Home » Global Boron Compounds Market Driven by Fiberglass Demand
According to a recent report by Transparency Market Research, the global boron compounds market was valued at $1.98 billion in 2013 and is anticipated to reach $3.15 billion by 2020, expanding at a compound annual growth rate (CAGR) of 6.9% between 2014 and 2020. In terms of volume, the global boron compounds market stood at 1,759 kilotons in 2013.
Boron compounds are commonly used in fiberglass. Increasing demand for fiberglass in the building and construction industry is expected to drive the growth of the boron compounds market. In addition, demand for boron compounds is estimated to rise significantly in insulation fiberglass applications, especially in Europe, due to the implementation of stringent building standards regarding heat conservation. Companies are focusing on the development of boron compounds, specifically for the fiberglass and borosilicate glass industries, due to this high demand. However, the availability of substitutes and highly concentrated boron reserves could hamper market growth in the next few years.
Based on product types, boron compounds are divided into three segments: borax, boric acid and others (including sodium metaborate, sodium perborate, boron oxide and boron trifluoride). Boric acid is expected to be the fastest-growing segment during the forecast period due to its fluxing properties and applications in fiberglass and borosilicate glass. The others segment accounted for 19.1% of the global boron compounds market in 2013.
Application segments include borosilicate glass, fiberglass, agriculture, ceramics, detergents and soaps, and others. Among these, fiberglass is primarily expected to boost demand for boron compounds in the market. The fiberglass segment accounted for more than 31% of the global boron compounds market in 2013. Borosilicate glass was the second-largest application segment in 2013. Boron compounds have been experiencing high demand from borosilicate glass, as it exhibits exceptional performance at high temperatures. This is one of the major factors driving the borosilicate glass application segment. The others segment includes cellulose insulation and tanning applications.
Asia-Pacific is anticipated to be the highest revenue generator and fastest-growing market during the forecast period between 2014 and 2020 and accounted for over 54% of the share in 2013. Increasing demand for ceramics and glass applications in end-user industries is expected to boost demand for boron compounds in the region. Asia-Pacific accounted for more than half of the global volume for boron compounds in 2013. The market for boron compounds in the region is likely to expand at a CAGR of approximately 6% between 2014 and 2020. Furthermore, demand for boron compounds in conventional crops has been increasing significantly, due to rising agricultural activities globally. Europe and North America are anticipated to experience moderate growth compared to Asia Pacific.