Sales of potassium fluoborate are expected to increase at an average CAGR of 4.0% from 2022 to 2032, bringing the market’s projected value to USD 439.2 million by 2032. The target market is expected to grow from its 2021 valuation of USD 286.7 million to an estimated USD 296.7 million in 2022. Potassium fluoborate is primarily used in the metallurgy of aluminum and is also used in soldering agents and abrasive applications. Throughout the forecast period, the market for potassium fluoborate is anticipated to grow significantly.
The elevated need for machinery across various industries such as oil and gas, automotive, and petrochemicals will push the demand for abrasives which, in turn, will bolster the sales of potassium fluoborate. The target product is often utilized for optical deposition as well as for alloy metal.
Potassium fluoborate gains a wide range of applications across diverse industrial verticals. It gains usage as soldering agents, abrasives, fluxing agents and many others. Further, potassium fluoborate is slightly soluble in water, which makes it ideal for application in oxygen-sensitive procedures including metal production. It is also used in medical applications though at very low doses. Thus, owing to its expansive usage, the market is anticipated to experience remarkable growth during the projected period.
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Again, the surge in global demand for abrasives will serves as a major growth driver for the potassium fluoborate market. Abrasives are materials that are used to give finishing touches or shape up a piece of work through rubbing and are largely used in different industries. These are used for cutting, polishing, drilling, grinding and several other purposes.
Abrasives are especially popular for polishing objects which is extensively applied to automotive parts, electronics & electrical equipment, heavy types of machinery, and many others. Potassium fluoborate is also used in the production of other fluoride chemical which, in turn, are used in agrochemicals and pharmaceutical products. All of these considerations, along with others, drive the growth of the potassium fluoborate market during the forecast period.
“Rising demand for potassium fluoborate in metallurgy, automotive, and oil & gas industries will stimulate the global growth of the potassium fluoborate market over the forecast period,” says an FMI analyst.
Key Takeaways:
- The potassium fluoborate market will grow by 1.5x during 2022-2032.
- Expansive usage as a soldering agent will drive the market growth in the United States.
- China is predicted to take lead as the manufacturing hub of potassium fluoborate during the forecast period.
- By purity type, 99% purity potassium fluoborate will dominate the global marketplace.
- On the basis of application, the metal fabrication and automobile segment will likely generate the highest revenue.
Competitive Landscape
Solvay S.A., Morita Chemical Industries, Harshil Industries, Honeywell Fine Chemicals, AMG Aluminum, Madras Fluorine Ltd., Stella Chemifa Corporation, Triveni Chemicals, Skyline Chemicals, Foshan Nanhai Fluoride Chemical Co. Ltd, Derivados Del Flúor (DDF), Hunan Merits New Materials Co. Ltd., American Elements, PARTH INDUSTRIES, AWISHKAR CHEMICALS INDUSTRIESS. B. CHEMICALS, and FENGYUAN INDIA PRIVATE LIMITED among others are some of the major players in the potassium fluoborate market profiled in the full version of the report.
Leading market players are focusing on expanding their manufacturing facilities along with increasing their product portfolio. These businesses are keen on introducing new product lines, utilizing new and modified manufacturing techniques, and developing manufacturing units to strengthen their market position.
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More Insights into Potassium Fluoborate Market Report
In its latest report, FMI offers an unbiased analysis of the global potassium fluoborate market, providing historical data from 2017 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of purity (less than 99% purity, 99% & above purity), grade (technical grade, reagent grade), end use (soldering agent, metal processing, abrasives, fluxing agent), and region.
According to the latest FMI reports, based on segmentation, the 99% purity segment is expected to generate high demand during 2022-2032. This segment will significantly contribute to the overall market growth. In terms of application, the metal fabrication and automobile segment will perform remarkably well while on the basis of end-use, the abrasive segment is anticipated to generate the highest demand.
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