The global market for boron is expected to register a CAGR of over 3% during the forecast period. The major factor driving the market studied is the rapidly growing adoption of fiberglass. On the flip side, unfavorable conditions arising due to the COVID-19 outbreak is hindering the growth of the market.
-The agriculture industry is expected to dominate the global boron market over the forecast period.
-The Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the increasing consumption from countries, such as China, India, and Japan.
Key Market Trends
Increasing Demand from the Agriculture Industry
- Boron is an essential micronutrient for crop nutrition. It is known as a trace element owing to its requirement in small quantities compared with other elements, such as phosphorus and sulfur.
- It is associated with cell division and development in the growth regions of the plant, such as the growth of the tips of shoots and roots.
- Boron is also used for the growth of the pollen tube during flower pollination and is therefore important for good seed set and fruit development.
- The agriculture industry is growing globally, owing to the rise in population and increasing demand for food.
- Countries, such as China, the United States, India, and Brazil, among others, are the top agriculture producing countries globally.
- Therefore, the demand for boron is expected to grow from the agriculture industry during the forecast period.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to be the largest market for boron during the forecast period owing to the growing end-user industries in Countries, including China, India, Japan, among others.
- Asia-Pacific is expected to have the largest detergent industry globally, owing to the increase in awareness regarding cleanliness among middle-class families. Countries, such as China and India, are the top producers of detergents, globally.
- Asia-Pacific is also the leading consumer of ceramics, which are further in various end-user industries. China and India account for the majority of the Asia-Pacific ceramic market, followed by Vietnam and Indonesia. Urbanization is the leading driver of the ceramic industry in the region. The living standards are directly linked to the use of ceramics.
- China has been a major consumer and exporter of ceramics, worldwide. The robust manufacturing industry, along with increasing construction activities in the country, is driving the demand for ceramics. This, in turn, is expected to increase the demand for boron in the coming years.
- Globally, Asia-Pacific has the largest construction market, which is led by India, China, and various Southeast Asian countries.
- In India, the government has initiated projects, such as 100 smart cities and ‘Housing for All by 2022’, which are expected to immensely drive the residential construction market through the forecast period. Furthermore, the country which launched more than 1,800 housing projects in the country (of which more than 50% was of high-rise buildings) is expected to launch even a larger number of projects by the end of 2020.
- Southeast Asia is currently one of the most dynamic regions in the world, with construction and building projects flourishing owing to its healthy political environment and robust economic growth. In Singapore, the Building & Construction Authority of Singapore projects a construction demand growth of up to EUR 22 billion per year through the next four years, with construction projects totaling 1.24% of GDP.
- Hence, with the rapidly growing end-user industries in countries of the Asia-Pacific region, the demand for boron is also expected to increase over the forecast period.
The global boron market is partially consolidated in nature. The major companies are 3M, Eti Maden, Rio Tinto, SB Boron Corporation, and Orocobre Limited Pty Ltd, among others.
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