Global Borate Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Borate Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Borates are the name for a large number of boron-containing oxyanions. The term borates may also refer to tetrahedral boron anions, or more loosely to chemical compounds that contain borate anions of either description. Borates are naturally-occurring minerals containing boron, the fifth element on the Periodic Table. Trace amounts exist in rock, soil and water. Plants need them to grow. People need borates, too, as an important part of a healthy diet and an essential ingredient in many products necessary for an acceptable standard of living.

Market Overview:

The latest research study on the global Borate market finds that the global Borate market reached a value of USD 2590.25 million in 2022. It’s expected that the market will achieve USD 3210.88 million by 2028, exhibiting a CAGR of 3.64% during the forecast period.

Due to the presence of various electric and electronic firms, as well as agricultural products, Asia Pacific is expected to have a strong demand for borate. 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. China had the highest demand for borate in the Asia Pacific, followed by India, Japan, and Indonesia. The demand for borate is expected to rise during the forecast period as these regions' economies develop and the electronics sector grows.

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 fiberglass, specialized 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. Moreover, 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.

In general, it is not advised to use borax internally. It could irritate the skin because of its very alkaline nature. Additionally, there are reports of the fetus suffering negative reproductive and developmental effects. Its prolonged usage is not advised because of 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.

Region Overview:

In 2021, the share of the Borate market in Europe stood at 56.53%.

Company Overview:

Etimine
Eti Mine Works is a Turkish state-owned mining and chemicals company focusing on boron products. It holds a government monopoly on the mining of borate minerals in Turkey. Products include ground mineral ores and various grades of boric acid and sodium borates, as well as specialty products such as DOT (disodium octaborate tetrahydrate).

Rio Tinto

Rio Tinto Operates California’s largest open pit mine in Boron, which supplies nearly half the world’s demand for industrial borates. It Serves customers in nearly 100 countries.

Segmentation Overview:

Among different product types, Borax segment is anticipated to contribute the largest market share in 2027.

Application Overview:

By application, the Glass segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Borate market covered in Chapter 3:

Borax Argentina S.A
Sociedad Industrial Tierra
Rio Tinto
Quiborax
Liaoning Shougang
Searles Valley Minerals
Inkabor
Jinma Boron
Etimine
Minera Santa Rita SRL (MSR)

In Chapter 4 and Chapter 14.2, on the basis of types, the Borate market from 2018 to 2029 is primarily split into:

Boric Acid
Borax
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Borate market from 2018 to 2029 covers:

Glass
Ceramics
Detergents
Agriculture
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)