The global potassium tetrafluoroborate market size is prophesied to rise remarkably in the forecast period on account of the increasing demand for abrasives worldwide. Potassium tetrafluoroborate is an odorless potassium salt in a white solid form that is scantily soluble in water. It is obtained by combining tetrafluoroboric acid with potassium hydroxide or potassium carbonate. It is generally used as a fluxing agent for the production of aluminum boron alloy or as a raw material for the preparation of fluorine salts. An upcoming report by Fortune Business Insights titled, “Potassium Tetrafluoroborate Market Size, Share & Industry Analysis, By Application (Metal Processing, Fluxing Agent, Abrasives, Soldering Agent, Others) Others and Regional Forecast, 2022-2029” offers a qualitative and quantitative analysis of the market and its growth parameters.
The report offers an in-depth analysis of the market and factors driving, repelling, challenging, and creating opportunities for the market. It also discusses the competitive landscape in detail, with the list of players functioning in the market, and the major strategies adopted by them to contribute the lion’s share to the market. The report further throws light on major industry developments, current potassium tetrafluoroborate market trends, and other interesting insights into the market. For more information on the market, log on to the company website.
Rising Demand from Automobile Industries will Bolster Growth
The increasing demand for metal processing and machining in the industrial and automotive sector stands as the major drivers promoting the global potassium tetrafluoroborate market growth. This, coupled with the rising demand for abrasives, further attributed to rising applications such as polishing and grinding will also add impetus to the market in the forecast period. Additionally, the growing demand from various end use industries such as metal fabrication, electrical and electronic equipment will also bode well for the market.
On the contrary, factors such as side effects associated with close contact or ingesting with potassium tetrafluoroborate may create rough waters for the growth of the market. These side effects include nausea, vomiting, skin irritation, eye irritation, diarrhea, and others.
Nevertheless, the rising demand for different chemicals such as boron trifluoride used in pharmaceutical, agrochemical, and petrochemical industries will help create lucrative growth opportunities. This is further attributed to the compressed nature and non-flammable properties of products made out of potassium tetrafluoroborate.
North America to Emerge Dominant on Account of Rising Demand from Machinery Units
As per regional segmentation, the global potassium tetrafluoroborate market is fragmented into the regions of the Middle East and Africa, Europe, Latin America, North America, and Asia Pacific. Each of these regions is further categorized on the basis of nations. Among these, North America is holding the dominant potassium tetrafluoroborate market share on account of the rising demand for abrasives from machinery units requiring precision tools. On the other side, the market in Asia Pacific will witness robust growth owing to the growth of the metal industry, further attributed to the increasing demand from construction, machinery, and electric industries especially from the emerging economies of the region. Furthermore, the European market will rise remarkably on account of the high demand for aluminum metallurgy used for the fabrication of automotive and airplane parts.
Heavy Investments in Research and Development will Help Players Generate High Revenue
Potassium Tetrafluoroborate market manufacturers are engaging in various strategies to gain a competitive edge in the market. These include mergers and acquisitions, joint ventures, agreements and contracts, partnerships, and others. Besides this, companies are also investing heavily in research and development of abrasives to suffice to the demand from industries such as metal fabrication, electronic and electrical equipment for polishing and grinding applications, machinery, and the automotive sector. Demand from multiple industries such as these is likely to help attract high potassium tetrafluoroborate market revenue in the coming years.
List of Players Operating in Potassium Tetrafluoroborate Market include:
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