Latest News- Boron Market: Glass is expected to lead the Application segment during 2024-2028

The Boron Market is being driven by Increase in demand from developing countries

The Boron Market is expected to grow at a CAGR of 10.13% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1533.04 million. The boron market is poised for growth due to the increasing demand for borosilicate glass in solar thermal heating applications. In both domestic and industrial solar systems, borosilicate glass tubes serve as solar collectors, capturing solar energy. The industrial-scale solar power plants utilize large-diameter glass tubes to transport heat transfer fluids. The global renewable energy industry's expansion is driven by the declining costs of solar technologies and the anticipated carbon-constrained future. Energy corporations and utilities are establishing solar projects, while governments worldwide focus on developing solar energy systems, further fueling market growth. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Glass
  • Fertilizers
  • Ceramics
  • Detergents
  • Others
• End-user
  • Construction
  • Agriculture
  • Personal care
  • Automotive
  • Others
• Geography
  • APAC
    • China
    • India
    • Japan
  • North America
    • US
  • Europe
    • Germany
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increase in demand from developing countries
• Growing demand for energy-efficient buildings
• Rise in consumer disposable income

However, the market also witnesses some limitations, which are as follows:

• Stringent regulations and policies
• Availability of substitutes
• Rising environmental concerns by using boron

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Market Scope in Boron Market Research Report

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Research Analysis Overview

Boron, a vital element in semiconductors, steel alloys, and thermal expansion mitigation, is sourced from boron mining. Its applications extend to diodes, electronic devices, and boron-containing fertilizers in agriculture. In industry, it's used in high-strength concrete, ceramics, and glass. Sustainable practices are essential due to habitat destruction from mining and boron deficit. Boron aids crop health and tolerance, with potential for genetic alteration. In daily life, it's found in kitchen cookware, tableware, and borates. Boron application includes cosmic ray spallation for real-time data and offline distribution in borates. Its high melting temperature ensures durability in infrastructure and glass containers.

Market Research Overview

The global boron market is a significant segment of the larger commodity chemicals market, which encompasses businesses primarily engaged in the production of industrial and basic chemicals, such as plastics, synthetic fibers, films, commodity-based paints and pigments, explosives, and petrochemicals. Boron's role in agriculture, specifically boron fixation and nutrition, recycling, and the mitigation of boron-deficient soils, leaching, and boron-induced stress, adds to its market value. The commodity chemicals market's expansion is anticipated to be fueled by the growing demand for plastic packaging, which is the most widely used material in the industry. Despite challenges related to boron toxicity and boron-related diseases, the market's potential applications in various industries ensure continued growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/