Yahoo Finance The Boron Minerals and Chemicals Market size to record USD 4.5 billion in revenue by 2027, Says Global Market Insights Inc.
The growth of the boron minerals and chemicals market is propelled by rising disposable income, rapid urbanization, expanding population, and increasing investments towards the construction sector, says this report.
Selbyville, Delaware, Dec. 07, 2021 (GLOBE NEWSWIRE) -- As per the research report by Global Market Insights Inc., the Boron Minerals And Chemicals Market was estimated at USD 3.3 Billion in 2020 and is expected to be valued at more than USD 4.5 billion by 2027, registering with a CAGR of 4% from 2021 to 2027. The latest report offers an in-depth analysis of drivers & opportunities, market size & estimations, competitive scenario, wavering market trends, top winning strategies, and major investment pockets.
Boron compounds are slated to gain popularity primarily on account of escalating demand for reinforced materials. Overall consumption of boron minerals and chemicals is foreseen to remain steady in the coming years owing to value-added applications of the compounds in the metal and alloy sectors. These factors are anticipated to bolster market growth through the forecast period. However, restrictions on the usage of boron in personal care products are likely to hamper product uptake.
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Borax finds extensive applications in glass and textile fiberglass as it offers superior scratch and shock resistance as well as heat and chemical resistance. It enhances the strength and endurance of a wide range of products, from mobile phones to solar panels. Driven by escalating product adoption, the boron minerals and chemicals industry share from the borax product segment is set to exceed a valuation of USD 1,400 million by 2027.
Key reasons for boron minerals and chemicals market growth:
Growing uptake in detergents and bleaches.
Surging adoption in glass and ceramics products.
Prevalent usage in building & construction activities.
Mounting awareness of product benefits in agriculture during COVID-19.
2027 forecasts show ‘detergents and bleaches’ segment retaining its dominance:
From the application perspective, the detergents and bleaches segment are estimated to observe significant growth by 2027, expanding at a CAGR of above 3.5% through the analysis timeline. Borates are a prominent component in detergents and bleaches owing to various benefits offered by the product. Several properties like soil & pigment removal, water softening, improved surfactant performance, alkaline buffering and pH control, and excellent bleaching, among others, are calculated to boost product demand. Furthermore, soaring requirement for safe and reliable laundry detergents in hotels, restaurants, hospitals, and the textile industry is also poised to augment the growth of the segment over the following years.
The glass and ceramics application segment is expected to garner a considerable share in the overall market by 2027, progressing at a CAGR of over 4.3% through the review timeline. Increased utilization of boron minerals and chemicals in wide-ranging applications has impelled the requirement for high-quality products, which is likely to support product uptake in glass and ceramics applications. Moreover, the expanding glass and ceramics sector in key regions is slated to drive segmental development in the upcoming years.
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Europe to maintain top status in terms of revenue:
The Europe boron minerals and chemicals market is projected to grow at about 3.0% CAGR through the forecast timeframe. Booming product demand in various countries, such as Spain, the UK, France, Germany, and Italy is likely to positively influence product landscape in the region. These countries have witnessed substantial growth mainly owing to the recovery of the construction sector, specifically in Western Europe, after the COVID-19 outbreak. Moreover, surging need for reinforced construction materials, coupled with the proliferating glass and ceramic industries, is foreseen to bolster regional market growth in the forthcoming years. Additionally, supportive government regulations promoting application of the compounds in insulation and energy-saving products is set to further foster regional boron minerals and chemicals market outlook.
Impact of COVID-19 pandemic on boron minerals and chemicals market:
After the onset of COVID-19, governments across the globe imposed stringent lockdowns to prevent the spread of the novel coronavirus, which disrupted the global supply chain. This led to a shortage of goods, especially essential commodities like food. Notably, boron compounds play a crucial role in enhancing agricultural output. Consequently, boron minerals and chemicals gained massive prominence in catering to the food shortage prevalent across the globe, which has been favorable for boron minerals and chemicals market growth during the pandemic.
Leading market players:
Some major firms operating in the global boron minerals and chemicals industry include Rіо Тіntо Grоuр, Eti Maden, Orocobre Limited Pty Ltd., and American Borate Co., among others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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