Borate Mineral Market Size, Share, Growth, and Industry Growth, By Type (Nesoborates, Inoborates, Phylloborates, Tektoborates), By Application (Fiberglass minerals, Ceramics, Washing, Insulating materials, Flame retardants, Medicine, Agriculture and Others.), Regional Forecast to 2028

Updated On: 01 April 2024

REPORT OVERVIEW

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The global borate mineral market size was USD 2 billion in 2021 and the market is projected to touch USD 3.2 billion by 2028, exhibiting a compound annual growth rate (CAGR) of 8.2% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels.

A borate anion group is present in the minerals known as borates. Similar to the silicate mineral class's SiO4 unit, the borate (BO3) units could be polymerized. One class of boron-containing substances is called borate minerals. In addition to being present in meteorites, these minerals are also present in the crust of the planet. Detergents, paints, sealants, and explosives are among the products made using borate minerals. Additionally, the manufacture of glass, pottery, and enamels uses raw materials derived from borates. The rise in demand for borate minerals from a variety of applications is responsible for the expansion of the global market for these minerals. Additionally, the boron mineral market is expanding as a result of the expanding population and rising economic levels.

COVID-19 Impact: The COVID-19 Underlying Condition Crippled the Market Growth

The mineral industry faces the same level of unpredictability as everyone else when it emerges from lockdown; there will likely be an initial position of excess, cash flow concerns, and the balance of supply and demand. In addition to posing significant problems for both individuals and organisations, COVID-19's escalation during 2020 has also, in some circumstances, created new chances to rethink the way we operate.

LATEST TRENDS

"Multiplying Application in Glass, Ceramics and Nuclear Shielding to Enlarge the Market Size"

Glass and ceramics are frequently made with the help of borate minerals. In the upcoming years, the demand for borate minerals is anticipated to be driven by the robust growth of the glass and ceramics industries worldwide. Borates are also employed in glass-forming processes, where they alter the glass' structure and increase its resistance to heat and chemicals. Borates are used in durable fibreglass, specialised glasses, and ceramic glazes. One of the most crucial parts of today's display panels for computers, televisions, smartphones, and other gadgets are borate glasses. Borates have a number of essential uses, including nuclear shielding. Borates are used to shield the safety and control of nuclear reactors used in medical therapies because of their special capacity to absorb radiation.

SEGMENTATION

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• By Type

Based on type the borate mineral market is classified as nesoborates, inoborates, phylloborates, tektoborates and others.

• By Application

Based on application the borate mineral market is classified as fiberglass minerals, ceramics, washing, insulating materials, flame retardants, medicine, agriculture and Others.

DRIVING FACTORS

"The Application of the Mineral in Agriculture Sector will Drive the Market "

The agriculture industry emerged as the leading application with a revenue share of over 60%. The market for borate minerals is anticipated to be driven by the expansion of the agriculture sector. This is a result of the rise in demand for agrochemicals like fertilisers. Borates are a crucial component of higher plants, and this chemical is widely utilised in agriculture to increase crop productivity and quality. Borates are used in the formulation of several pesticides as well. It has a strong antifungal and antibacterial effect and is frequently used to increase the toughness of wood-based construction items. Borates safeguard the wood by eliminating pests that harm it. The utilization as fertilisers is anticipated to boost the borate mineral market growth dramatically over the next several years due to the growing population and increased need for food.

"Rising Demand From Emerging Economies will Boost the Market Growth"

Many emerging economies, including China, India, Brazil, and others, are experiencing tremendous economic expansion. Consumers' discretionary income is rising as a result, encouraging them to spend more on luxury goods like automobiles and electronics. Over the following several years, this is projected to lead to an increase in demand for goods made from borate minerals, such as LCD displays and automobile batteries.

RESTRAINING FACTORS

"Certain Side Effects and Allergies of the Mineral will Hamper the Market Growth"

In general, it is not advised to use borax internally. It could irritate skin because of its very alkaline nature. Additionally, there are reports of the foetus suffering negative reproductive and developmental effects. Its prolonged usage is not advised because to the risk of renal impairment brought on by the body's buildup of borax. Due to its toxicity, it may also result in tiredness or vomiting. According to some research, it might also harm genetic material and lymphocytes, which are the immune system's basic units.

REGIONAL INSIGHTS

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"Asia Pacific To Lead The  Market With Rising Demand and Volume Production"

In terms of volume and revenue, Asia Pacific led the global borate mineral market share. The need for food products has increased as a result of the rising population and quick urbanisation, and this demand will continue to grow during the forecasted time period, driving up consumption of boron minerals. The world's largest user of borate comes from this area. Many electric and electrical corporations, as well as agricultural products, are based in Asia Pacific. The United States and Canada dominated the borate markets in North America. China accounted for the region's highest demand for borate, followed by India, Japan, and Indonesia. In the foreseeable future, the demand for borate is anticipated to increase as a result of these regions' continued economic development and expansion of their electronics industries. For the market's end-use industries, this region is tremendously profitable.

KEY INDUSTRY PLAYERS

"Prominent Manufacturers to Contribute Towards Expansion of Market"

The report is an extensive research which presents the historic and futuristic performance of industry with competitive landscape analysis which incorporates prominent key players ,and revenue trends of industry. The report provides substantial analysis of company profiling, growth insights, supply-demand chain, production and consumption demand, business expansion strategies adopted by top key players. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and other factors.

List of Market Players Profiled

• Quiborax (North Africa)
• Searles Valley Minerals (U.S.A)
• Dashiqiao Yongtai Borax Factory (U.S.A)
• Danpeng Chemical (China)
• Dandong Glory Boron Alloys (China)
• Eti Maden (Turkey)
• Borax (U.S.A)
• Mining Chemical Company Russian Bor (Russia)
• Dalian Jinma Boron Technology Group (China)
• Liaoning Shougang Boron Iron (China)
• Inkabor (Italy)
• Etimine (U.S.A)
• Jinma(Kuandian) Boron Rock (China)
• Dashiqiao Huaxin Chemical (China)
• Minera Santa Rita SRL (MSR) (U.S.A)
• Sociedad Industrial Tierra (U.S.A)
• Orocobre (Australia)
• Qinghai Jiahua Jiangyuan (China).

REPORT COVERAGE

The report anticipates a detailed analysis of the global market size at the regional and national level, the segmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Analysis of sales, the impact of the market players,  recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.