Boron Trifluoride and Complexes Market - Forecast(2023 - 2028)

Report Code: CMR 86337 Report Format: PDF + Excel

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.

Report Coverage

The report: Boron Trifluoride and Complexes Market Report Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the Boron Trifluoride and Complexes Industry. 

By Type: BF3 Gas, BF3 Tetrahydrofuran Complex, BF3 Acetonitrile Complex, BF3 Methanol Complex, BF3 Acetic Acid Complex, BF3 Propanol Complex, BF3 Methyl Sulfide Complex, BF3 Diethyl Etherate Complex, Others
By End Use Industry: Oil and Refining, Chemical, Electronics, Pharmaceutical, Agriculture, Industrial, Nuclear Energy, Others
By Geography: North America (USA, Canada, Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, Rest of Asia Pacific), South America (Brazil, Argentina, Colombia and Rest of South America), and RoW (Middle East and Africa).

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.

Figure: Asia Pacific Boron Trifluoride and Complexes Market Revenue, 2021-2027 (US$ Billion)

Boron Trifluoride and Complexes Market

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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.

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.

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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1. Boron Trifluoride And Complexes Market- Market Overview
    1.1 Definitions and Scope
2. Boron Trifluoride And Complexes Market- Executive Summary
    2.1 Key Trends by Type
    2.2 Key Trends by End Use Industry
    2.3 Key Trends by Geography
3. Boron Trifluoride And Complexes Market- Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Boron Trifluoride And Complexes Market- Startup companies Scenario Premium Premium 
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Boron Trifluoride And Complexes Market– Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing business index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis - Major companies
6. Boron Trifluoride And Complexes Market- Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of substitutes
7. Boron Trifluoride And Complexes Market-Strategic analysis
    7.1 Value chain analysis
    7.2 Opportunities analysis
    7.3 Product/Market life cycle
    7.4 Distributors Analysis - Major Companies
8. Boron Trifluoride And Complexes Market– By Type (Market Size -US$ Million, Billion)
    8.1 BF3 Gas
    8.2 BF3 Tetrahydrofuran Complex
    8.3 BF3 Acetonitrile Complex
    8.4 BF3 Methanol Complex
    8.5 BF3 Acetic Acid Complex
    8.6 BF3 Propanol Complex
    8.7 BF3 Methyl Sulfide Complex
    8.8 BF3 Diethyl Etherate Complex
    8.9 Others
9. Boron Trifluoride And Complexes Market– By End Use Industry (Market Size -US$ Million, Billion)
    9.1 Oil and Refining
    9.2 Chemical
    9.3 Electronics
    9.4 Pharmaceutical
    9.5 Agriculture
    9.6 Industrial
    9.7 Nuclear Energy
    9.8 Others
10. Boron Trifluoride And Complexes Market - By Geography (Market Size -US$ Million / Billion)
    10.1 North America
        10.1.1 USA
        10.1.2 Canada
        10.1.3 Mexico
    10.2 Europe
        10.2.1 UK
        10.2.2 Germany
        10.2.3 France
        10.2.4 Italy
        10.2.5 Netherlands
        10.2.6 Spain
        10.2.7 Russia
        10.2.8 Belgium
        10.2.9 Rest of Europe
    10.3 Asia Pacific
        10.3.1 China
        10.3.2 Japan
        10.3.3 India
        10.3.4 South Korea
        10.3.5 Australia and New Zealand
        10.3.6 Indonesia
        10.3.7 Taiwan
        10.3.8 Malaysia
        10.3.9 Rest of Asia Pacific
    10.4 South America
        10.4.1 Brazil
        10.4.2 Argentina
        10.4.3 Colombia
        10.4.4 Chile
        10.4.5 Rest of South America
    10.5 ROW
        10.5.1 Middle East
        10.5.1.1Saudi Arabia
        10.5.1.2UAE
        10.5.1.3Israel
        10.5.1.4Rest of Middle East
        10.5.2 Africa
            10.5.2.1 South Africa
            10.5.2.2 Nigeria
            10.5.2.3 Rest of Africa
11. Boron Trifluoride And Complexes Market-Entropy
    11.1 New Product Launches
    11.2 M&A’s, Collaborations, JVs and Partnerships
12. Boron Trifluoride And Complexes Market- Industry/Segment Competition Landscape Premium
    12.1 Company Benchmarking Matrix- Major Companies
    12.2 Market Share at Global Level- Major companies
    12.3 Market Share by Key Region- Major companies
    12.4 Market Share by Key Country- Major companies
    12.5 Market Share by Key Application - Major companies
    12.6 Market Share by Key Product Type/Product category- Major companies
13. Boron Trifluoride And Complexes Market- Key Company List by Country Premium Premium 
14. Boron Trifluoride And Complexes Market Company Analysis- Business Overview, Product Portfolio, Financials, and Developments
    14.1 Company 1
    14.2 Company 2
    14.3 Company 3
    14.4 Company 4
    14.5 Company 5
    14.6 Company 6
    14.7 Company 7
    14.8 Company 8
    14.9 Company 9
    14.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"

LIST OF TABLES

1.Global Boron Trifluoride Complexes Analysis and Forecast , By Product Type Market 2019-2024 ($M)
2.Global Boron Trifluoride Complexes Analysis and Forecast , By End Use Industry Market 2019-2024 ($M)
3.Global Competition Landscape Market 2019-2024 ($M)
4.Global Boron Trifluoride Complexes Analysis and Forecast , By Product Type Market 2019-2024 (Volume/Units)
5.Global Boron Trifluoride Complexes Analysis and Forecast , By End Use Industry Market 2019-2024 (Volume/Units)
6.Global Competition Landscape Market 2019-2024 (Volume/Units)
7.North America Boron Trifluoride Complexes Analysis and Forecast , By Product Type Market 2019-2024 ($M)
8.North America Boron Trifluoride Complexes Analysis and Forecast , By End Use Industry Market 2019-2024 ($M)
9.North America Competition Landscape Market 2019-2024 ($M)
10.South America Boron Trifluoride Complexes Analysis and Forecast , By Product Type Market 2019-2024 ($M)
11.South America Boron Trifluoride Complexes Analysis and Forecast , By End Use Industry Market 2019-2024 ($M)
12.South America Competition Landscape Market 2019-2024 ($M)
13.Europe Boron Trifluoride Complexes Analysis and Forecast , By Product Type Market 2019-2024 ($M)
14.Europe Boron Trifluoride Complexes Analysis and Forecast , By End Use Industry Market 2019-2024 ($M)
15.Europe Competition Landscape Market 2019-2024 ($M)
16.APAC Boron Trifluoride Complexes Analysis and Forecast , By Product Type Market 2019-2024 ($M)
17.APAC Boron Trifluoride Complexes Analysis and Forecast , By End Use Industry Market 2019-2024 ($M)
18.APAC Competition Landscape Market 2019-2024 ($M)
19.MENA Boron Trifluoride Complexes Analysis and Forecast , By Product Type Market 2019-2024 ($M)
20.MENA Boron Trifluoride Complexes Analysis and Forecast , By End Use Industry Market 2019-2024 ($M)
21.MENA Competition Landscape Market 2019-2024 ($M)

LIST OF FIGURES

1.US Boron Trifluoride And Complexes Revenue Forecasting Market Revenue, 2019-2024 ($M)
2.Canada Boron Trifluoride And Complexes Revenue Forecasting Market Revenue, 2019-2024 ($M)
3.Mexico Boron Trifluoride And Complexes Revenue Forecasting Market Revenue, 2019-2024 ($M)
4.Brazil Boron Trifluoride And Complexes Revenue Forecasting Market Revenue, 2019-2024 ($M)
5.Argentina Boron Trifluoride And Complexes Revenue Forecasting Market Revenue, 2019-2024 ($M)
6.Peru Boron Trifluoride And Complexes Revenue Forecasting Market Revenue, 2019-2024 ($M)
7.Colombia Boron Trifluoride And Complexes Revenue Forecasting Market Revenue, 2019-2024 ($M)
8.Chile Boron Trifluoride And Complexes Revenue Forecasting Market Revenue, 2019-2024 ($M)
9.Rest of South America Boron Trifluoride And Complexes Revenue Forecasting Market Revenue, 2019-2024 ($M)
10.UK Boron Trifluoride And Complexes Revenue Forecasting Market Revenue, 2019-2024 ($M)
11.Germany Boron Trifluoride And Complexes Revenue Forecasting Market Revenue, 2019-2024 ($M)
12.France Boron Trifluoride And Complexes Revenue Forecasting Market Revenue, 2019-2024 ($M)
13.Italy Boron Trifluoride And Complexes Revenue Forecasting Market Revenue, 2019-2024 ($M)
14.Spain Boron Trifluoride And Complexes Revenue Forecasting Market Revenue, 2019-2024 ($M)
15.Rest of Europe Boron Trifluoride And Complexes Revenue Forecasting Market Revenue, 2019-2024 ($M)
16.China Boron Trifluoride And Complexes Revenue Forecasting Market Revenue, 2019-2024 ($M)
17.India Boron Trifluoride And Complexes Revenue Forecasting Market Revenue, 2019-2024 ($M)
18.Japan Boron Trifluoride And Complexes Revenue Forecasting Market Revenue, 2019-2024 ($M)
19.South Korea Boron Trifluoride And Complexes Revenue Forecasting Market Revenue, 2019-2024 ($M)
20.South Africa Boron Trifluoride And Complexes Revenue Forecasting Market Revenue, 2019-2024 ($M)
21.North America Boron Trifluoride And Complexes Revenue Forecasting By Application
22.South America Boron Trifluoride And Complexes Revenue Forecasting By Application
23.Europe Boron Trifluoride And Complexes Revenue Forecasting By Application
24.APAC Boron Trifluoride And Complexes Revenue Forecasting By Application
25.MENA Boron Trifluoride And Complexes Revenue Forecasting By Application