Boron is a micronutrient critical for the growth and the health of all crops. Boron fertilizer plays a key role in diverse range of plant function including cell wall formation and stability, maintenance of structure and functional integrity of biological membranes, movement of sugar or energy into the growing parts of a plant and pollination and seed set. The inadequate supply of nutrients affects the plant growth and results in quality losses of the plant. Thus, boron fertilizer is an essential nutrient for the plant development, which gives a rise for the growth of boron fertilizer market globally. The rising demand for food with growing population is creating a need for high yield crops in developing countries which interns expected to boost boron fertilizers market.
Availability of organic substitute of crops along with high prices of boron fertilizers are some of the main trends hindering the growth of the market.
Covid-19 Impact Analysis
- The coronavirus's unfavorable global effects are already evident, and they will have a big impact on the boron fertilizers in 2020.
- The World Health Organization has declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths all across the world. Exports & Imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
- The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy's already sluggish development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
- The lockdown has resulted in hampering the imports and exports of various goods. Also, the uncertainty created in the market in the consumers’ buying pattern has resulted in hampering of the boron fertilizers market.
Top Impacting Factors
Rise in investment in agricultural sector and horticulture sector, increasing concern for soil structure and rise in demand for high yields globally are the factors for the growth of boron fertilizers market. Similarly, some underdeveloped and developing country lack problem of food storage due to poor infrastructure facilities. The rising demand for food with growing population is creating need for high yields crops in these countries, which in turn is expected to boost the boron fertilizers market. The production and export of fruits and vegetables have led to increase in crop plantation area. This create a demand for crops sustaining and protecting fertilizers market for high yield, which in return is expected to drive the road for boron fertilizers market across the globe.
Market trends
- Rise and demand for better soil profile for the crop yields.
- Increase in concern of the soil profile and nutritional equilibrium and rise in demand for high yields are expected to drive the boron fertilizers market.
- Increase in demand for food in the developing economies of Asia-Pacific and African countries.
- Demand for food is increasing due to rise in population. Underdeveloped and developing countries lack proper infrastructure for storage and distribution of food grains and edible agricultural produce. Demand to improve the yield of crops is high to cater to increasing demand for food in these countries. Use of advanced agrochemicals is necessary to meet these needs and this is where the demand of fertilizers across the globe is expected to expand.
- Advancements in agricultural process and decreasing land area for crop production are the key drivers for the market.
- Expansion in agriculture and horticulture sectors across the globe due to increase in population, is one of the major factors that is affecting the demand for the fertilizers. Also, due to rise in concern over the current pattern of use of fertilizers, for nutrition management, decline in soil fertility and weak marketing and distribution systems are the major restraints in the market. These concerns create opportunities for bio fertilizers and micronutrients fertilizers and hence, the boron fertilizers market is anticipated to expand.
Key Benefits of the Report
- This study presents the analytical depiction of the boron fertilizers industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the boron fertilizers market share.
- The current market is quantitatively analyzed to highlight boron fertilizers market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed boron fertilizers market analysis based on competitive intensity and how the competition will take shape in coming years.
Key Market Segments
- By Type
- Boracic Acid
- Borax
- Others
- By Application
- Oil Crops
- Grain Crops
- Vegetables
- Others
- By Region
- North America
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Kuraray Co., Ltd
- EVAL Europe N.V
- INEOS
- Honeywell International, Inc.
- DuPont
- NOVA Chemicals Corporation
- Valspar Corporation
- INVISTA
- Mitsui Chemicals, Inc.
- The Dow Chemical Company
Other Key Market Players