English Extended Distribution PR-Wirein Press Release Reportedtimes Research Newswire

Boron Trifluoride and Complexes Market Size Forecast to Reach US$ 346 Million by 2027

Boron Trifluoride and Complexes Market Overview

The boron trifluoride and complexes market size is forecast to reach US$ 346 million by 2027 after growing at a CAGR of 5.1% during 2022-2027. Boron trifluoride (BF3) is a colorless toxic gas with a pungent odor, packed and shipped in cylinders under high pressure. Compared to the highly pressured gas form, boron trifluoride’s uses in its complex form such BF3 diethyl etherate complex and BF3 acetonitrile complex is found to be advantageous as it can be released under preferred conditions. Boron trifluoride compound is also considered to be one of the robust Lewis acids, making it suitable for use in several chemical processing operations. Boron trifluoride is extensively used as a catalyst for organic synthesis reactions such as indoles synthesis, alkylation, isomerization, and many others. The chemical industry is expanding globally with higher production and processing and this is expected to drive the market’s growth during the forecast period. For instance, according to the January 2020 data by the International Energy Agency, biofuel production is anticipated to increase fourfold from around 2 mboe/d in current times to almost 8 mboe/d by 2040. Furthermore, boron trifluoride use in the production of pharmaceutical ingredients is gaining traction in the last few years. The growth in the pharmaceutical sector globally is projected to augment the market’s growth during the forecast period. For instance, according to the 2020 statistics by the European Federation of Pharmaceutical Industries and Associations, the production of medicines in the European region stood at USD 317,942.75 million in 2019 which was USD 300,434.09 in the previous year.

COVID-19 Impact

The market was negatively affected due to the impact of COVID-19. Disruption in the supply chain and temporary shutdown of factories hindered the business in the market. Market players adopted new strategies to withstand the unprecedented situations amid the pandemic. However, the severity of the pandemic made the companies face huge losses and disturbances in their business operations. For instance, as per the first quarter 2020 result report by Arkema S.A., the company’s overall business and sales was impacted due to COVID-19. The market experienced a decent growth rate towards the last quarter of 2020 with increased activities in multiple end-use industries. Going forward, the market is expected to witness robust demand owing to the expansion in the chemical and pharmaceutical industries. Strict regulation regarding the transportation of boron trifluoride may hamper the market’s growth during the forecast period.

Boron Trifluoride and Complexes Market – By Type

Boron diethyl etherate complex dominated the boron trifluoride and complexes market in 2021 and is growing at a CAGR of 5.6% during the forecast period. This type of boron trifluoride finds its use in a wide range of applications. It is utilized as a Lewis acid catalyst in acetylation, aldol addition, alkylation, dehydration, isomerization, and condensation reactions. Moreover, it is used in the manufacturing of pharmaceutical ingredients, sensitive neutron detectors in ionization chambers, and many other applications. Owing to such diverse nature, market players and research organizations are making higher use of the boron diethyl etherate complex. For instance, as per the June 2021 journal by Nature, catalytic asymmetric nucleophilic fluorination was done by using boron diethyl etherate. Such increasing use of boron diethyl etherate complex is expected to increase its demand during the forecast period.

Boron Trifluoride and Complexes Market – By End Use Industry

The chemical industry dominated the boron trifluoride and complexes market in 2021 and is growing at a CAGR of 6.2% during the forecast period. This inorganic substance finds its massive uses as a catalyst for organic synthesis reactions such as polymerization, isomerization, alkylation, and many other applications in fine chemistry. The chemical industry is expanding globally with increasing production and processing activities and this is projected to contribute to the market’s growth during the forecast period. For instance, as per BASF’s February 2021 Chemical Industry Outlook Report, European Union’s chemical production is projected to have an increase of 2.3% between 2021-2023. Similarly, according to the June 2021 report by American Chemistry Council, total US chemical production which witnessed a drop in 2020 will rebound by 12.3% in 2021. Such growth in the chemical industry globally is projected to stimulate the higher uses of boron trifluoride and complexes, in turn driving the growth of the market during the forecast period.

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Boron Trifluoride and Complexes Market – By Geography

The Asia-Pacific region held the largest market share in the market in 2021, up to 32%. The high demand for boron trifluoride and complexes is attributed to the region’s booming chemical industry. Boron trifluoride and complexes are used in several chemical processing operations ranging from the synthesis of acetals, ketals, indoles to paraffin isomerization and aromatic hydrocarbons alkylation. The region is exhibiting immense growth in the chemical sector and this, in turn, is expected to increase the demand for boron trifluoride and complexes during the forecast period. For instance, according to the 2020 Chemical Industry Outlook Report by BASF, Japan will have an increase in the chemical production of 1% between 2021 to 2023. Similarly, according to the stats by India Brand Equity Foundation, the Indian chemicals industry stood at USD 178 billion in 2019 and is projected to become USD 304 billion by 2025. This growth in the region’s chemical industry is expected to bolster the demand for boron trifluoride and complexes during the forecast period.

Boron Trifluoride and Complexes Market Drivers

Expanding chemical sector will drive the market’s growth

The chemical industry is one of the largest markets for boron trifluoride and complexes such as BF3 diethyl etherate complex and BF3 acetic acid complex. Boron trifluoride is a robust chemical catalyst (Lewis acid) that is used for numerous chemical reactions such as synthesis of hydroxy fatty acids, alkylation of aromatic hydrocarbons, paraffins isomerization, and many other processing applications. The production of chemicals is increasing globally with the expansion of the chemical sector and this is projected to drive the market’s growth during the forecast period. For instance, as per the June 2021 Mid-Year US Chemical Industry Outlook report, the US chemical volumes and shipments are projected to surge by 3.2% and 8.2% respectively in 2022. Similarly, according to the stats by India Brand Equity Foundation (IBEF), the domestic chemical sector’s small and medium enterprises are expected to exhibit 18-23% revenue growth in the fiscal year 2022. Such high growth in the global chemical industry is expected to increase the higher requirement of boron trifluoride and complexes and in turn, this will augment the growth of the market during the forecast period.

Growing pharmaceutical sector will drive the market’s growth

The use of boron trifluoride and its complexes are gaining traction in the pharmaceutical sector where these materials are utilized in the production of different pharmaceutical intermediates. The pharmaceutical industry is growing with increasing production and exports of pharmaceutical drugs and this is expected to drive the growth of the market during the forecast period. For instance, as per the March 2021 report by Multidisciplinary Digital Publishing Institute, pharmaceutical sale in the North American region is projected to go past US$ 600 billion in 2022. Such high growth in the pharmaceutical sector is anticipated to stimulate the higher requirement of boron trifluoride and its complexes, driving the market’s growth during the forecast period.

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Boron Trifluoride and Complexes Market Challenges

Strict regulations regarding the transportation of boron trifluoride might hamper the market’s growth

Boron trifluoride’s transportation is associated with strict monitoring which has been a key challenge and this might hamper the market’s growth during the forecast period. Boron trifluoride is a hazardous material whose transportation vessels need to be designed precisely to withstand internal pressure. Many governing bodies closely regulate the storage and transportation of boron trifluoride due to its hazardous nature. For instance, The Occupational Safety and Health Administration carries out strict monitoring regarding the storage and shipment of boron trifluoride. Such stringent regulations regarding the transportation of boron trifluoride might affect the market’s growth during the forecast period.

Boron Trifluoride and Complexes Industry Outlook

Investment in R&D activities, acquisitions, product and technology launches are key strategies adopted by players in the boron trifluoride and complexes market. Major players in the boron trifluoride and complexes market are:

  1. Voltaix Inc
  2. Navin Fluorine
  3. Honeywell International Inc.
  4. Praxair, Inc.
  5. Stella Chemifa Corporation
  6. Matheson Tri-Gas, Inc.
  7. Gulbrandsen Chemicals, Inc.
  8. Others

Recent Developments

In May 2020, Stella Pharma Corporation introduced its new boron drug Steboronine for boron-neutron capture therapy (BNCT) system. Through this new product launch, the company enhanced its product development capacity with the help of boron compounds.

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Key Takeaways:

Boron diethyl etherate complex dominated the market in 2021. This complex form finds its high use in multiple chemical reactions and as an intermediate in several other industries, making it a suitable option in the market.

The pharmaceutical sector is projected to drive the market’s growth during the forecast period. For instance, according to the July 2020 report by the United States National Library of Medicine, overall expenditures in the US pharmaceutical in grew 5.4% in 2019 compared to the previous year.

The Asia-Pacific region is projected to witness the highest demand for boron trifluoride and complexes during the forecast period owing to the expanding chemical industry in the region. For instance, as per the 2020 Chemical Industry Outlook Report by BASF, chemical production in Asia will have an increase in the chemical production of 5.3% between 2021-2023.

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B. Hexagonal Boron Nitride Market – Forecast 2022 – 2027
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PR-Wirein, Reportedtimes, Extended Distribution, Research Newswire, English

Contact Information:

Venkat Reddy
Sales Director
Email: venkat@industryarc.com
Website: https://www.industryarc.com
Phone: (+1) 970-236-3677

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