Dublin, June 25, 2024 (GLOBE NEWSWIRE) -- The "Boron Market Trends: Trends, Opportunities and Competitive Analysis [2024-2030]" report has been added to ResearchAndMarkets.com's offering.
The future of the global boron market looks promising with opportunities in the building and construction, electrical and electronics, pharmaceutical, consumer, and agriculture industries.
The global boron market is expected to reach an estimated $2.8 billion by 2030 with a CAGR of 5.4% from 2024 to 2030. The major drivers for this market are increasing demand for glass and ceramics in the building and construction industry, growth in the pharmaceutical packaging market, and the growing consumption of micronutrient fertilizers.
Boron Market Report Features
- Market Size Estimates: Boron market size estimation in terms of value ($M) and volume (kilotons)
- Trend and Forecast Analysis: Market trends (2018-2023) and forecast (2024-2030) by various segments and regions.
- Segmentation Analysis: Boron market size by various segments, such as end use industry, application and source, in terms of value and volume.
- Regional Analysis: Boron market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
- Growth Opportunities: Analysis of growth opportunities in different applications, sources, end use industries, and regions for the boron market.
- Strategic Analysis: This includes M&A, new product development, and competitive landscape for the boron market.
- Analysis of competitive intensity of the industry based on Porter's Five Forces model.
Market Projections
- Glass will remain the largest segment, and it is also expected to witness the highest growth over the forecast period. Stringent government regulations for energy efficiency and reduction in carbon emission is driving the demand for glass wool and E-glass (fiberglass) in various end use industries.
- Building and construction will remain the largest end use industry by value and volume due to increasing demand for glass wool insulation and ceramic tiles in residential and commercial buildings. Pharmaceutical is expected to witness the highest growth during the forecast period due to the growing preference for borosilicate glass in the pharmaceutical packaging industry.
- APAC is projected to remain the largest region, and it is also expected to witness the highest growth over the forecast period due to growth in building and construction activities and increasing healthcare expenditure.
APAC is projected to remain the largest region in the Boron Market
- United States: Companies like Rio Tinto and U.S. Borax are investing in research and development to expand boron mining operations and develop new applications for boron-based products. Rio Tinto has announced initiatives to increase boron production capacity to meet growing demand from industries such as agriculture and electronics. The US government has provided support for domestic boron production through funding for mining projects and infrastructure development.
- China: Chinese companies such as Yingkou Liaobin Fine Chemicals Co., Ltd. and Yingkou Tanyun Chemical Research Institute Corporation are focusing on increasing boron production capacity and developing advanced boron derivatives for industrial applications. The Chinese government has implemented policies to support domestic boron production and ensure a stable supply of raw materials for key industries.
- Turkey: Turkey is one of the leading producers of boron minerals globally, with companies like Eti Maden and Boron Mining focusing on expanding boron mining operations and exporting boron products to international markets. The Turkish government has set targets to increase boron production and promote the development of value-added boron products to boost exports and strengthen the economy.
- Russia: Russian companies like OJSC "Bor" are investing in modernizing boron mining facilities and developing new technologies for boron extraction and processing. The Russian government has provided incentives for companies to invest in boron mining and processing projects to meet domestic demand and reduce reliance on imports.
- Argentina: Argentina has significant boron reserves, and companies like Rio Tinto are exploring opportunities for boron mining and production in the country. The Argentine government has implemented policies to attract foreign investment in the mining sector, including boron exploration and development projects.
The study includes trends and forecast for the global boron market by source type, application, end-use industry, and region as follows:
By Application [Kilotons and $M shipment analysis from 2018 to 2030]:
- Glass
- Borosilicate Glass
- Fiberglass (E-Glass)
- Glass wool
- Ceramics
- Fertilizer
- Detergent
- Others
By End Use Industry [Kilotons and $M shipment analysis from 2018 to 2030]:
- Building and Construction
- Electrical & Electronics
- Pharmaceutical
- Consumer Products
- Agriculture
- Others
By Source [Kilotons and $M shipment analysis from 2018 to 2030]:
- Mining
- Salt Lake Source and Others
By Region [Kilotons and $M shipment analysis from 2018 to 2030]:
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- France
- United Kingdom
- Asia Pacific
- China
- Japan
- India
- The Rest of the World
Some of the boron companies profiled in this report includes:
- Eti Maden
- Rio Tinto
- Rose Mill Co.
- Searles Valley Minerals
- Minera Santa Rita
- Borax Argentina
- QUIBORAX
- Russian Bor
Recent Developments in the Boron Market
- Increasing Demand for Boron-based Products: The global demand for boron-based products, such as borosilicate glass and fiberglass, is steadily increasing due to their widespread use in various industries including construction, automotive, and electronics. This surge in demand is attributed to the unique properties of boron compounds, such as high thermal resistance and excellent mechanical strength.
- Expansion of Boron Mining Operations: Several mining companies are expanding their boron mining operations to meet the growing demand for boron raw materials. These expansions involve the development of new boron mines or the expansion of existing ones, aimed at increasing production capacity and securing a stable supply of boron for various industrial applications.
- Research on Boron-based Energy Storage: Researchers are exploring the potential of boron-based materials for energy storage applications, particularly in the development of next-generation batteries and supercapacitors. Boron-based materials are known for their high energy density, excellent electrochemical performance, and environmental sustainability, making them promising candidates for advanced energy storage technologies.
- Investment in Boron Refining Technologies: Companies in the boron refining industry are investing in innovative technologies to enhance the efficiency and sustainability of boron extraction and refining processes. These investments aim to reduce energy consumption, minimize environmental impact, and improve the purity and quality of boron products, thus meeting the stringent requirements of various end-user industries.
- Government Initiatives to Promote Boron Production: Several governments are implementing policies and initiatives to promote domestic boron production and reduce reliance on imports. These initiatives include incentives for boron mining and refining companies, investment in research and development of boron-based technologies, and support for the establishment of boron processing facilities.
For more information about this report visit https://www.researchandmarkets.com/r/c0f70u
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