Boron Market – Industry Analysis and Forecast (2022-2029)

Boron Market is anticipated to reach US$ 2.78 Bn. by 2029 from US$ 1.98 Bn. in 2021 at a CAGR of 4.3 % during a forecast period.
Boron Market Overview:
Boron is a chemical element with the atomic number 5 and the symbol B. Boron is formed as a result of cosmic ray spallation and supernovae. Boron is a rare element found in the solar system and the earth's crust. Boron accounts for about 0.001% of total earth weight. Boron is a naturally occurring chemical that is concentrated on the planet due to its water solubility. Boron is mined industrially in the form of evaporates such as borax and kernite. The greatest known boron is discovered in Turkey, which also happens to be the top producer of boron in the world.

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Boron Market Dynamics
Boron's market growth is being driven by demand in the building and infrastructure industries. Expanding populations and rising desire for contemporary conveniences are propelling the boron market in a positive direction. Simultaneously increasing individual discretionary income and providing a significant advantage to the boron market. The fiberglass industry is the most important sector for the use of boron in production.

Boron market growth is expected to be driven by rising demand for electrical devices and increased penetration of fiberglass in areas formerly dominated by concrete and steel. Fiberglass penetration in wind turbine blades is also expected to have a beneficial impact on boron market growth. A rise in construction investment, which is expected to increase demand for fiberglass for community structures such as bridges and roads, is expected to present a new opportunity for the global market. Boron shortage, highly concentrated deposits, and a complicated production process may provide a challenge to global market participants.

Restraints: There has been an increase in concerns about the compound's scarcity due to its rapid usage in a variety of applications and restricted supply. There is a lot of ambiguity about how long the mineral is expected to be available in the future. As a result, to ensure the compound's availability for future generations, consumption is expected to be reduced in the forecast period, which might influence market growth.
Boron Market Segmentation Analysis
By Source, The mining sector dominates the boron source segment. The majority of borate deposits are mined open-pit across the world using backhoe equipment or a truck and shovel. Death Valley is the sole underground mining firm in the United States. Boron Mining Segment is expected to reach roughly 1.89 billion in the forecast period.

By Application, The market is divided into Glass, Ceramic, fertilizers, Detergent, and Others. Because of the vast use of glass, the glass market dominates the boron market. Boron is responsible for the mechanical strength of glass fiber as well as heat resistance, insulation, chemical resistance, and water resistance. Due to the high consumption and widespread use of electronics and insulation, glass accounts for about half of the boron market.Fertilizers are the market's second most important boron application. Fertilizers are a vital requirement of the agricultural industry, accounting for 17% of total world use. Boron is required for plant reproduction. Flowering, pollen generation, germination, and fruit development drive the process. Boron is a non-substitution micronutrient that serves as a source of energy for plants and aids in the mobilization of sugar leaves to the root system.
Boron Market Regional Insight
Due to enormous reserves in Turkey, which together account for more than one-third of the entire resource throughout the globe, Europe was the leading regional boron market in terms of supply. Latin America and North America came in second and third, respectively. Due to the increased demand for fiberglass in numerous industries such as electrical devices and automobiles, Asia Pacific is the largest boron-consuming region. The Asia Pacific region dominates the market, accounting for 56% of the worldwide boron market. The Eti Maden Company of Turkey controls more than half of the global market. Because of the area's booming building site, vehicle, and electronic sectors, Asia Pacific is the region with the highest consumption.

In terms of consumption, China is the world's largest market for boron. Turkey is the world leader in the production of boron and its derivatives. Because China is the epicentre of building activity and the world's largest manufacturer of textile grade material, boron-concentrated markets in the United States and Turkey are concentrating their attention on China to accelerate their growth. Due to high production costs, Europe, on the other hand, is expected to grow slowly.
North America is the market's second most important region for boron. Rio Borates is a US-based corporation that controls around 30% of the global market.
Report Objectives:
• Landscape analysis of the Boron Market
• competitive benchmarking
• Past and current status of the industry with the forecasted market size and trends
• Evaluation of potential key players that include market leaders, followers, and new entrants
• Technology trends
• Potential impact of micro-economic factors of the market
• External and Internal factors affecting market have been analyzed

The report also helps in understanding the Boron Market dynamics, structure by analysing the market segments and project the Boron Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Boron Market make the report investor’s guide.
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Global Boron Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 1.98 Bn.


Forecast Period 2022 to 2029 CAGR:
4.3%
Market Size in 2029:
US $ 2.78 Bn.


 Segments Covered:
by Source
• Mining
• Salt Lake Source& Others


by Application
• Glass
• Ceramic
• Fertilizer
• Detergent
• Others



Boron Market, by Region
• North America
• Asia pacific
• Europe
• Middle East and Africa
• South America
Boron Market, Key Players
• 3M Technical Ceramics
• Borax Argentina S.A.
• Boron Molecular
• Dalian Jinma Boron Technology Group Co. Ltd.
• Eti Maden
• Manufacturas Los and es
• Minera Santa Rita
• Quiborax
• Rio Tinto
• Searles Valley Minerals
• Dalian Jinma Boron Technology Group Co. Ltd.
• SB Boron
• Ceradyne, Inc.
• Boron Specialities LLC.
• Mudanjiang Jingangzuan Boron Carbide
• Manufacturas Los Andes

Frequently Asked Questions

1. What is the projected market size & growth rate of Boron Market?
Ans- Boron Market was valued at USD 1.98 billion in 2021 and is projected to reach USD 2.78 billion by 2029, growing at a CAGR of 4.3 % during the forecast period.

2. What are the key driving factor for the growth of Boron Market?
Ans- Boron's market growth is being driven by demand in the building and infrastructure industries.

3. Which Region accounted for the largest Boron Market share?
Ans- the Asia Pacific region dominates the market, accounting for 56% of the worldwide boron market.

4. What makes Asia Pacific a Lucrative Market for Boron Market?
Ans- Because of the area's booming building site, vehicle, and electronic sectors, Asia Pacific is the region with the highest consumption.

5. What are the top players operating in Boron Market?
Ans- 3M Technical Ceramics, Borax Argentina S.A., Boron Molecular, Dalian Jinma Boron Technology Group Co. Ltd., and Eti Maden.