Boron Fertilizers Global Market Report 2024

Boron (B) fertilizer is a category of fertilizer that incorporates boron as a primary micronutrient to address boron deficiencies in soils, promoting improved plant growth and health. Its application is crucial for controlling plant hormone levels and fostering the overall well-being of plants.

The main types of boron fertilizers include boric acid, borax, boron calcium nitrate, boron humate, and others. Boric acid is a crystalline acid characterized by the formula B(OH)3. Boron fertilizers find application in various crop types, including cereals and grains, fruits and vegetables, oilseeds and pulses, among others. These fertilizers can be applied through methods such as foliar spray, soil treatment, and fertigation. The end uses of boron fertilizers span across agriculture, horticulture, floriculture, and other related sectors.

The boron fertilizers market research report is one of a series of new reports from The Business Research Company that provides boron fertilizers market statistics, including boron fertilizers industry global market size, regional shares, competitors with a boron fertilizers market share, detailed boron fertilizers market segments, market trends and opportunities, and any further data you may need to thrive in the boron fertilizers industry. This boron fertilizers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The boron fertilizers market size has grown strongly in recent years. It will grow from $2.77 billion in 2023 to $3.01 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth observed during the historical period can be attributed to several factors, including advancements in soil fertility research, efforts focused on improving crop yields, increased awareness of nutrient deficiencies in soils, growth in the mining industry (as boron is often mined for fertilizer production), and the evolution of the fertilizer industry. These factors collectively contributed to the recognition of boron as a crucial micronutrient in promoting soil health and enhancing crop productivity.

The boron fertilizers market size is expected to see strong growth in the next few years. It will grow to $4.11 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The anticipated growth in the forecast period can be attributed to the increasing adoption of precision agriculture practices, the impact of climate change on agricultural needs, initiatives promoting sustainable agriculture, biofortification programs aimed at enhancing nutrient content in crops, and the growing demand for organic farming methods. These factors are expected to drive the demand for boron fertilizers as essential components in modern agricultural practices. Major trends expected in the forecast period include the development of boron fertilization mapping techniques, the formulation of tailored crop-specific boron fertilizers, the adoption of microdosing and controlled-release technologies, the emergence of organic and eco-friendly boron fertilizers, and the introduction of bio-stimulant boron products. These trends reflect the industry's response to evolving agricultural practices, emphasizing precision, sustainability, and customized solutions for enhanced crop performance.

The burgeoning production of fruits and vegetables is poised to be a catalyst for the growth of the boron fertilizers market in the foreseeable future. Boron, essential for various physiological processes in plants such as protein synthesis, cell wall development, and fruit yield enhancement, plays a pivotal role in fruit and vegetable production. The use of boron fertilizers aids in maintaining optimal boron levels, crucial for pollen germination, fruit set, and yield augmentation. For instance, as per a report from Statistics Canada in 2022, the national production of fruits and vegetables surged by 6.1% to 3.5 billion kg. Notably, Ontario contributed 55.2% of all vegetable production, followed by Quebec (34.0%) and British Columbia (3.1%) in 2022. Fruit sales also exhibited substantial growth, escalating by 15.3% to $1.4 billion in the same year. Consequently, the increasing production of fruits and vegetables acts as a significant driver fueling the expansion of the boron fertilizers market.

The escalating food demands of a burgeoning global population stand as a pivotal factor propelling the growth trajectory of the boron fertilizers market. The rising need for food resources, driven by the expanding global population, necessitates the utilization of boron fertilizers to enhance crop yields and quality. These fertilizers address soil deficiencies in boron, facilitating crucial physiological processes in plants. For instance, statistics from the U.S. Census Bureau in September 2022 highlighted a 0.4% increase in the United States' resident population, totaling 333,287,557 in 2022. As the population grows, the demand for food resources rises, emphasizing the pivotal role of boron fertilizers in meeting these increased food demands and consequently driving the growth of the boron fertilizers market.

Product innovation emerges as a prominent trend shaping the trajectory of the boron fertilizers market, with major companies focusing on developing novel products to cater to evolving demands. An exemplar is U.S. Borax, a leader in borate production, which, in January 2021, introduced the ANHYBOR boron fertilizer. This innovative product offers dual application methods including a coating on various fertilizer products, such as NPK blends, and as a compound fertilizer enriched with boron. Unique for its complete water solubility yet resistance to rehydration during storage, ANHYBOR significantly benefits the manufacturing process of compound fertilizers. Its high boron content enables a reduced material requirement to attain desired boron concentrations, thus proving advantageous in compound fertilizer production.

Major companies in the boron fertilizer market are strategically investing in expanding their fertilizer production units to meet escalating demands and broaden their customer base. A pertinent instance is Israel Chemicals Ltd. (ICL), an Israeli fertilizer manufacturer, unveiling an extensive investment plan in Brazil in August 2023. The strategic initiative aims to boost fertilizer production capacity by 20% through controlled release technology. A substantial BRL100 million investment is designated for a new production unit, slated to commence operations in 2025. With a focus on expansion and agribusiness integration, the company allocated BRL70 million in 2022, doubling its 2021 investment. This strategic move positions ICL to effectively meet the mounting demand for water-soluble fertilizers and foliar fertilizers in the upcoming five years. The new plant, equipped with cutting-edge technology and an integrated control system, represents a significant advancement in fertilizer production, epitomizing ICL's commitment to innovation and meeting market demands. Notably, ICL has introduced a pioneering soil fertilizer, encapsulating nine essential nutrients, including boron, within a single granule, showcasing its innovation in addressing agricultural needs.

In January 2021, Rovensa, a prominent provider of agricultural solutions headquartered in Portugal, completed the acquisition of Oro Agri Europe, with the transaction amount undisclosed. This strategic acquisition is poised to significantly bolster Rovensa's client support infrastructure by providing enhanced marketing, sales, and research and development (R&D) assistance in regions already serviced by Rovensa's business units. Moreover, it aims to expand Rovensa's presence into territories currently not covered by its business units. Following the acquisition, customers of Oro Agri gain access to an extensive array of cutting-edge active ingredients and crop protection products offered by Rovensa. Oro Agri Europe, based in Portugal, specializes in manufacturing solutions catering to the agricultural and consumer industries, including boron fertilizers, bio-stimulants, and soil conditioners.

Major companies operating in the boron fertilizers market report are Bayer AG, Honeywell International Inc., Yara International ASA, INEOS Capital Limited, The Mosaic Company, Corteva Inc., Asahi Kasei Corporation, BASF Agricultural Solutions, U.S. Borax, China Green Agriculture Inc., Drexel Chemical Company, Verdesian Life Sciences, Kalyani Industries Limited, SCL Italia SpA, Rama Phosphates Ltd., Deveron Corp, AgroLiquid, JH Biotech Inc., Inkabor SAC, Microsource LLC, Koch Agronomic Services LLC, Quiborax SA, Minera Santa Rita SRL, OMEX Agricultural Holdings Limited, Aries Agro Limited, Valagro SpA, Rose Mill Co

Asia-Pacific was the largest region in the boron fertilizers market in 2023. The regions covered in the boron fertilizers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the boron fertilizers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The boron fertilizers market consists of sales of granular, urea prilled, powder, or liquid boron fertilizers. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Boron Fertilizers Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on boron fertilizers market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for boron fertilizers ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The boron fertilizers market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Fertilizer Type: Boric Acid; Borax; Boron Calcium Nitrate; Boron Humate; Other Types
• 2) By Crop Type: Cereals And Grains; Fruits And Vegetables; Oilseeds And Pulses; Other Crop Types
• 3) By Application Method: Foliar Spray; Soil Treatment; Fertigation
• 4) By End-Use: Agriculture; Horticulture; Floriculture; Other End Uses
• Companies Mentioned: Bayer AG; Honeywell International Inc.; Yara International ASA; INEOS Capital Limited; The Mosaic Company
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.