Boron Compounds Market to Expand with Significant CAGR During 2014-2020
The global market for boron compounds is growing at a substantial pace. The expansion of the application base and the easy availability of products are anticipated to offer promising growth opportunities for the key players operating in the market across the globe. In addition, the rising number of players expected to enter the global market is predicted to enhance the competition level as well as encourage the growth of the overall market in the near future.
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According to the research report, in 2013, the global market for boron compounds was worth US$1.98 bn and is estimated to reach a value of US$3.15 bn by the end of 2020. The market is likely to exhibit a healthy 6.90% CAGR between 2014 and 2020.
significant rise in the fiberglass industry is considered as one of the key factors .estimated to encourage the growth of the global boron compounds market in the next few years. In addition, the rising demand for boric acid from the ceramic tile industry is expected to accelerate the overall growth of the market in the coming years. On the flip side, the high regional concentration of boron ore reserves and the easy availability of substitutes are projected to curtail the growth of the market in the forecast period. Nonetheless, the expansion of the product portfolio and the increasing number of applications, including the thermoplastic and medical industry are estimated to benefit the market leaders and fuel the growth of the boron compounds market in the near future.
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On the basis of product type, the global boron compounds market has been categorized into boric acid, borax, and others. The others segment has been further sub-categorized into sodium perborate and boron oxide. As per the study, the boric acid segment is likely to register a strong growth throughout the forecast period. Furthermore, the market has been divided on the basis of application into agriculture, fire retardant, ceramics, cellulosic insulation, borosilicate glass, fiberglass, and detergents and soaps.
The global market for boron compounds has been categorized on the basis of geography into Latin America, North America, Asia Pacific, the Middle East and Africa, and Europe. In the last few years, Asia Pacific led the global boron compounds and is likely to remain dominant throughout the forecast period. According to the research study, this segment is estimated to register a healthy 6.0% CAGR between 2014 and 2020. The expansion of the application segment and the rising demand for boron compounds are anticipated to accelerate the growth of the Asia Pacific market in the next few years.
Furthermore, the boron compounds market in Europe and North America is likely to witness a moderate growth rate throughout the forecast period. The presence of leading players in these regions and the increasing focus on research and development activities are expected to accelerate the growth of these regions in the next few years. Some of the key players operating in the boron compounds market across the globe are Borax Morarji Limited (BML), Gujarat Boron Derivatives Private Limited, BASF SE, ESK Ceramics GmbH & Co. KG, Rio Tinto Group, Tomiyama Pure Chemical Industries, Searles Valley Minerals, AkzoNobel N.V., Boron Compounds Ltd, and Eti Maden. These players are anticipated to focus on the development of new compounds, which is likely to encourage the growth of the global market throughout the forecast period.
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