Boron Fertilizers Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Source and Application

Boron Fertilizers Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Source and Application

  • May 2021 •
  • 139 pages •
  • Report ID: 6099449 •
  • Format: PDF
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 8.35% during 2020-2028.

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.

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.

The global boron fertilizers market is segmented into five main regions—North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and South and Central America (SCAM).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.

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.

The size of overall global boron fertilizers market has been derived using both primary and secondary source.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

Also, multiple primary interviews have been conducted with industry participants to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the boron fertilizers market.
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