New York, Aug. 30, 2023 (GLOBE NEWSWIRE) -- The global tin fluoborate market size is slated to expand at ~7% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 200 billion by the end of 2035, up from a revenue of ~USD 1 billion in the year 2022.Tin fluoborate, also known as tin fluoborate or Sn(BF4)2, is mainly used in electrodeposition chemistry. Electrodeposition, commonly known as electroplating, is widely used in the automotive field. Market growth is attributed to increasing demand for stannous fluoborate in the automotive and healthcare sectors. The primary use of tin fluoborate is in vehicle plating, as plating reduces the risk of metal corrosion. As a result, increased automotive production and sales are expected to boost the demand for tin fluoborate in the coming years.
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According to the International Energy Agency (IEA), vehicle sales were noted to reach 73 million in the year 2020, and electric vehicle sales reached 2.3 million in the same year. In addition, tin fluoborate is also widely used in metal cleaning, which is estimated to increase its demand in the healthcare sector. Metal surgical and non-surgical devices require thorough cleaning to remove debris and microorganisms present on the surface of the device. Tin fluoborate is used for cleaning metallic medical devices, which is expected to further boost market growth.
Tin Fluoborate Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- The automotive segment to garner the highest growth
- Market in North America to grow at a highest rate
Increased Automotive Production across the Globe to Boost Market Growth
Tin plating is becoming increasingly important in the electronics, canning, and automotive industries. Sulfate and chloride formulations have many limitations. Hydrogen borofluoride baths are inexpensive owing of their high solubility and easy precipitation. However, tin fluoborate is still manufactured by time-consuming chemical processes, resulting in products containing far more impurities than recommended standards. The electrochemical process provides a simple and fast method to produce Sn(BF4)(2) with negligible impurities and achieve high-quality electroplating. The primary use of tin fluoborate is in vehicle plating, as plating reduces the risk of metal corrosion. As a result, increased automotive production and sales are expected to boost the demand for tin fluoborate in the forecast years. It is found that globally, more than 55 million cars were sold in 2021, an increase of about 4% compared to the year 2020. Tin fluoborate is commonly used as the electrolyte for tin electroplating and lead-tin plating of printed circuit boards or thin-wall bearings using lead fluoborate. Electroplating is growing in popularity in industries such as automotive, aircraft, electronics, leisure, and agriculture, driving the tin fluoborate market. The increasing use of electroplating in the automotive sector by manufacturers to coat car bodies with rust-free and non-corrosive substances, coupled with a significant increase in the global automotive industry, is expected to boost the growth of the market.
Tin Fluoborate Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Presence of Major Automobile Manufacturers to Drive Market Growth in Asia Pacific Region
The tin fluoborate market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2035. The regional growth can majorly be attributed to the presence of major automobile manufacturers in Japan, India, South Korea, and others. According to IEA statistics, Japan and India combined to record 8 million vehicle sales in the year 2019, while China alone sold 25 million vehicles in the same year. In addition, the continuously growing population in Asia Pacific is increasing the demand for effective mobility. The region has a reputation for being home to some of the world's most valuable automakers. The automotive industry, which includes not only automobile manufacturing but also the spare parts market, generates huge sales of commercial vehicles in the region owing to its high production volume. Hence, this is expected to significantly increase regional market growth as tin fluoborate is widely used in the automotive industry.
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High Demand for Passenger and Commercial Vehicles to Drive Market Growth in the North American Region
The tin fluoborate market in the North American region is estimated to garner the highest CAGR by the end of 2035. The regional growth can be attributed in large part to the high demand for passenger and commercial vehicles, which has increased sales of electric vehicles in the region. The market growth is further attributed to the presence of a strong transportation network in the region and the increasing penetration of electric vehicles. For instance, in the year 2019, there were more than 150 million commercial vehicles in use in the United States. Additionally, the region has a large industrial sector requiring heavy haulage, encouraging market participants to decide to expand their operations to develop more fuel-efficient transportation options. The availability of supportive policies by regulatory authorities to support the market is expected to also contribute to market growth in the region. In addition, expanding automotive industries in the region and increasing commercialization of automotive products are expected to drive regional market growth during the forecast period.
Tin Fluoborate, Segmentation by End User
- Automotive
- Kitchen Ware
- Healthcare
- Consumer Electronics
- Others
Amongst these five segments, the automotive segment is anticipated to hold the largest share over the forecast period. The growth of the segment can be accredited to the increased demand for passenger cars and commercial vehicles across the globe. Increasing demand for automobiles is expected to directly increase the need for tin fluoborate for automotive electroplating, which is estimated to drive the growth of the segment. In addition, the demand for and production of light vehicles are also increasing significantly worldwide. In the year 2020, worldwide production of light commercial vehicles exceeded 17 million units. In addition, the weight of an LCV, or light commercial vehicle, is 3.5-7 tons. Light trucks, pickups, minivans, and other vehicles within the above weight range fall under LCV. These trucks can be used to carefully pack and deliver a variety of items, such as fruits, vegetables, home appliances, market loads, and beverages. These vehicles are highly fuel efficient and have excellent payload or cargo towing capabilities, and to make these vehicles fuel-efficient, tin fluoborate is used.
Tin Fluoborate, Segmentation by Type
- Electronic Grade
- Pharmaceutical Grade
- Industrial Grade
- Others
Amongst these four segments, the pharmaceutical grade segment in tin fluoborate market is anticipated to hold a significant share over the forecast period. The growth of this segment is attributed to the rapidly growing demand for tin fluoborate in the global pharmaceutical industry. The industry is also expanding at an alarming pace, fueled by rising pharmaceutical spending. It was noted that around USD 1.5 trillion were spent on medicines worldwide by the year 2021, up from around USD 850 billion in 2010. Patients for the purpose of treatment, vaccination, or palliation of symptoms. Pharmaceutical companies may deal in generic or branded drugs and medical devices. Pharmaceutical companies contribute to improving the health and well-being of society. There are many different types of pharmaceutical companies, but they all help discover, develop, and manufacture medicines. Different types of pharmaceutical companies are working in different ways to develop their own treatments and medicines.
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Tin Fluoborate, Segmentation by Application
- Electroplating
- Metal Cleaning
- Degreasing
- Other
Few of the well-known industry leaders in the tin fluoborate market that are profiled by Research Nester are Crest Chemicals (Pty) Ltd., Lincoln Chemical Corporation, Muby Chem Ltd., Harshil Industries, Sharretts Plating Company, Inc., Morita Chemical Industries Co. Ltd, Otto Chemie Pvt. Ltd, and other key market players.
Recent Development in the Tin Fluoborate Market
- Wind Point Partners and Ascensus Specialties LLC have announced that they have acquired 100% of specialty chemical manufacturer Strem Chemicals, Inc.
- Mitsubishi Chemical Corporation is a subsidiary of Gelest Intermediate Holdings, Inc., the parent company of Gelest, Inc., an American-based manufacturer and supplier of silicones, organosilanes, organometallic compounds, and specialty monomers to advanced technology end markets.
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