Trimethyl Borate Market Overview
The Trimethyl Borate market size is
estimated to reach a value of US$321.6 million by the end of 2027 after growing at a CAGR of around 5.6% from 2022 to 2027. The trimethyl
borate is an organoboron compound and colorless liquid that gives a green flame
when burnt. It is used as an intermediate in the preparation of sodium
borohydride. The trimethyl borate is used as a reagent in organic synthesis
and is a precursor to the boronic acids. Furthermore, the growing demand for
trimethyl borate for the preparation of fungicides in the agrochemical sector is
driving the trimethyl borate market. The rise in the application of trimethyl borate in solvent for wax, oils, resins and
fungicides for fruits and vegetables across major end-use industries such as chemical, agriculture, electronics and others will
boost the growth in the trimethyl borate industry during the forecast period.
COVID-19 Impact
The economic disruptions
and restricted production-related activities in the Covid-19 created a major
impact on the trimethyl borate market. The trimethyl borate has a rising
application in the chemical industry.
The chemical sector experienced major
disruptions and falls in demand during the pandemic. The falling oil prices led to
fall in the demand for various petrochemicals. Moreover, the unavailability of
variously raw materials due to restricted logistics, production halt, demand
and supply gap and other lockdown restrictions. According to the International
Energy Agency (IEA), the demand
for high-value chemicals saw a decline of 2.4% in the year 2020. The fall in
demand for the chemical sector affected the application of trimethyl borate and led
to a decline in demand in the major end-use sectors. Thus, the global slowdown
and disruptions majorly impacted the growth and demand for the trimethyl
borate market during the pandemic.
Report Coverage
The Report: “Trimethyl Borate Market
Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of
the following segments in the Trimethyl Borate industry.
By Grade: Industrial Grade, Electronics Grade and Others.
By Purity: Below 99%, 99% and above 99%.
By Application: Wax Solvent, Organic Synthesis, Suzuki Coupling,
Resins, Fire Retardant, Fungicide, Electrolyte Additive and Others.
By End-use Industry: Agriculture,
Chemical, Electronics and Others.
By
Geography: North America (the USA, Canada and Mexico),
Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium and
Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and
New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC), South America
(Brazil, Argentina, Colombia, Chile and Rest of South America), Middle East
(Saudi Arabia, UAE, Israel, Rest of the Middle East) and Africa (South Africa,
Nigeria, Rest of Africa).
Key Takeaways
- The trimethyl borate market size will increase owing to its growing application in solvents for resins, wax, paraffin, oils,
flame retardant and fungicide across major end-use industries during the
forecast period.
- The Asia Pacific is the fastest growing region in the trimethyl borate market owing to major development and chemical sector production, growing agricultural industry and other end use industries, thereby influencing the high demand of trimethyl borate in the market.
- The growing usage of trimethyl borate in the chemical sector for application in organic synthesis, dehydrating agent and reagent for various organic chemistry reactions.
Figure: Asia Pacific Trimethyl Borate Market Revenue, 2021-2027 (US$ Million)
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Trimethyl Borate Market Segment Analysis – By Application
By application, the organic synthesis segment accounted for the largest share in the trimethyl borate market and is expected to grow with a CAGR of around 6.2% during the forecast period. The trimethyl borate has rising application in the organic synthesis and other chemical reactions as it acts a reagent and works as a precursor to chemical compound such as sodium borohydride. The trimethyl borate is a precursor to sodium borohydride. Sodium borohydride is used in chemical reactions for preparing various drugs and reducing agents in the chemical sector. According to the European Chemical Industry Council (CEFIC), the global chemical sale was valued at USD 3760.10 billion in the year 2020. The growth in chemical industry and rising demand of trimethyl borate in the organic synthesis process will offer major demand in the market. Thus, with high usage and demand of trimethyl borate and related compounds, the trimethyl borate industry will grow during the forecast period.
Trimethyl Borate Market Segment Analysis – By End-use Industry
By end-use industry, the chemical segment held the largest trimethyl borate market share and is expected to grow with a CAGR of over 4.9% during the forecast period. The rising demand for trimethyl borate in the chemical industry is influenced by its growing usage in organic synthesis, catalysts in ketone manufacturing, solvent, diborane reactions promotion and others. This organoboron compound has major demand as an intermediate in the preparation of boronic acids sodium borohydride and others. Furthermore, the demand of various agrochemical, petrochemical and organic chemical compound across various end-use industries is influencing the growth in the market. According to the American Chemistry Council (ACC), the chemical volume in U.S is expected to grow by 3.2% in the year 2022, with chemical industry capital spending rise of 3.1%. Furthermore, with increasing application of trimethyl borate and rise in demand, the trimethyl borate market will experience major growth during the forecast period.
Trimethyl Borate Market Segment Analysis – By Geography
By geography, the Asia Pacific is the fastest-growing region in the trimethyl borate market and is expected to grow with a CAGR of around 5.9% during the forecast period. The high demand of trimethyl borate in this region is influenced by major growth across various industrial verticals and rising growth trends in the market. The growth in agriculture production and development is propelling the demand for trimethyl borate owing to its major application as a fungicide or insecticide for fruits and vegetables. According to the India Brand Equity Foundation (IBEF), the gross value added by agriculture, forestry and fishing in India was valued at USD276.37 billion in 2020. Furthermore, trimethyl borate is used in the electronics sectors as it has flourishing demand in thin film electrolyte additives for cells batteries and others. Thus, with major advancements and the highest growth in application across major end-use industries in the APAC, the trimethyl borate industry will grow during the forecast period.
Trimethyl Borate Market Drivers
Increasing application in the agriculture sector
The application of trimethyl borate is growing in the agriculture industry. The trimethyl borate has major usage in the preparation of agrochemicals or fungicides for fruits and vegetables. The borate formulations are widely used as pesticides, wood preservatives and fungicide in the agricultural sector. Moreover, the increasing growth opportunity in the agricultural industry is driving the trimethyl borate market. According to the World Bank data, the value added by the agriculture, forestry and fishing sector accounted for 4.34% of the global GDP in 2020. Thus, the increasing demand and application of trimethyl borate and successor chemical compounds in agriculture is offering major growth opportunities in the market.
High demand in the application for the electronics sector
The demand of trimethyl borate for application
in the electronic sector is growing. The trimethyl borate is used as
electrolyte additive in order to provide excellent high temperature performance
in various devices such as lithium-ion batteries, cells and others. It offers
a layer of protection against the electrolyte decomposition. Moreover, the
increasing production of electronic devices is driving the trimethyl
borate market and offers major demand in the electronics. According to the Japan
Electronics and Information Technology Industries Association (JEITA), the
production of the global electronics and IT sector shows growth by 2%
year-on-year in 2020, reaching USD 2,972 billion. Thus, the rise in application
of trimethyl borate for electronics is offering major growth opportunities in
the market.
Trimethyl Borate Market Challenge
Hazardous threats and health complications
The trimethyl borate industry faces major
challenges due to its health-threatening effects. The trimethyl borate is a
flammable and dangerous liquid that needs safe handling and storage. The
inhalation or exposure of this organoboron compound leads to major health
hazards such as nausea, headache, diarrhea, vomiting and others. According to
the United Nations GHS Criteria, the trimethyl borate is classified as a UN
Hazard Class 3; UN Pack Group: II. Thus, the toxic effects of these chemical
compounds hinder the appliances range in the market, thereby leading to a slowdown and restricted growth prospects in the trimethyl borate market.
Trimethyl Borate Industry Outlook
The Trimethyl Borate top 10 companies include:
- Dow
- Anhui Wotu Chemical
- Kuilai Chemical
- TCI Chemicals
- Sigma Aldrich
- Alkali Metals
- Jigs Chemical
- Tianjin Dipper Fine Chemical
- Finnish Chemicals
- Expocell AB
Recent Developments
- In April 2021, the Stream Chemicals was acquired by the Ascensus Specialties, a leading sodium borohydride manufacturer. This acquisition offered wide product range of organic and inorganic compounds, thereby boosting the portfolio in the market.
- In September 2019, the Ascensus Specialties, a leading producer of sodium borohydride signed an agreement to acquire the leading manufacturer of borates and specialty alcoholates, Callery, LLC.
- In July 2019, the American Pacific Borate & Lithium's fort cady borate project was rated as the best development stage mining project.
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LIST OF TABLES
1.Global Trimethyl Borate Market, by Type Market 2023-2030 ($M)2.Global Trimethyl Borate Market Analysis and Forecast by Type and Application Market 2023-2030 ($M)
3.Global Trimethyl Borate Market, by Type Market 2023-2030 (Volume/Units)
4.Global Trimethyl Borate Market Analysis and Forecast by Type and Application Market 2023-2030 (Volume/Units)
5.North America Trimethyl Borate Market, by Type Market 2023-2030 ($M)
6.North America Trimethyl Borate Market Analysis and Forecast by Type and Application Market 2023-2030 ($M)
7.South America Trimethyl Borate Market, by Type Market 2023-2030 ($M)
8.South America Trimethyl Borate Market Analysis and Forecast by Type and Application Market 2023-2030 ($M)
9.Europe Trimethyl Borate Market, by Type Market 2023-2030 ($M)
10.Europe Trimethyl Borate Market Analysis and Forecast by Type and Application Market 2023-2030 ($M)
11.APAC Trimethyl Borate Market, by Type Market 2023-2030 ($M)
12.APAC Trimethyl Borate Market Analysis and Forecast by Type and Application Market 2023-2030 ($M)
13.MENA Trimethyl Borate Market, by Type Market 2023-2030 ($M)
14.MENA Trimethyl Borate Market Analysis and Forecast by Type and Application Market 2023-2030 ($M)
LIST OF FIGURES
1.US Global Trimethyl Borate Industry Market Revenue, 2023-2030 ($M)2.Canada Global Trimethyl Borate Industry Market Revenue, 2023-2030 ($M)
3.Mexico Global Trimethyl Borate Industry Market Revenue, 2023-2030 ($M)
4.Brazil Global Trimethyl Borate Industry Market Revenue, 2023-2030 ($M)
5.Argentina Global Trimethyl Borate Industry Market Revenue, 2023-2030 ($M)
6.Peru Global Trimethyl Borate Industry Market Revenue, 2023-2030 ($M)
7.Colombia Global Trimethyl Borate Industry Market Revenue, 2023-2030 ($M)
8.Chile Global Trimethyl Borate Industry Market Revenue, 2023-2030 ($M)
9.Rest of South America Global Trimethyl Borate Industry Market Revenue, 2023-2030 ($M)
10.UK Global Trimethyl Borate Industry Market Revenue, 2023-2030 ($M)
11.Germany Global Trimethyl Borate Industry Market Revenue, 2023-2030 ($M)
12.France Global Trimethyl Borate Industry Market Revenue, 2023-2030 ($M)
13.Italy Global Trimethyl Borate Industry Market Revenue, 2023-2030 ($M)
14.Spain Global Trimethyl Borate Industry Market Revenue, 2023-2030 ($M)
15.Rest of Europe Global Trimethyl Borate Industry Market Revenue, 2023-2030 ($M)
16.China Global Trimethyl Borate Industry Market Revenue, 2023-2030 ($M)
17.India Global Trimethyl Borate Industry Market Revenue, 2023-2030 ($M)
18.Japan Global Trimethyl Borate Industry Market Revenue, 2023-2030 ($M)
19.South Korea Global Trimethyl Borate Industry Market Revenue, 2023-2030 ($M)
20.South Africa Global Trimethyl Borate Industry Market Revenue, 2023-2030 ($M)
21.North America Global Trimethyl Borate Industry By Application
22.South America Global Trimethyl Borate Industry By Application
23.Europe Global Trimethyl Borate Industry By Application
24.APAC Global Trimethyl Borate Industry By Application
25.MENA Global Trimethyl Borate Industry By Application