Tributyl Borate Market - Forecast (2023 - 2028)

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The Tributyl Borate Market size is forecasted to reach US$196.1 million by 2027, after growing at a CAGR of 3.9% during the forecast period 2022-2027.

Tributyl Borate Market Overview

The Tributyl Borate Market size is forecasted to reach US$196.1 million by 2027, after growing at a CAGR of 3.9% during the forecast period 2022-2027. Tributyl borate is primary material mixed with various types of chemicals such as isoxicam, vinyl lithium, pinacol, acetonitrile and more ensuring enhanced interfacial stability of benzothiazine. The tributyl borate market is primarily driven by the growth of the paints and coatings industry. Moreover, the growth of the textiles industry is anticipated to fuel the demand for the tributyl borate. This, in turn, is projected to drive the tributyl borate market size growth during the projected forecast period of 2022-2027. Nevertheless, the hazards associated with the use of tributyl borate can restrict the growth of the tributyl borate industry in the projected forecast period.

Tributyl Borate MarketCOVID-19 Impact

The Covid-19 pandemic created repels for the growth of the Tributyl Borate Market in 2020. This was due to the restrictions on industrial production activities, which resulted in the decline in production related to paints and coatings, rubber and more. For instance, according to Japan Paint Manufacturers Association (JPMA), in the year 2019, the total paints and coatings production in Japan was 1,645,960 tons and in 2020 it was 1,487,705 tons, a decline of 10.64%. Likewise in other parts of the world, there was a decline in production activities. As a result, the tributyl borate industry suffered losses. However, in 2021, the industrial production activities started resurging again, which resulted in the growth of the tributyl borate market. Moreover, it is projected that in the upcoming years the impact of the Covid-19 pandemic will be phased out. This will result in a tributyl borate industry growth scenario similar to the pre-Covid time.

Report Coverage

The report: "Tributyl Borate Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Tributyl Borate Market.

By Purity: Less than 89.9% and More than 90.0%.
By Function: Adhesion Promoters, Cross-linking Agents and Others.
By Application: Chemical Intermediates, Flame Retardants, Additives, Semiconductor, Resins, Waxes and Others.
By End-use Industry: Paints and Coatings (Industrial, Special and Architectural), Textiles and Apparels, Rubber, Plastic, Chemical (Boric Acid, Borohydrides and Others), Electrical & Electronics, Lubricants, Adhesives and Sealants 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), Rest of the World [Middle East (Saudi Arabia, UAE, Israel and Rest of Middle East) and Africa (South Africa, Nigeria and Rest of Africa)].

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Key Takeaways

Asia-Pacific region dominated the Tributyl Borate Market, owing to the growing automotive industry in the region. For instance, according to the Japan Paint Manufacturers Association (JPMA), in 2019, the total synthetic resin base paints and coating manufactured in Japan was 1,101,715 tons, which was about 1.2% higher when compared with 2018.
The increasing application of resins in various end-use industries such as textiles, paints & coatings and more are projected to accelerate the growth of the market.
Moreover, the growing government initiatives towards the growth of the textile and paints & coatings industry are creating an opportunity for the growth of the market.
Also, factor such as increasing production, construction and other such activities is fueling the growth of the rubber and plastic industries. The growth of such industries is expected to fuel the growth of the tributyl borate market.

Figure: Asia-Pacific Tributyl Borate Market Revenue, 2021-2027 (US$ Million)

Tributyl Borate Market

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Tributyl Borate Market Segment Analysis – By Application

The resins segment held a significant Tributyl Borate Market share in 2021 and is forecasted to grow at a CAGR of 4.2% during the forecast period 2022-2027. Tributyl Borate borate is primary material mixed with various types of chemicals such as isoxicam, vinyl lithium, pinacol and more is used in the manufacture of resins. The tributyl borate has beneficial properties of efficient working at high temperature, boiling point at very high temperature and more such properties ensures the superior durability of the resins even at very high temperature. Hence, such properties of tributyl borate are resulting in its surging application in resins, which is benefiting the growth of the tributyl borate market.

Tributyl Borate Market Segment Analysis – By End-use Industry

The paints and coatings segment held a significant Tributyl Borate Market share in 2021 and is forecasted to grow at a CAGR of 4.8% during the forecast period 2022-2027. In the paints and coatings industry tributyl borate is used as a catalyst because it improves the transformation efficiency. This results in the efficient adhesive property of paints and coatings. Key factors such as rising demand for repainting and new building are moving the paints and coatings industry forward. According to the British Coatings Federation (BCF), the first five months of 2021 saw remarkable sales results in both industrial and decorative coatings in the United Kingdom, owing to continued strong consumer demand for DIY commodities such as paints and wall coverings, as well as a strong manufacturing and construction industry rebound. Overall, paint and coatings sales in the United Kingdom increased by 24% over the same period in 2020. As a result, the growth of the paints and coatings sector fuels the rise of tributyl borate, which propels market growth.

Tributyl Borate Market Segment Analysis – By Geography

Asia-Pacific region is the dominating region as it holds the largest Tributyl Borate Market share in 2021 up to 43%. The Asia-Pacific region's economy is thriving as a result of the expansion of numerous businesses such as paints and coatings, adhesives and others. Critical variables such as increased building activity increased rehabilitation activity and other considerations are propelling the paints and coatings business forward. For example, in 2021, Nippon Paints Group made medium to long-term investments in updating and streamlining manufacturing facilities in Japan from 2021 to 2023 to gain a competitive advantage and enhance efficiency while creating new demand for paints and coatings. Furthermore, in 2020, the Vietnamese government stated its aim to grow the paint and coating industry by 2030. The average growth rate in the paint and coating industry's output value is predicted to reach up to 14 percent between 2021 and 2030. Thus, the expansion of the Asia-Pacific paints and coatings industry is expected to drive demand for tributyl borate. This will propel the tributyl borate market size growth during the next few years

Tributyl Borate Market Drivers

Government Initiatives Towards Textile Industry

In the textile industry resins composed of Tributyl Borate, a primary material mixed with various types of chemicals such as isoxicam, vinyl lithium, pinacol and more are employed in the textile industry to ensure chemical adherence. Federal governments worldwide are taking initiatives to support sustainable growth, modernization, value addition, greater exports and overall development of the textile sector. For example, the European Union 2030 Vision for Textiles strategy aims to make the textile industry more environmentally friendly, competitive and robust to global shocks. In addition, the federal governments of African countries have started several efforts to develop new textile factories throughout the area to boost textile production in the region. These programs aim to increase textile and garment production in Africa by 2030. Therefore, such government initiatives for the textiles industry will fuel the production of the textile industry. Thus, as a result of such initiatives, the textile output will expand, owing to this demand resins will surge, which is likely to fuel market expansion during the forecast period.

Increasing Application of Adhesives

The Tributyl Borate has a superior adhesives quality that ensures efficient stickiness, owing to this property it is often utilized in adhesives and sealants. Factors such as increased demand for adhesives from diverse industries such as packaging, constriction and others are propelling the expansion of the adhesives business. According to recent research released in 2020 by the European Adhesive and Sealant Industry, the adhesives and sealants sector grew its production operations across numerous locations. Asia-Pacific saw a 36.8 percent growth in 2020, Europe saw a 34.5 percent increase, North America saw a 23.1 percent increase, the Middle East saw a 1.3 percent increase and Africa saw a 1.1 percent increase. Hence, the expansion of the adhesives sector is increasing the demand for tributyl borate. This is fueling the market's expansion.

Tributyl Borate Market Challenge

Hazardous Nature of Tributyl Borate

The Tributyl Borate is deployed as an intermediate to ensure superior adherence. However, the hazardous nature of the tributyl borate is posing a major challenge to the growth of the market. There are stringent regulations associated with the use of tributyl borate. For instance, the National Fire Protection Association (NFPA) Rating System, the use of tributyl borate skin irritation, eye irritation and more. Furthermore, tributyl borate can become unstable at high temperatures and pressures. Also, when heated to break down or in touch with acid or acid vapors, it may generate hazardous fumes, causing local irritation. Therefore, such regulations are expected to restrict the growth of the tributyl borate industry during the projected forecast period.

Tributyl Borate Industry Outlook

Technology launches, acquisitions and increased R&D activities are key strategies adopted by players in the Tributyl Borate Market. The top 10 companies in the Tributyl Borate market are: