Global Fluoroboric Acid Market: Overview
Fluoroboric acid is a type of inorganic compound that has a chemical formula H3OBF4. The compound is an odorless, colorless, and poisonous liquid that is also called as tetrafluoroboric acid. It can be segmented into two grades such as pharmaceutical grade and industrial grade. The pharmaceutical grade fuloroboric acid is mainly used in the pharma industry to produce bulk drugs. It is also used as a catalyst compound in the manufacturing of etherifying acetals and cellulose, and also as a reagent. On the other hand, the industrial-grade fluoroboric acid has numerous industrial applications such as an etching agent in the manufacturing of printed circuits and electronic components, for electrodeposition in the electroplating sector, to clean up the metallic surfaces before the welding process, and to polish and brighten aluminum among others.
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Global Fluoroboric Acid Market: Notable Developments
Some of the key developments in the global fluoroboric acid market are listed below:
- In March 2019, Solvay launched a new product called Halar® ECTFE. It is a waterborne coating system. The system was launched with the aim to enhance the metal corrosion prevention applications for the industrial chemicals processing sector. The coating system has topcoat and a high adhesion primer. The coating system can be easily used by any standard liquid spray device.
- Johnson Matthey (JM), one of the industry leaders in the global fluoroboric acid market entered into a long-term agreement for battery materials supply with Lithium Werks, a notable in the energy storage and battery industry. The agreement came into effect on April 2019 and will run for the next five years during which, JM will provide its LFP battery cathode material. The agreement was made with an aim to cater to the increasing demand from the consumers and industry for highly efficient energy storage technologies.
- In June 2019, Atotech, an industry leader in the supply of equipment and specialty chemicals announced the launch of new production equipment. The equipment is called POLYGON PLB LINE.
Some of the prominent names in the global fluoroboric acid market include names such as General Chemical Corp., JAY INTERMEDIATES AND CHEMICALS, S. B. Chemicals, Shangrao Comprehensive Fluoride Chemical, Nantong Jinxing Fluorides Chemical, Jiangxi Dongyan Pharmaceutical Industry, Shandong Xingfu New Material, Derivados del Flúor (DDF), and Ozark Fluorine Specialities, Inc. among others.
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Global Fluoroboric Acid Market: Drivers and Restraints
Across the world, the overall consumption of inorganic chemical compounds such as fluoroboric acid is expected to grow at a steady pace. The growth of the global fluoroboric acid market is projected to be mainly driven by the increasing adoption of the chemical across a broad range of industries such as pharmaceutical and electroplating. Additionally, the increasing use of fluoroboric acid as a reagent and as a catalyst in chemical reactions is also helping to boost the growth of the market.
Global Fluoroboric Acid Market: Regional Outlook
From a geographical perspective, the fluoroboric acid market is segmented into key regions like the Asia Pacific, the Middle East, and Africa, Europe, North America, and Latin America. Of these mentioned regions, the highest growth potential is shown by the Asia Pacific region. This high growth potential is mainly due to the booming chemical industry of emerging economies such as India and China. On the other hand, North America and Europe are projected to witness steady growth during the given forecast period of 2018 to 2028 on account well-established R&D centers and consistent developments in the chemical industry.
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