Asia Pacific Boron Fertilizers Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Source and Application

Asia Pacific Boron Fertilizers Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Source and Application

  • July 2021 •
  • 93 pages •
  • Report ID: 6134564 •
  • Format: PDF
The boron fertilizers market in APAC is expected to reach US$ 1,560.69 million by 2028 from US$ 895.58 million in 2021. The market is estimated to grow at a CAGR of 8.3% from 2021 to 2028. Precision agriculture (PA) is a science of enhancing crop productivity by incorporating the use of high technology sensor and analysis tools. Precise fertilizer application techniques are the future of agriculture, in which micronutrients such as boron, zinc and iron are supplied in controlled way with minimized losses to the environment, caused by leaching to groundwater. It is significant to supply them in a precise way to the plant, so the quantity lost would be minimal and the crops require the desired amount of nutrients. Precision agriculture is considered a novel concept, which focuses over boosting the overall production with minimal labor time and proper management of fertilizers and irrigation facilities. It is an advanced method wherein the farmers optimize the use of water, fertilizer, and other additives to enhance productivity, quality, and yield. Additionally, growing need for exotic fruits and vegetables is among the other factors expected to positively influence the demand for APAC boron fertilizers market.
The fruit and vegetables segment led the APAC boron fertilizers market based on type in 2020.The fruits and vegetables require light, moisture, and nutrients to grow.

The sun provides light, while the moisture comes from rainfall or irrigation.Nutrients are obtained from micronutrients, fertilizers, compost, or manure.

If the fruits and vegetables are not growing well, fertilizing them will help gain the lack of nutrients being the cause of the problem.Boron plays a critical role in vegetable plants.

It is essential for protein synthesis, cell wall production, carbohydrate metabolism, sugar translocation, hormone regulation, pollen grain germination and pollen tube growth, fruit set, and seed development. Boron (B) is a micronutrient that is required in very limited quantities, and there is a narrow range of safety when applying boron because toxicities will occur if too much is added. The amount of boron required by vegetables varies significantly. Broccoli, cabbage, cauliflower, beets, spinach, turnips, and rutabaga are all high-B-requirement crops Asparagus, carrots, cucumbers, eggplants, leeks, muskmelons, okra, onions, parsnips, radishes, squash, strawberries, sweet corn, tomatoes, and potatoes are medium boron requirement crops. Boron fertilizer is essential for a variety of plant functions, including cell wall formation and stability, the structural and functional integrity of biological membranes, the movement of sugar or energy into plant growing sections, and pollination and seed set. With the growing population all over the globe, the demand for fruits and vegetables has also been increasing.
The COVID-19 is anticipated to cause a significant economic loss in the Asia Pacific especially in developing countries like India.The consequences and impact can be even worse and totally depends on the spread of the virus.

The governments of various Asia-Pacific countries are taking possible steps to restrict the spread of the virus by announcing lockdown, which in turn has negatively impacted the revenue generated by the market.The Government have asked the manufacturers to delay their production which will adversely affect the global supply of fertilizers.

The Airports Council International (ACI) Asia Pacific warned that the prolonged duration of the COVID-19 would drastically impact the region’s airports’ connectivity and economic sustainability, significantly restricting them from achieving previously forecasted growth prospects.Such closures are anticipated to negatively impact market growth in the coming period.

Till now, India has the highest number of COVID-19 confirmed cases.
The overall APAC boron fertilizers market size has been derived using both primary and secondary sources.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.

The process also serves the purpose of obtaining overview and forecast for the APAC boron fertilizers market with respects to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.

The participants who typically take part in such a process include industry expert 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 APAC boron fertilizers market. Eti Maden; MCC Russian Bor; Minera Santa Rita S.R.L; Quimical Tierra; Rose Mill Co.; Valagro S.P.A.; and Yara are among a few players operating in the APAC boron fertilizers market.
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