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The global boron market is projected to showcase notable growth in the coming years, on account of the growing usage of the compound in the construction and renewable energy sectors. With increasing disposable income, rising standards of living, and growing government expenditure, the construction sector in emerging economies is showcasing a strong growth potential. Additionally, the usage of the compound in other end-use industries, including personal care, electronics, and healthcare, is expected to increase, owing to its wide application base. This, in turn, is projected to help the market advance globally.
The boron market, on the basis of source, has been categorized into salt lakes and mines. Of the two, mines are expected to account for the larger market share throughout the forecast period. This can be ascribed to the large-scale sourcing of boron from mines located in the U.S., Turkey, China, Peru, and Argentina.
The boron market has also been categorized on the basis of end-use industry into agriculture, transportation, building & construction, personal care, healthcare, electronics, and others. Of these, the building & construction category is expected to account for a significant share in the market throughout the forecast period. The usage of boron in fiberglass compounds has significantly increased, owing to its ability to pass natural daylight, which leads to reduction in energy consumption. This makes these glass materials suitable for commercial buildings, wherein energy efficiency is of high importance. Additionally, boron is required in high volumes in civil structures, such as roads, owing to its high strength and high elastic modulus.
Geographically, Asia-Pacific (APAC) is expected to hold the largest market share during the forecast period. The construction sector in the region has showcased tremendous growth in recent years, on account of the government initiatives taken toward infrastructure improvement in emerging economies. For instance, in April 2020, the Indian government set a target of constructing roads worth $212.8 billion (INR 15 lakh crore) in the next two years. Additionally, the Indian government, in its Union Budget 2020–21, allocated $24.2 billion (INR 1.6 lakh crore) for the development of transport infrastructure. Besides, the demand for boron is expected to increase from the electronics, personal care, and healthcare sectors with the growth in these end-use industries. Considering such factors, it can be stated that the demand for boron is expected to witness a huge spur in the APAC region in the times to come.
In recent years, the demand for boron has increased considerably, and the trend is likely to continue on account of the increasing product demand from end-use industries, particularly the construction sector. Boron fiber is widely known for enhancing the stiffness of composite materials and, hence, is highly suitable for civil infrastructural applications. Additionally, the demand for the compound is increasing from the healthcare sector with the increasing awareness on its benefits. The compound can be taken in the form for osteoarthritis treatment, menstrual cramps, vaginal yeast infections, and muscle building. Therefore, the rising consumption of the compound in different end-use applications is projected to boost the boron market growth during the forecast period.
Considering the fast-paced consumption in numerous applications and limited availability, there has been a rise in concerns regarding the scarcity of the compound. There is a high level of uncertainty regarding the remaining years of supply of the mineral. Thus, in order to prolong the supply for the coming generations, the consumption of the compound is likely to be curtailed in the coming years, which, in turn, could impact the market growth.
Some of the companies operating in the global boron market are SB Boron Corporation, Etimine S.A., Boron Molecular Pty Limited, Rio Tinto, American Borate Co., Orocobre Limited, Borax Argentina S.A., 3M, and Quiborax S.A.
The study provides the historical as well as the forecast market size for the boron market.
The boron market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Source
Based on End-Use Industry
Based on Application