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

Global Borates 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 which 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 Borates market finds that the global Borates market reached a value of USD 4155.58 million in 2022. It’s expected that the market will achieve USD 5349.8 million by 2028, exhibiting a CAGR of 4.3% during the forecast period.

High market concentration

The market concentration is very high and is basically monopolized by the two companies Rio Tinto Minerals and Eti Maden (Turkey). It is easy to form the Matthew effect. Unless there is a major technological breakthrough, it is difficult for new entrants to form an advantage to break this monopoly.

Trade protection policy

The risks of trade protectionism are rising, with broad ramifications at America and among its trading partners, especially in Asia, which accounts for 67% of the U.S. goods trade deficit. While increased protectionism is not the base case, the risk of it occurring is meaningful. Such policies might improve U.S. economic conditions in the near term, but the long-range effects of protectionism—from proposed tax reform to import tariffs and potential renegotiation of free-trade agreements—would be negative, both domestically and globally.

Stronger middle class

Growth and value will be a function of understanding opportunities in the emerging cities and countries where growth is fueled by demand from a stronger middle class.

Global economic growth

Overall China GDP growth is slowing, but China demand for borates remains robust. The US is back on the path of growth, and Europe is stabilizing.

Region Overview:

Geographically, Europe held the largest market share – 49.42% in 2021.

Company Overview:

Etimine is one of the major players operating in the Borates market, holding a share of 42.31% in 2022.

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.

Rio Tinto

Rio Tinto Operates California’s largest open pit mine in Boron, California One of two world-class borate deposits on planet Supplies nearly half the world’s demand for industrial borates Serves customers in nearly 100 countries.

Segmentation Overview:

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

Boric Acid

Boric acid is a weak, monobasic Lewis acid of boron, which is often used as an antiseptic, insecticide, flame retardant, neutron absorber, or precursor to other chemical compounds. It has the chemical formula H3BO3 and exists in the form of colorless crystals or a white powder that dissolves in water.

Borax

Borax, also known as sodium borate, is an important boron compound, a mineral, and a salt of boric acid. Powdered borax is white, consisting of soft colorless crystals that dissolve in water. A number of closely related minerals or chemical compounds that differ in their crystal water content are referred to as borax, but the word is usually used to refer to the decahydrate.

Application Overview:

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

Glass

Borates are widely used in glass. It improved glass fiber (strength), moisture resistance (IFG and TFG), glass fiberization (strength) and resistance to moisture (IFG & TFG). Also it reduced glass batch melting point, viscosity, thermal expansion coefficient.

Agriculture

Boron is an essential nutrient for growth and development of healthy plants. Boron compounds are used in small concentrations as micronutrients in fertilizers. When used in large concentrations they function as herbicides, algaecides and other pesticides.

Ceramics

Borates are essential ingredient in ceramic glazes and porcelain (vitreous) enamels. Glazes are the thin, glassy coatings fused onto the surfaces of ceramic substrates such as wall and floor tiles, tableware (e.g. bone china, porcelain), and ceramic sanitaryware.

Detergents

Borates’ unique properties serve to enhance stain removal and bleaching, stabilize enzymes, provide alkaline buffering, soften water and boost surfactant performance. Because borates act as a biostat, they also serve to control bacteria and fungi in personal care products.

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

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

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

Boric Acid
Borax

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Borates 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)