According to the recent study the boron market is projected to reach an estimated $1.7 billion by 2025 from $1.4 billion in 2019, at a CAGR of 3% from 2020 to 2025. Growth in this market is primarily driven by 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.
Browse 144 figures / charts and 129 tables in this 202 -page report to understand trends, opportunities and forecast in boron market by source (mine source and salt lake source & others), application (glass, ceramic, fertilizer, detergent, and others), end use industry (building and construction, electronics, pharmaceutical, consumer, agriculture, and others), and by region (North America, Europe, Asia Pacific, and the Rest of the World).
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“Glass market is expected to remain the largest segment during the forecast period.”
Based on application, the boron market is segmented into glass, ceramic, fertilizer, detergent, and others. Lucintel forecasts that the glass market is expected to remain the largest segment and it is also expected to witness the highest growth over the forecast period due to stringent government regulation towards energy efficiency and carbon emission is driving the demand for glass wool and E-glass (fiberglass) in various end use industries.
“Within the boron market, the building and construction segment is expected to remain the largest end use industry”
Based on end use industry, the building and construction segment is expected to witness the largest market growth over the forecast period due to increasing demand for glass wool insulation and ceramic tile 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.
“Asia pacific will dominate the boron market in near future”
Asia Pacific is expected to be the largest region with the highest growth over the forecast period due to growth in building and construction activities and increasing healthcare expenditure.
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Major players of boron market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Eti Maden, Rio Tinto, Rose Mill Co., Searles Valley Minerals, Minera Santa Rita, and others are among the major Boron providers.
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