Boron Fertilizers Market: Introduction
- Boron is a micronutrient critical for the growth and health of all crops. Boron fertilizer plays a key role in a diverse range of plant functions including cell wall formation and stability, maintenance of structural and functional integrity of biological membranes, movement of sugar or energy into growing parts of plants, and pollination and seed set.
Key Drivers of Boron Fertilizers Market
- Increase in concern of the soil profile & nutritional equilibrium and rise in demand for high yield are expected to drive the boron fertilizers market. Growth in demand for boron fertilizers in emerging economies is likely to create lucrative opportunities for the boron fertilizers market in the near future.
- Increase in investment in the agricultural sector, especially in South Africa, is anticipated to boost the boron fertilizers market during the forecast period
- Demand for food is increasing due to the rise in population. Underdeveloped and developing countries lack proper infrastructure for storage and distribution of food grains and edible agriculture produce. Demand to improve the yield of crops is high to cater to the increasing demand for food. Use of advanced agrochemicals is necessary to meet these needs. This is propelling the demand for boron fertilizers across the globe.
- Expansion in agriculture and horticulture sectors across the globe due to the increase in population is estimated to drive the boron fertilizers market during the forecast period
- Rise in concern over the current pattern of usage of fertilizers, poor nutrition management, decline in soil fertility, and weak marketing and distribution systems are major restraints of the market. These concerns create opportunities for bio-fertilizers and micronutrient fertilizers. This is anticipated to fuel the boron fertilizers market.
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Regulatory and Environment Constraints Likely to Hamper Market
- Availability of organic substitutes of crops is projected to hamper the global boron fertilizers market. Regulatory and environmental constraints and high production costs are likely to act as drawbacks for the boron fertilizers market.
- Boron fertilizers are more expensive than a physical combination or blend of the primary nutrient sources, since they require additional processing. This is also projected to adversely affect the market.
Asia Pacific to Hold Large Share of Global Boron Fertilizers Market
- Asia Pacific was the leading region of the global boron fertilizers in 2018. In terms of consumption, the region accounted for 60% share of nitrogen consumption across the globe in 2018, with China representing approximately half of the consumption.
- China is the largest producer and consumer of boron fertilizers in Asia Pacific. Major Asia Pacific economies, such as China, Australia, New Zealand, and India provide vast opportunities for agriculture and horticulture sectors in the region. This is likely to fuel the boron fertilizers market in the region.
- In terms of demand, the market in Asia Pacific is followed by that in North America and Europe. The U.S. dominated the market in North America. The country is also the one of the largest importers of fertilizers in the world.
- Consumption of fruits and vegetables in Europe is likely to stabilize during the forecast period. This is due to market saturation in relation to necessary food intake. Consumption in terms of value is still growing. Import of horticultural products is rising faster than production in Europe. Stabilization of consumption of fruits and vegetables in Europe is anticipated to fuel the boron fertilizers market.
- South Africa is the largest exporter of fruits to Europe. Boron fertilizers are primarily used in South Arica for the production of fruits.
- Latin America is an important net exporter of food and agricultural commodities. The region is associated with the production and export of a diverse range of agricultural commodities. Brazil leads in terms of absolute agricultural GDP. It is the largest country in terms of land area and mouths to feed. This is estimated to boost the demand for boron fertilizers in the region.
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Key Players Operating in Market
The global boron fertilizers market is highly fragmented, with the top manufacturers accounting for approximately 45% to 50% share. Key players operating in the boron fertilizers market include:
- Russian Bor Concern OJSC
- Minera Santa Rita S.R.L.
- Eti Maden
- Searles Valley Minerals
Global Boron Fertilizers Market: Research Scope
Global Boron Fertilizers Market, by Type
- Boracic Acid
Global Boron Fertilizers Market, by Application
- Oil Crops
- Grain Crops
Global Boron Fertilizers Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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