Boron Tribromide Market Size, Share, Growth, and Global Industry Analysis by Type (Electronic Grade and Technical Grade) By Application (Medical, Semiconductor, Solar Energy, and Others}, Regional Insights, and Forecast To 2031

Updated On: 01 April 2024

Boron Tribromide Market Report Overview

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The global boron tribromide market size is expected to be USD 279 million in 2022 and is projected to touch USD 425.42 million by 2031, exhibiting a CAGR of 4.8% during the forecast period.

The increasing demand for boron-based chemicals, which are used in various industries such as agriculture, pharmaceuticals, and healthcare products, is driving the market growth worldwide. Boron tribromide has also gained popularity in recent years due to its chemical stability and tolerance towards acidity, making it an ideal choice for washing chemical solutions used in wastewater treatment plants and other industrial applications that require chemicals with high tolerance towards corrosion. Rising industrial development and the expansion of various end-use industries will augment the global and United States boron tribromide market growth during the forecast period.

COVID-19 Impact: Disruptions in End-Use Sectors of the Product Led to Lower Demand

The global COVID-19 pandemic has been unprecedented and staggering, with boron tribromide market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The spike in CAGR is attributable to the boron tribromide market growth and demand returning to pre-pandemic levels once the pandemic is over.

The market growth experienced negative impact during the COVID-19 pandemic owing to significant disruptions across the global the chemicals business. Chemical demand was severely impacted by shocks in all end markets, and stock values for various major chemicals fell by an unprecedented amount. With strict restrictions in place, including lockdowns and restrictions on movement and transportation, industrial activity took a hit worldwide. The aforementioned factors led to a lower-than-anticipated demand for boron tribromide amid the pandemic. However, as industrial activities resume, the market is set to recover in the forthcoming years.  

LATEST TRENDS

"Increasing Use of Advanced Technologies to Push Market Demand"

The global and United States boron tribromide market share is projected to grow during the forecast period on account of increasing usage of the product as an agricultural insecticide. The no-toxic nature of the chemical promotes its application in agriculture and helps address environmental concerns. Advancements in production techniques are expected to drive the demand for boron tribromide across the world. The increase in demand for boron tribromide is mainly attributed to its agricultural applications as it is used as a contact fungicide and miticide in fruit and vegetable crops. Fruit crops such as apple and pear are widely treated with boron tribromide due to their high susceptibility to plant viruses that cause fruit drop and promote development of fungal diseases on leaves and stems.

Boron Tribromide Market Segmentation

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• By Type Analysis

By type, market is segmented into electronic grade and technical grade. The electronic grade segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into medical, semiconductor, solar energy, and others. The medical segment will lead the global share through 2028.

DRIVING FACTORS

"Growing Application in Solar Energy to Promote Growth"

Solar power is more cost-effective than fossil fuel sources and is witnessing widespread adoption across the world. Some solar panels can produce energy at a cost that is lower than the cost of traditional energy sources. Due to the aforementioned benefits as well as sustainable nature of the energy, solar adoption is on the rise globally. Various countries have set ambitious targets to increase the share of solar energy in the overall energy mix. Rapid and large-scale solar infrastructure deployment is expected to be seen in the forthcoming years. The solar industry being a major end-user of boron tribromide will benefit the global and United States boron tribromide market outlook in the forthcoming years. 

"Rising Demand in Semiconductor Industry to Augment Market Growth"

The global semiconductor industry continues to grow at an unprecedented rate, led by rapid adoption of consumer electronics and appliances across the world. Driven by rising consumer expectations and growing disposable income levels, the demand for latest consumer tech gadgets, smart home devices and appliances is rising at an unprecedented. To meet this demand, various major chipmakers are expanding their production capacity. With rising semiconductor and electronics manufacturing, the demand for boron tribromide will certainly rise in the coming years. Expanding usage in chip making will favor the global and United States boron tribromide market growth during 2022-2028. 

RESTRAINING FACTORS

"Safety Concerns Regarding Boron Tribromide Usage Could Limit Market Growth"

The U.S. CDC reports that boron tribromide is a highly hazardous chemical substance that could lead to several dangers if not handled carefully. Heat and moisture can make the chemical unstable and may lead to fires and explosion if it comes in contact with water, steam, sodium, potassium, or alcohol. Boron tribromide also attacks certain metals, wood, rubber, and other materials, and hence needs to be handled carefully. To avoid any accidents or hazards, the CDC has introduced strict guidelines for the handling and usage of the chemical. Such strict regulations and harmful effects of the chemical may reduce its usage and promote the use of other alternative chemicals, which may affect the global and United States boron tribromide market growth.

Boron Tribromide Market Regional Insights

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North America is expected to dominate the global and United States boron tribromide market share through 2028. The U.S. holds the largest market share for specialty chemicals in North America. The main driver of the country's specialty chemical industry is rapid industrial expansion along with technical developments in the industrial sector. Furthermore, businesses in the U.S. chemical sector are refocusing their efforts on the creation of fresh and cutting-edge specialty chemicals in response to the soaring demand for more complex products. the regional specialty chemicals makers are emphasizing on modifying their product mix to meet shifting market demands. The main drivers of the regional market growth are anticipated to be technological advancements in the agrochemicals, electronics, automobile, and energy sectors.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Versum Materials (U.S.)
• Guizhou Wylton Jinglin Electronic Material (China)
• Shandong Zhongshan Photoelectric Materials (China)
• Soulbtain (South Korea)
• Ereztech (U.S.)
• Tongyuan Chemcial (China)
• Wisdom Chem (China)
• Jiangxi Ruihe Chemicals (China)
• Baoding Pengda New Material Technology (China)
• Shanxi Ebluegas (China)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.