Boron Fertilizers Market to Exceed USD 4.32 Billion by 2028, COVID-19 Impact and Global Analysis by The Insight Partners

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PUNE, India, Oct. 12, 2021 /PRNewswire/ -- According to our new research study on "Boron Fertilizers Market to 2028 – Global Analysis and Forecast – by Source and Application," the market is expected to grow from US$ 2,457.69 million in 2021 to US$ 4,316.08 million by 2028; it is expected to register a CAGR of 8.4% during 2021–2028. Boron fertilizers are agrochemicals that provide boron to plants for their healthy growth. Boron is a micronutrient required in a small quantity for the proper growth of the plants and to achieve a higher yield.The rising adoption of precision agriculture and the increasing trade of fruits and vegetables are driving the growth of global boron fertilizers market.

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In 2020, Asia-Pacific accounted for the largest share in the global boron fertilizers market. The boron fertilizer industry in the countries of Asia-Pacific has experienced a huge shift over the years. The region contributes to the largest share in the global fertilizer consumption owing to the increasing awareness among the farmers regarding the importance of micronutrients coupled with rising production of fruits and vegetables in the region. In 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, and zinc, into the soil. The focus toward land efficiency has perpetually increased in the region, which demands the use of micronutrients such as boron fertilizers.

Impact of COVID-19 Pandemic on Boron Fertilizers Market

The COVID-19 pandemic has been adversely affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global agricultural industry is one of the industries that are suffering various serious disruptions, such as supply chain breaks, labor shortage, and uncertain demand. Shutdown of various plants and factories has restricted the global supply chains and negatively impacted the manufacturing activities, delivery schedules, and products sales in the global market. 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 anticipated to affect the fertilizers industry in a negative manner and thus act as restraining factors for the growth of various markets related to this industry in the coming months.

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Rising Adoption of Precision Agriculture to Boost Market Growth

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 fertilizers in a precise way to the plant so that the quantity lost would be minimal and the crops require the desired amount of nutrients. Hence, the use of precision farming methods in crops is perceived to be one of the remarkable trends, significantly contributing to the growth of the boron fertilizer market as it helps in determining the amount of boron required to achieve high quality yield.

Boron Fertilizers Market: Segmental Overview

Based on source, the 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. However, the boric acid segment is expected to register the highest growth rate during the coming years. By application, the boron fertilizers market is segmented into oilseed and pulses, fruits and vegetables, cereals and grains, and others. The fruits and vegetables segment dominated the market in terms of value in 2020 and is expected to register the highest CAGR during 2021–2028.

Boron Fertilizers Market: Competition Landscape and Key Developments

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 are among key companies operating in the global boron fertilizers market. These companies operate their production and distribution services in various countries worldwide, which helps them in catering to a wider customer base. These market players are highly focused toward the development of high quality and innovative product offerings.

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