Boron Minerals and Chemicals Market Share Size

Vijay Ovhal
Vijay Ovhal 11/29/2022 10:45:30 AM

Boron Minerals and Chemicals Market Share, Size, Trends, and
Forecast, 2027

Some of the well-known boron minerals and chemicals market
key players include Eti Maden, American Borate Co., Rіо Тіntо Grоuр, and
Orocobre Limited Pty Ltd., among others.

The rising application scope of boron across a wide number
of industrial verticals has propelled its higher production in recent years.
According to the USGS (United States Geological Survey), Turkey emerged as a
leading import source for all forms of boron, accounting for over 80% in 2019.
The greater usage of boron, including as a component in cleaning products,
abrasives, insecticides, and insulation as well as in the generation of
semiconductors has paved the path for the increasing demand for its various
chemicals and minerals to match different requirements.

Based on these factors, it has been projected that the
global boron minerals and chemicals market size will exceed USD 4.5 billion by
2027.

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Other than marking their presence in the food sector, boron
compounds are adopted in the production of ceramics, glass, and enamels,
including fiberglass. They are used for making soaps, water softeners, and
detergents. Taking cue of their growing utility to cater to different purposes
across the industrial spectrum, innovations and marketing initiatives are
largely favored by numerous boron minerals and chemicals suppliers to sustain
competition.

Surging consumption of boron chemicals

The demand for boron chemicals, including borax, boric acid
esters, boron nitride among others is anticipated to see a rise on account of
their soaring penetration across a gamut of industries, ranging from auto glass
to lumber, and insulation to agriculture. While boron carbide seeks multiple
uses in control rods, boron trioxide is utilized in cell phones and solar
panels to offer higher strength and durability.

The increasing adoption of boric acid as fireproofing
agents, preservatives, and antiseptics and in the manufacturing of glass, pottery,
painting, leather, carpets, artificial gems, among other commodities will
enhance its market application outlook.

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Potential in the agrochemical sector

Several boron chemicals and minerals find considerable usage
in agrochemicals as they possess the micronutrients that are vital for plant
growth. They play an ideal role in promoting fruit & seed production,
supporting sustainable farming, protecting soil health, and increasing the
nutrition and yield of crops. Most boron fertilizers are sourced from borax and
boric acid given their high-water solubility and are used in sprays of water
for irrigation.

The booming global population and the rapid strides in the
agriculture industry are also adding to the boron consumption across the world.
It has been estimated that the agriculture sector held close to 16% of the
world boron consumption.

The higher incursion of boric acid in pesticide products,
including insecticides, algaecides, acaricides, herbicides, and fungicides will
further drive boron minerals and chemicals market development.

To add further, boron minerals and chemicals witness optimum
presence in the treatment of osteoarthritis, for increasing testosterone levels
and building muscles. Chemicals like boric acid are applied to the skin as
astringent to prevent infection. They are also incorporated in the creation of
durable, affordable, and environmentally safe wooden products and various
industrial fluids. The rising number of boron projects to feed the global
industrial demand will also positively influence the market progression in the
years ahead.

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Vijay Ovhal
Written by

Vijay Ovhal

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