Albany, NY -- (SBWIRE) -- 02/20/2019 -- The global market for boron compounds is growing at a substantial pace. The expansion of the application base and the easy availability of products are anticipated to offer promising growth opportunities for the key players operating in the market across the globe. In addition, the rising number of players expected to enter the global market is predicted to enhance the competition level as well as encourage the growth of the overall market in the near future.
According to the research report, in 2013, the global market for boron compounds was worth US$1.98 bn and is estimated to reach a value of US$3.15 bn by the end of 2020. The market is likely to exhibit a healthy 6.90% CAGR between 2014 and2020.
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Development of Fiberglass Industry to Bolster Global Boron Compounds Market
A significant rise in the fiberglass industry is considered as one of the key factors .estimated to encourage the growth of the global boron compounds market in the next few years. In addition, the rising demand for boric acid from the ceramic tile industry is expected to accelerate the overall growth of the market in the coming years. On the flip side, the high regional concentration of boron ore reserves and the easy availability of substitutes are projected to curtail the growth of the market in the forecast period. Nonetheless, the expansion of the product portfolio and the increasing number of applications, including the thermoplastic and medical industry are estimated to benefit the market leaders and fuel the growth of the boron compounds market in the near future.
On the basis of product type, the global boron compounds market has been categorized into boric acid, borax, and others. The others segment has been further sub-categorized into sodium perborate and boron oxide. As per the study, the boric acid segment is likely to register a strong growth throughout the forecast period. Furthermore, the market has been divided on the basis of application into agriculture, fire retardant, ceramics, cellulosic insulation, borosilicate glass, fiberglass, and detergents and soaps.
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Asia Pacific to Offer Promising Growth Opportunities in Coming Years
The global market for boron compounds has been categorized on the basis of geography into Latin America, North America, Asia Pacific, the Middle East and Africa, and Europe. In the last few years, Asia Pacific led the global boron compounds and is likely to remain dominant throughout the forecast period. According to the research study, this segment is estimated to register a healthy 6.0% CAGR between 2014 and 2020. The expansion of the application segment and the rising demand for boron compounds are anticipated to accelerate the growth of the Asia Pacific market in the next few years.