Calcium Borate Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Natural, Man-Made), By Application (Fertilizer, Flame Retardants, Fluxing Agent, Glass Fiber, Others), By Industry Vertical (Agriculture, Metallurgy, Automotive, Electrical & Electronics, Building & Construction, Others), And By Geography - Forecasts From 2023 To 2028

Calcium borate is an anhydrous form of colemanite that is formed as a result of the chemical reaction of boric acid with calcium metal. The compound owing to its rich chemical properties has high industrial applications. Such as in the building & construction sector it is used as a fluxing agent during cement making, it constitutes a major ingredient in glass fibers and reinforced plastics which are used in automotive bumpers, casings, and hoods. The growing demand for fuel-efficient vehicles coupled with improvements in living standards and rapid urbanization has increased the productivity of the automotive sector, especially for commercial vehicles. For instance, according to the International Organization of Motor Vehicles Manufacturers, in 2021, light commercial vehicle production reached 18.5 million units showing an 8% increase from 17.2 million produced in 2020. Furthermore, calcium borate also finds its usage in fertilizers, for improving fruit setting and pollination rates. The growing demand for food items has increased agricultural produce, thereby boosting fertilizer consumption for pest protection.

Based on industry vertical, the calcium borate market is segmented into agriculture, metallurgy, automotive, electrical & electronics, building & construction, and others. The building & construction sector is projected to hold a decent market share during the forecast period of the calcium borate market. Calcium borate as a fluxing agent is used in cement manufacturing as it lowers the surface tension and viscosity of the melt. Furthermore, having high thermal stability makes it an efficient ingredient to be used in fire resistance paints that are applied on construction materials to prevent them from damage during fire accidents. Growing investments in commercial and infrastructural projects and an increase in demand for residential units from the growing population have provided a major boost to the construction sector. For instance, according to the U.S Census Bureau data, construction spending for the first ten months of 2022 stood at US$1,507.8 billion representing a 10.8% increase over US$1,360.8 billion in 2021 for the same period. Moreover, the Indian Parliament, in March 2021, passed a bill to set up National Bank for Financing Infrastructure and Development to finance India’s infrastructure projects. Such developments will simultaneously increase the demand for calcium borate as a fluxing agent in cement production, thereby boosting its market growth during the forecast period.

Based on geography, the calcium borate market is segmented into, North America, South America, Europe, the Middle East and Africa, and Asia Pacific. The Asia Pacific region is expected to constitute a major market share in the calcium borate market during the forecast period. Major Asia-Pacific countries such as China, India, and Japan among others are experiencing a significant increase in their industrial productivity for major sectors such as automotive, building & construction, and metallurgy which is anticipated to boost the market demand for calcium borate in the region. The rapid urbanization rate is also acting as a driving factor for growing industrial activities, which is further expected to push the market of calcium borate in Asia Pacific.

The growing crude steel production is positively impacting the market growth of calcium borate.

Calcium borate as a fluxing agent is used in metallurgy for reducing the melting temperature, and improving fluidity and steel’s strength. With the growing automotive production and construction activities, the industrial demand for metals such as steel has shown a significant increase over the years thereby boosting its production scale globally. For instance, according to the World Steel Association, in September 2022, the global crude steel production for 64 countries that reported to the association was 151.7 million tonnes which represented an increase of 3.7% over the September 2021 production scale of 146.3 million tonnes. Furthermore, as per the same source, steel production at the regional level such as the Middle East witnessed a growth of 15.4%, followed by Asia & Oceania with 10.6%, and Africa showing 1% growth. With such an increase in the production volume of steel, the demand and usage of calcium borate as fluxing agent is also expected to increase, thereby boosting the market growth of calcium borate in the future.

Covid-19 Impact on the Calcium Borate Market.

The global lockdown and restrictions relating to trade, logistics, and workplace implemented to prevent the widespread COVID-19 pandemic disrupted the growth of the calcium borate market in 2020 as there was a decrease in the availability of necessary raw material and human workforce in major sectors such as automotive and building & construction which reduced their productivity. Moreover, the reduction in demand from end users further impacted the growth of these sectors. For instance, according to the International Organization of Motor Vehicle Manufacturers data, in 2020, global automotive production experienced a 13% decline in production at 77.7 million units in comparison to the 92.2 million units produced in 2019. Moreover, according to the Canada Mortgage and Housing Corporation, in April 2020, housing starts in Canada stood at 64,633 units showing a significant decrease of 72.2% in comparison to the 232,217 units of construction started in 2019 for the same month. However, with the ease in the COVID restriction shown by the government, the productivity of such major end users of calcium borate is showing a steady increase which will further enhance in the future, thereby providing a positive outlook to the calcium borate market.

Products

Merck KGaA – The company provides technical grade calcium borate in powder form which is used as an additive for improving nickel-metal hydride battery performance. Also, it is applied in calcium-doped borate glass making.

Calcium Borate Market Scope:

Market Segmentation:

• By Type
  • Natural
  • Man-Made
• By  Application
  • Fertilizer
  • Flame Retardants
  • Fluxing Agent
  • Glass Fiber
  • Others
• By Industry Vertical
  • Agriculture
  • Metallurgy
  • Automotive
  • Electrical & Electronics
  • Building & Construction
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • Israel
    • United Arab Emirates
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Indonesia
    • Thailand
    • Taiwan
    • Others