The global boron mining market is expected to grow from $1.65 billion in 2021 to $1.7 billion in 2022 at a compound annual growth rate (CAGR) of 3.3%. The boron mining market is expected to grow to $1.74 billion in 2026 at a compound annual growth rate (CAGR) of 0.6%.
The boron mining market consists of sales of boron by entities (organizations, sole traders, and partnerships) that mine boron.
The main types of boron mining are aerospace composite materials, boronated glasses, and other types- of boron. Boronated glasses refer to silicate glass that is composed of at least five percent oxide of boron and is used mainly in heat-resistant glassware The various applications involved glass, ceramics, agriculture, and detergents. The mining type includes underground mining, and surface mining.
The Middle East was the largest region in the boron mining market. The regions covered in boron mining report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The growth in the boron mining market is due to increasing demand for mining, improving technologies, and emerging markets. For instance, in 2020, according to USGS, a US-based Government agency data, Geological Survey stated that U.S. mines produced approximately 86.3 billion minerals 2019.
Boron Market: Trends, Opportunities and Competitive Analysis
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 $2.1 billion by 2027 with a CAGR of 4.9% from 2021 to 2027. 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.
The emerging trend, which has a direct impact on the dynamics of the industry, includes the use of boron for nuclear applications and lubrication additives.
The analyst forecasts that 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.
Boron Compounds - Global Market Trajectory & Analytics
Amid the COVID-19 crisis, the global market for Boron Compounds estimated at US$2.9 Billion in the year 2020, is projected to reach a revised size of US$4.2 Billion by 2027, growing at a CAGR of 5.7% over the analysis period 2020-2027.
Borax, one of the segments analyzed in the report, is projected to record a 5.8% CAGR and reach US$1.7 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Boric acid segment is readjusted to a revised 6.2% CAGR for the next 7-year period.
The U.S. Market is Estimated at $774.9 Million, While China is Forecast to Grow at 8.7% CAGR
The Boron Compounds market in the U.S. is estimated at US$774.9 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$888.1 Million by the year 2027 trailing a CAGR of 8.7% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.1% and 5.1% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.6% CAGR.
Other Product Segments Segment to Record 4.6% CAGR
In the global Other Product Segments segment, USA, Canada, Japan, China and Europe will drive the 4.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$404 Million in the year 2020 will reach a projected size of US$537.6 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$568.3 Million by the year 2027, while Latin America will expand at a 5.7% CAGR through the analysis period.
Boron Market - Growth, Trends, and Forecast (2020 - 2025)
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.
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.
Boron Market Report: Trends, Forecast and Competitive Analysis
The future of the boron market looks promising with opportunities in the building and construction, electrical and electronics, pharmaceutical, consumer, and agriculture industries. The boron market is expected to reach $1.7 billion by 2024 with a CAGR of 3.4% from 2019 to 2024. 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.
Emerging trends, which have a direct impact on the dynamics of the boron industry, include use of boron for nuclear applications and lubrication additives. Eti Maden, Rio Tinto, American Borate, Boron Specialist, Gremont Chemicals, and Searles Valley Minerals are some of the major boron manufacturers.
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