Borosilicate Glass Continues to Dominate Demand for Anhydrous Borax
Increasing demand from the solar energy sector is one of the major trends being witnessed in the global anhydrous borax market.
The global anhydrous borax market is projected to grow at a CAGR of nearly 6% from 2018-2022, according to a Technavio market research report. Increasing demand from the solar energy sector is one of the major trends being witnessed in the global anhydrous borax market. The rising demand for borosilicate glass, due to the green energy policies and fossil energy costs, is expected to fuel consumption of anhydrous borax.
Solar collector tubes at power stations and solar water heating use collector tubes made of borosilicate glass to gather the reflected radiation to generate electricity. Specialized borosilicate glasses are also used in photovoltaic cells that have high impact resistance, compatibility and strength-to-weight ratio. Growth in the global renewable energy industry is mainly driven by voluntary procurement of solar projects by corporations and utilities.
According to Technavio analysts, one of the key factors contributing to the growth of the global anhydrous borax market is increasing demand from developing countries. Developing economies such as China, Brazil, the Philippines, and Indonesia display a high demand for anhydrous borax. Several factors (e.g., availability of raw materials, land, and low-cost labor; low transportation costs; and comparatively lenient government regulations and policies) are enabling several vendors of anhydrous borax to shift their manufacturing bases to these countries.
Compared to glazes/enamels and agriculture, the glass segment held the largest share of the anhydrous borax market in 2017, accounting for 48% of the market. Glass is expected to continue to dominate the global market throughout the forecast period.
Regionally, Asia-Pacific led the market in 2017 with a market share of over 55%. The region is expected to dominate the market through 2022, increasing its market share by over 1%.
Additional details are available at www.technavio.com.