Albany, NY -- (SBWIRE) -- 03/13/2015 -- The global boron market is mainly driven by the Chinese boron market which is witnessing significant growth. Boron refers to a chemical element that is synthesized by cosmic ray nuclear reaction. Boron is a low-abundance element in the earth's crust as well as in the solar system. Boron is a very tough and strong element and exhibits high resistance to heat. In its crystalline version, boron is highly inert; and the amorphous form of boron is reactive.

Boron is extensively used for controlling nuclear reactions, and it is also a very good neutron absorber. Control rods in nuclear reactors make use of boron when it is either alloyed with steel, or is reacted with titanium, zirconium, or maybe carbon. Chemically uncompounded boron that is often classified as metalloid is found in trace amounts in meteoroids, but not on the earth. Boron is mostly used in the form of chemical compounds. Interestingly, boron is also a very essential plant nutrient.

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Global Boron Market – Segmentation and Application

The mining of boron takes place in four forms which include ulexite, colemanite, kernite, and tincal. Boron is widely applied in different types of industries like construction, fiber class, detergents, agriculture, borosilicate glass, ferro boron, insulation grade materials, and ceramics. The global boron market is driven by the construction and building industries. The construction industry is fueled by better building standards, and the ever growing world population.

The largest share in the application segment in the boron market is held by fiberglass. Fiberglass is used extensively in developing road structures and infrastructure like bridges, roads, and others. In fact, this trend is creating newer opportunities for the boron based market for fiberglass.

Insulation fiberglass that is boron based is witnessing high demand due to greater construction activity and initiatives being taken by the governments to decrease excessive consumption of energy. The application scope of boron is increasing owing to factors like greater research and development, and technological advancements for improving the properties and characteristics of boron.

Growth Drivers and Restraints in the Global Boron Market

Geographically, the largest consumer of boron based items operating in the global boron market is China. Highest reserves of boron are found in the US and Turkey. And these countries are the producers of refined and natural borates. The largest producer of boron and its derivatives in the global boron market is Turkey. Due to factors like rising construction activities, and China being the biggest producer of textile grade material, the boron markets of Turkey and the US are concentrating more on the Chinese market.

The second largest market for boron and its derivatives in the global boron market is the US. This region is also the biggest manufacturer of insulation grade material. Since the cost of production in Europe is quite high, the European boron market is growing at a slower pace as compared to the Asia Pacific region. Because the cost of production in the economies of the Asia Pacific is quite low, there has been a shift of focus from manufacturing of ceramics, textile-grade fiberglass, and borosilicate glass in Europe and North America to the countries of the Asia Pacific. The demand for textile-grade fiberglass is derived from rising demand for electronic goods.

The boron market in Turkey will be driven by capacity expansion projects for calcined tincal, refined borates, and boron oxide in the years to come.

It is expected, that the global boron market will be driven by high demand for boron fiberglass from the market for reinforced plastics in the forthcoming years. The main restraints facing the global boron market are complex manufacturing processes, low abundance of boron, and highly concentrated reserves.

Some of the prominent players operating in the global boron market are Manufacturas Los Andes, ETI mines, Quiborax, and Rio Tinto.

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