The boron fertilizers market was valued at US$ 2,272.48 million in 2020 and is projected to reach US$ 4,316.08 million by 2028; it is expected to grow at a CAGR of 8.4% from 2021 to 2028.
Boron fertilizer is a micronutrient fertilizer that contains boron in it. Boron is a micronutrient required in small quantities for the decent growth of a plant and good yield. Growing awareness regarding the importance of boron in maintaining soil profile and nutritional balances of plants propels the growth of the market. However, the lack of awareness among farmers regarding the use of boron fertilizers and other micronutrients for proper crop growth and yield enhancement hampers the adoption of boron fertilizers in developing and least developed countries.
In 2020, Asia-Pacific accounted for the largest share in the global boron fertilizers market. The boron fertilizer industry in the countries across this region has experienced a huge shift over the years. The market growth in Asia-Pacific is driven by the increasing awareness among the farmers regarding the importance of micronutrients coupled with the rising production of fruits and vegetables in the region. In the Asia-Pacific, there is a significant decrease in arable land due to rapid urbanization. This generates the need to conversion and utilization of the remaining portion of infertile and barren land for agricultural purposes by infusing effective micronutrients such as boron, iron, zinc, and others into the soil. The rise in focus toward land efficiency demands the use of micronutrients, such as boron fertilizers.
Impact of COVID-19 Pandemic on Boron Fertilizers Market
The COVID-19 outbreak is adversely affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global agriculture industry is one of the significant industries suffering severe disruptions such as supply chain breaks, labor shortage, and uncertain demand. The shutdown of various plants and factories is disrupting the global supply chains and negatively impacting the manufacturing activities, delivery schedules, and products sales in the global market. A few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are hindering the business collaborations and partnerships opportunities. All these factors are affecting the fertilizers industry in a negative manner, which is restraining the growth of various markets related to this industry. However, COVID-19 vaccine has been developed by several companies across the globe. Many countries have started recovering from severe disruptions caused by COVID-19. With the introduction of vaccine, there is an ease in the restrictions imposed by governments. So, the global supply chain, manufacturing activities and product sales are getting back to normal. Therefore many fertilizer manufacturing companies have started their production, and research and development activities again.
Boron Fertilizers Market
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Market Insights
Rising Micronutrient Deficiency in Soil
Soil is one of the essentials required for farming since it offers nutrients to the plant. Healthy soil entails all the elements for the growth of a crop. Soil containing less nutrients either decreases the production or degrades the quality of agricultural products. Therefore, the quantity and proportion of macro and micronutrients in soil are essential to determine the health of soil. Soil health plays a major role in safeguarding significant production by enhancing the utilization of fertilizer and reducing its waste. Most of the growing area in developed countries has good productive soil with good organic matter; but, its fertility has gone down with increased production. Rising micronutrient deficiency in the soil, shifting consumer preference toward nutrient-rich foods, and growing population are the key factors driving the market's growth.
Source Insights
Based on source, boron fertilizers market is segmented into boric acid, borax, and others. The borax segment dominated the market in 2020 and is expected to maintain its dominance during the forecast period. Borax is a highly soluble boron source. It is readily absorbed by plants and has a major impact on all growth parameters. Since borax is extracted from boron, adding it to the soil helps plants grow in terms of health, development, and reproduction.
Application Insights
By application, the global boron fertilizers market is segmented into oilseeds and pulses, fruits and vegetables, cereals and grains, and others. The fruits and vegetables segment held the largest share in the market in 2020. Boron increases flower production and retention, pollen tube elongation and germination, and seed and fruit development. With the growing population across the world, the demand for fruits and vegetables is also increasing. The easy availability of products and developments in the agricultural market bolster the demand for the boron fertilizers, which drives the market growth for the fruits and vegetables segment.
Boron Fertilizer Market, by Application– 2020 and 2028
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Boron Fertilizers Market: Strategic Insights
Market Size Value in US$ 2,272.48 Million in 2020 Market Size Value by US$ 4,316.08 Million by 2028 Growth rate CAGR of 8.4% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Boron Fertilizers Market: Strategic Insights
| Market Size Value in | US$ 2,272.48 Million in 2020 |
| Market Size Value by | US$ 4,316.08 Million by 2028 |
| Growth rate | CAGR of 8.4% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Speak to Analyst
A few of the major key players operating in the global boron fertilizers market are Eti Maden, Minera Santa Rita S.R.L., ORO AGRI Europe, Valagro S.P.A., The Mosaic Company, Quiborax, Quimical Tierra, Rose Mill Co., MCC Russian Bor, and Yara. These market players are highly focusing on the development of high quality and innovative product offerings.
Report Spotlights
- Progressive industry trends in the boron fertilizers market to help players develop effective long-term strategies
- Business growth strategies adopted by developed and developing markets
- Quantitative analysis of the boron fertilizers market from 2019 to 2028
- Estimation of global demand for boron fertilizers
- PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry
- Recent developments to understand the competitive market scenario
- Market trends and outlook as well as factors driving and restraining the growth of the boron fertilizers market
- Assistance in decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
- Detailed overview and segmentation of the market, as well as the boron fertilizers industry dynamics
- Size of the boron fertilizers market in various regions with promising growth opportunities
Boron Fertilizers Market, by Source
- Boric Acid
- Borax
- Others
Boron Fertilizers Market, by Application
- Fruits and Vegetables
- Cereals and Grains
- Oilseeds and Pulses
- Others
Company Profiles
- Eti Maden
- Minera Santa Rita S.R.L.
- ORO AGRI Europe
- Valagro S.P.A.
- The Mosaic Company
- Quiborax
- Quimical Tierra
- Rose Mill Co.
- MCC Russian Bor
- Yara
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Source and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The major players operating in the global boron fertilizers market are Eti Maden, Minera Santa Rita S.R.L., ORO AGRI Europe, Valagro S.P.A., The Mosaic Company, Quiborax, Quimical Tierra, Rose Mill Co., and many others.
In 2020, the boron fertilizers market was predominant by Asia-Pacific at the global level. The primary factor driving the growth of the boron fertilizers market is for the utilization of boron fertilizers. Further, the rise in demand for boron fertilizers in Asia-Pacific is mainly attributable to the rapid development and advancement in agricultural practices in the two economies i.e., China and India. Japan is another significant contributor in the growth of boron fertilizer market in the region. The demand for boron fertilizers is very high in Asia-Pacific and the manufacturers & industrialists are waiting to take advantage of the situation to enlarge their business operations with improved economic conditions.
Among the segments of source, borax segment has led the market in 2020. The chemical compound borax, also known as sodium borate, has the formula Na2B4O7.10H2O. Borax is a highly soluble boron source; it is readily absorbed by plants and has a major impact on all growth parameters. Since boron is immobile in plants, it cannot be transferred to other tissues after it has been used in actively developing tissues. As a result, a constant supply of available boron is needed for plant uptake during its growth cycle. Since borax is extracted from boron, adding it to the soil will help plants grow in terms of health, development, and reproduction.
The List of Companies - Global Boron Fertilizers Market
- ETI MADEN
- MINERA SANTA RITA S.R.L
- ORO AGRI EUROPE
- VALAGRO S.P.A.
- THE MOSAIC COMPANY
- QUIBORAX
- QUIMICAL TIERRA
- ROSE MILL CO.
- MCC RUSSIAN BOR
- YARA
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- Data Analysis:
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- 3.1 Macro-Economic Factor Analysis:
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