According to Future Market Insights (FMI), demand for potassium fluoborate is estimated to reach US$ 439.2 Million by the end of 2032. The potassium fluoborate market is expected to grow at a CAGR of 4.0% owing to consistent demand from end-use industries such as automotive, metal processing, oil gas, and others.
Growth in the market is driven by rising demand for abrasives from the metal processing automotive industry. Abrasives find a major role in the automotive industry, as these are used for polishing, grinding, cutting other functions. Potassium fluoborate is water insoluble source of potassium is used in oxygen-sensitive applications.
Potassium fluoborate is employed in a variety of industries which demands different specifications such as purity. Nano-scale particles with more than 99% purity are utilized in crucial applications. Also, these are utilized in the production of sodium fluoborate, and ammonium fluoborate, which are further used in agrochemicals. Hence, the market has a direct impact on the growth of these end-use industries.
“Growing consumption of potassium fluoborate coupled with increasing utilization of fluxing agents, soldering agents abrasives in different end–use industries is expected to drive the market during the projected period,” said an analyst at FMI.
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Key Takeaways from the Potassium Fluoborate Market Study
- Demand for potassium fluoborate is to witness a growth outlook of around 4.0% over the coming assessment period.
- Metal processing abrasives are expected to remain key applications, accounting for more than 60% of the volume consumption.
- Abrasive is predicted to remain a key application segment and is expected to utilize potassium fluoborate at a rate of 4.9% over the forecast period.
- Adoption of new advanced manufacturing technologies to produce a pure form of potassium fluoborate expansion of production capacities are expected to remain the main key trends in the market.
Competitive Landscape in the Potassium Fluoborate Market
The potassium fluoborate market is a consolidated market with the presence of some dominant key market players. These players are holding more than 50% of the market share. Some of the top manufacturers included in the research study are
- 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 INDUSTRIES
- S. B. CHEMICALS
- FENGYUAN INDIA PRIVATE LIMITED
Some of the notable key developments in recent years include increased production capacity and the introduction of new and improved manufacturing procedures.
Manufacturers are focusing on the launch of a new product line in purity form, as well as continued research and development to expand their product portfolio. Furthermore, industrial participants are focusing on developing manufacturing units to increase the core business.
