Boron Trifluoride Market Forecast
Boron trifluoride (BF3) is a chemical compound and is a colorless, toxic, corrosive gas used in rocket propellants, refrigerants, and etchants for silicon and glass. The global market for boron trifluoride is expected to grow with a CAGR of 5.3% from 2022 to 2029 and reach US$ 389.4 million in 2029.
Boron Trifluoride Market Analysis
Causes Behind Rising Demand for Boron Trifluoride
The global boron trifluoride and its compounds market will expand significantly in the coming years due to its increasing demand in various industries such as polymers, and petrochemicals, pharmaceuticals, and electronics. Moreover, the growing use of BF3 in chemical reactions is another key factor driving the growth.
BF3 gas and its compounds are important catalysts for synthesizing medicines and antibiotics in the pharmaceutical sector. They produce essential medication quickly and efficiently. Also, this is a rapidly growing industry, with more consumers investing in health-related concerns. Lifestyle changes, food habits, sleeping habits, and other things also lead to this transition.
BF3 as a catalyst is also used in various organic syntheses, including,
- polymerization of olefins, diolefins, heterocyclic unsaturated organic compounds, vinyl ethers/esters, unsaturated acids, and terpene variants
- cyclization reactions
- Friedel-Crafts reactions
- isomerization of paraffin and unsaturated hydrocarbons
- alkylation of aromatic phenols hydrocarbons with olefins and alcohols
- synthesis of acetals and ketals, indoles, alpha-methoxymercurials, steroids, and hydroxyl fatty acids
BF3 enhances these reactions’ process efficiency, yield, and end-product quality by reducing manufacturing expenses. Consequently, it is used in various industries, including polymers and plastics, chemicals and petrochemicals, semiconductors and electronics, and pharmaceuticals. Chemicals and petrochemicals are the most significant users of BF3.
Market Analysis to June 2022
Future Market Insights has published a new study that forecasts growth in the BF3 & compounds market over the last six months. The market has been influenced by macroeconomic factors such as industrialization, increased investment in manufacturing businesses, and rising economic growth.
Furthermore, product advancements, innovations, polymers, and petrochemicals’ need, supply, and demand fuel the market. Some market players focus on expanding their manufacturing capacity, R&D investments, and acquisitions and mergers to acquire market traction.
According to FMI analysis, the difference in BPS values found in the boron trifluoride & compounds market in 2022 outlook over 2022 projected represents a 20-unit increase. However, compared to 2021, the market is predicted to gain 50 BPS in 2022.
Boron Trifluoride Global Market Between 2014-2021 to 2022-2029
BF3 and compounds sales increased at a CAGR of 4.1% between 2014 and 2021, with chemical and petrochemical applications making for a huge proportion of the global market. However, the sales prospects were affected by the COVID-19 pandemic, which lowered demand for BF3 and compounds in 2020 and 2021, but the growth is expected to resume shortly.
Influence of the Covid-19 Crisis
The COVID-19 pandemic has caused significant disruption to the worldwide economy, with many firms hit by supply chain interruptions and decreasing end-user demand. Agrochemicals, plastics, electronics, and petrochemicals have been heavily hit due to the lockdown measures.
Several industrial facilities worldwide were compelled to shut down entirely during the lockdown period, directly affecting the polymer and electronic materials market. However, demand from the plastics and petrochemicals industries is increasing, likely to support recovery in these industries.
Global Boron Trifluoride Market Categorization
The Global BF3 market is classified by grade, application, end user, and geography.
Based on Grade
The market is divided into two grades: Purified and High Purity. The purified segment is predicted to have the largest market share. Furthermore, the segment will create growth opportunities due to the chemical industry’s expansion. Purified BF3 is widely employed in various sectors, such as medicines and electronics.
Based on Application
The market is segmented into Catalysts, Reagents, and Others. As BF3 is a versatile catalyst for synthesizing chemicals in various industries, including chemical, petrochemical, agrochemical, and pharmaceuticals, the catalyst sector will dominate the market.
Based on the End User
The market is divided into four segments: Chemical manufacturing, Semiconductor manufacturing, Pharmaceuticals, and Others. The chemical manufacturing industry dominated the worldwide boron trifluoride market in 2017. The rise of the chemical sector will increase the market in the coming years. Furthermore, the market will expand in the pharmaceutical and semiconductor industries.
Based on Geography
The global BF3 market is divided into four regions: North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific BF3 market is predicted to expand faster due to its steady demand in various end-use industries across the region. The market has significant expansion potential in this field.
U.S. Market for Boron Trifluoride
According to FMI, the United States is expected to account for a large fraction of the worldwide boron Trifluoride and compounds market. It is estimated to have over 66% of the total market dominance in North America and will lead the same during the forecast period. BF3 is used in the petroleum and petrochemical sectors for the alkylation of aromatic hydrocarbons and the functioning of olefins in petroleum.
Growing shale gas extraction in North American countries like the United States will drive market growth. Plastic resins, adhesives and sealants, paints and coatings, synthetic fibers, lubricants, water treatment products, rubber products, and industrial chemicals all impact the dynamics of the petrochemical market.
South Korea and Japan Market for Boron Trifluoride
While South Korea accounts for 18.4% of the global boron trifluoride market, Japan accounts for 4.3% of global plastics output, accounting for 11.6 million tonnes. Polymer manufacture is the region’s largest end-user of boron trifluoride.
Using BF3 will expand the polymerization of olefins, ethers, esters, styrene, and other polymers and the alkylation of unsaturated and aromatic hydrocarbons. Some key end-use sectors include polymers and petrochemicals, medicines, and agrochemicals.
However, in recent years, there has been an upsurge in the use of BF3 in semiconductor production and fabrication. Strong growth in the electronics sector in Japan and South Korea is also predicted to boost demand.
China Market for Boron Trifluoride
The Chinese market for boron trifluoride is expected to reach the US $810.1 million at the end of 2029. Due to the significant industrial players, consuming entities, and several growing end-use industries, the country is one of the main producers and users of boron trifluoride and compounds.
China is expected to dominate the global BF3 market in production and consumption across the forecast period.
Increasing adoption from the polymer and petrochemical sectors will open up new business prospects. Both sectors have expanded significantly in Asia-Pacific, primarily China’s rapidly growing economy. As a result, China’s demand for BF3 is expected to rise.
