LOS ANGELES, Jan. 31, 2019 (GLOBE NEWSWIRE) -- In a new report released by QY Research, the global boron market is projected to rise at a moderate CAGR of 4.5% between 2019 and 2025. Titled “Global Boron Forecast & Opportunities 2019,” the report includes a forecast where the global market value is expected to touch over US$ 2,500 Mn by the end of 2025. In 2018, the global market revenue was more than US$ 2,000 Mn.
Global Boron Market: Drivers and Restraints
From touchscreens to wind turbines, boron is used as a vital component in their manufacture. The global boron market is prognosticated to achieve growth on the back of the rising penetration of fiberglass in markets that are traditionally held by steel and concrete. It is anticipated to gain from the increasing application of fiberglass in turbine blades used for generating wind power. The swelling demand for electronic products is also expected to drive the market growth.
Players are foretold to take advantage of new opportunities created as a result of the high fiberglass demand in the construction of public structures such as roads and bridges. Thus, increased construction spending is expected to push the demand in the global boron market.
However, there are some factors predicted to inhibit the growth of the global boron market, such as multifaceted manufacturing process, high concentrated reserves, and scarcity of boron. Nevertheless, high technological advancement that has not only increased the application of boron but also improved the properties of boron-based materials is envisaged to work in the favor of the global market. On the other hand, improving living standards and increasing global population are prophesied to positively impact the global market growth.
Global Boron Market: Forecast by Type and Application
On the basis of type, the global boron market is classified into mine source and salt lake source. The report includes key applications of boron, viz. detergents, agriculture, ceramics, glass, and others. Among these, glass and ceramic are expected to generate robust demand for boron. However, glass is foreseen to take the lead in the global market in terms of demand. In 2017, it accounted for a substantial consumption share of the global market.
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Global Boron Market: Forecast by Region
The authors of the report have analyzed four regions and countries to study the global boron market: Japan, China, Europe, and North America. In terms of consumption, Asia and North America are anticipated to grow in prominence. As key consumers of boron, these two regions secured a handsome aggregate share of the global market in 2017. On the other hand, the U.S. and Turkey contribute a significant percentage of the global output.
Global Boron Market: Key Players
There are six manufacturers covered in the report, viz. Quiborax, Borax Argentina, Minera Santa Rita, Searles Valley Minerals, Rio Tinto, and Eti Maden. Each manufacturer studied in the report is profiled on the basis of different factors such as gross margin, price, revenue, production, and product specification and application. The analysts also consider the markets served, areas served, and production sites to closely study the manufacturers.
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