reactions.
Which Probable Factors Could Hamper the Growing Boron Trifluoride Market Trend?
As per our KD Market Insights analysis, some of the challenges expected to limit the global market growth of boron trifluoride are:
- Increasing Concerns for Handling of Boron Trifluoride: Boron trifluoride, being a toxic and corrosive gas, poses several health and safety risks. Hence, it is required that the handling of the chemical during its production, transportation, and storage would increase the operational costs, and thus, the overall cost of manufacturing the product. Such a factor is therefore expected to limit the market growth in the coming years.
- Surge in Concerns for Price Volatility: Boron trifluoride is typically produced through the reaction of boron oxide with hydrofluoric acid, both of which are subject to price volatility due to factors such as fluctuations in raw material costs, supply chain disruptions, and geopolitical tensions.
How is the Global Boron Trifluoride Market Segmented?
Our experts at KD Market Insights have segmented the global boron trifluoride market as:
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By Grade |
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By Application |
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By End-Use |
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By Region |
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What are the Probable Factors Influencing the Asia Pacific Boron Trifluoride Market Forecast?
The Asia Pacific boron trifluoride market is majorly driven by the presence of a major hub for semiconductor manufacturing, particularly in China, Taiwan, and South Korea among others, followed by the robust development of lithium-ion battery production base, spurred by the rapid adoption of electric vehicles in the region. The Asia Pacific region is known to have dominance in chip production, which further translates to a high demand for BF3 as a p-type dopant gas for silicon wafers. On the other hand, the rising focus on domestic production of various chemicals, including boron trifluoride, in the Asia Pacific countries to reduce reliance on imports, is also predicted to create several opportunities for market growth.
As per our analysts at KD Market Insights, the following five players lead the Asia Pacific boron trifluoride market growth:
- Air Liquide
- Praxair
- Linde plc
- Arkema
- Honeywell
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Key Countries to Watch for in Asia Pacific Boron Trifluoride Market |
Key Insights |
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China Boron Trifluoride Market to Register the Largest Regional Market Share |
USD 52.9 Billion |
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South Korea Boron Trifluoride Market to Grow with the Highest CAGR During 2024-2032 |
6.3% |
Which Key Players Top the Global Boron Trifluoride Market Share?
As per our analysts at KD Market Insights, the competitive landscape of global boron trifluoride market facilitates our readers in identifying their closest competitors. The manufacturers who are associated with boron trifluoride market are raising their focus on expanding their presence, as well as their market share. The market has also been witnessing an upward movement in the number of collaborations between research institutions and key players, aimed at introducing advanced technologies and innovation of new products. Here is a list of the key players who top the global boron trifluoride market share:
- BASF SE
- Honeywell International Inc.
- Gulbrandsen, Arkema Group
- 3M
- Tanfac Industries Ltd.
- Stella Chemifa Corporation
- Praxair Technology Inc.
- Air Liquide Deutschland GmbH
- Entegris, Inc.
- Qingzhou ChenKai Chemical Co., Ltd.
- The Line Group
- Wujiang City Fugua Chemical Co., Ltd.
- Navin Fluorine International Ltd.
What are the Recent Developments Observed in the Boron Trifluoride Market?
Over the years, the experts at KD Market Insights have been observing the recent developments associated with global boron trifluoride market trends. Our expert’s market forecast analysis has recorded the market players adopting plentiful of key strategies including new product launches, mergers & acquisitions, and collaborations.
For instance, Stella Pharma Corporation announced that it has launched its new boron drug for boron-neutron capture therapy (BNCT) system, known as Steboronine.
Further, BASF shared that it, along with Tenova Advanced Technologies, have entered into a joint development agreement for efficient recycling of lithium-ion batteries.
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- Publication date: 4th April 2024
- Base year: 2022
- Forecast year: 2023-2033
- Format: PDF, PPT,Word,Excel
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