The global boron market is expected to progress at a steady growth rate over the forecast period. Boron is a chemical element produced by the process of cosmic ray spallation. There is a low abundance of boron and are found in mines in the form of colemanite, kernite, tincal, and ulexite. Boron is used in various daily used products such as LCD screens, composites used in car body panels, glass wool for loft insulation, and others in the form of borosilicate glass, Ferro boron, insulation-grade materials, and fiberglass. Major end-use industries, using boron as a raw material include glass, agriculture, ceramics, detergents, pharmaceuticals, and others.
In medicinal form, boron can be taken in the form of supplements. It is used to build strong bones, osteoarthritis treatment, to assist in building muscles, as well as increasing the testosterone levels. Additionally, it helps in improving thinking skills and muscle coordination. Another popular use is in the form of boric acid, where is used to prevent infection of the skin, as well as being used as an eyewash. Boric acid, in the form of capsules, is used by women to treat vaginal yeast infections. Boron trioxide is a major constituent of borosilicate glass, along with silica. This glass finds usage in a variety of industries such as electronics, cookware, rapid prototyping, as well as optics. Boron in limited quantities is used to increase the hardness of steel, in the form of ferroboron. It is used in the semiconductor industry as a doping agent to germanium and silicon, in controlled amounts. Boron traces are also important for plant growth, in the form of boric acid or borates.
Growing demand for electronic products and increasing penetration of fiberglass in markets conventionally held by concrete and steel are expected to drive boron market growth. Fiberglass penetration in turbine blades in wind power generation is also expected to positive influence on boron market development. An increase in construction spending, leading to fiberglass demand for a communal structure such as bridges and roads is expected to come up as a new opportunity for the global market. The scarcity of boron, very concentrated reserves, and multifaceted manufacturing process may be a challenge for participants in the global market.
Europe was the largest regional boron market, in terms of supply, owing to significant reserves in Turkey which in combination account for more than one-third of the total reserve across the globe. Europe was followed by Latin America and North America, respectively. The Asia Pacific is the largest consuming boron market, owing to the growing demand for fiberglass in various industries including electronic products and automotive. Major players for the global market include Boron Molecular, Boron Specialities LLC., Ceradyne, Inc., 3M, SB Boron, Dalian Jinma Boron Technology Group Co. Ltd., ETI mines, Rio Tinto, Quiborax, Manufacturas Los Andes and Mudanjiang Jingangzuan Boron Carbide.
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The global construction industry once booming due to the residential and commercial construction in China and the U.S., has been affected by the suspension of the construction activities across the impacted economies. The construction industry in the U.S. is expected to take a major hit due to labor shortages and the lockdown imposed by the government during COVID-19, which is expected to be aggravated by the resulting supply chain issues and financing pressures due to the non-adherence to the completion times. The report will account for Covid19 as a key market contributor.