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Calcium Borate Market Overview
The Calcium
Borate market size is estimated to reach a value of US$427.3 million by the end of 2027 after growing at a CAGR of 6.5% during the forecast
period of 2022-2027. Calcium Borate also called Gerstley borate is a chemical
compound having a bluish-white crystal appearance that either occurs naturally
as a ulexite mineral or is prepared by reacting calcium metal with boric acid. The
thermal, flammability and anti-corrosive properties of the compound and its
high applicability in flame retardants, reinforced plastics, binder, tiles and
glass is driving its demand in sectors such as automotive, agriculture and
construction. Factors such as bolstering growth in automotive production,
increase in fertilizer consumption, high consumption of semiconductors and
rapid increase in construction activities is driving the growth of the calcium
borate industry. The COVID-19 pandemic disrupted the activities of major end
users of calcium borate such as automotive, building & construction and
agriculture resulting in a decrease in its market demand, thereby negatively
impacting the calcium borate market share.
Calcium Borate Market Report Coverage
The “Calcium Borate Market Report –
Forecast (2022 – 2027)” by IndustryARC, covers an in-depth analysis of the
following segments in the Calcium Borate Industry.
Key Takeaways
- Asia-Pacific dominates the calcium borate industry, owing to the rapid increase in automotive production and undertaking of various commercial projects which is influencing the demand for calcium borate in the region.
- The growing consumption of epoxy molding compounds in the electrical & electronics and the automotive sector has accelerated the usage and demand of calcium borate thereby positively impacting the calcium borate industry outlook.
- The growing price of hydrochloric acid which has major usage in preparing calcium borate can hamper the production volume of calcium borate, thereby negatively impacting the calcium borate market size during the forecast period.
Calcium Borate Market Segment Analysis – by Type
Natural type
held the largest share in the Calcium Borate market share in 2021 and is
forecasted to grow at a CAGR of 6.9% during the forecast period 2022-2027. Calcium
borate occurs naturally as ulexite and colemanite mineral and unlike the synthetic
type which is made in laboratories using inorganic acid like boric acid, the natural
type has rich electrical and mechanical properties. Also, the natural type due
to the presence of hydroxyl groups has high thermal stability, strength and
excellent electrical insulation due to it has high industrial applicability in
automotive, building & construction and electrical & electronics sectors.
The advantageous features of nature coupled with rapid development in its major
end-users is increasing its preference over synthetic type, thereby
contributing to its segment growth.
Calcium Borate Market Segment Analysis – by End-use Industry
The building
& Construction sector held the largest share in the Calcium Borate market
share in 2021 and is forecasted to grow at a CAGR of 7.3% during the forecast
period of 2022-2027. Calcium or Gerstley
borate due to its flammability and anti-corrosive properties are used as flame
retardant on construction materials and it has high applicability in making
ceramic tiles that are used in flooring. The rapid development in the construction
sector on account of fueling construction activities and growing investments
in the sector. According to Eurostat, in October 2021, building construction
increased by 4.6% in major European Union countries like France, Spain,
Hungary and Finland. Also, according to Statistics Canada, in November 2021,
investments in multi-unit construction increased to 2.4%, whereas commercial
construction investments increased by 1.4%. The significant growth of the construction
sector will boost the demand for calcium borate for flame retardant and ceramic
tiles application, thereby positively impacting the calcium borate industry
growth.
Calcium Borate Market Segment Analysis – by Geography
Asia-Pacific held the largest share in the Calcium Borate market share in 2021 up to 42%. The fueling demand for calcium borate in the major end-users such as automotive and building & construction is having a significant influence on its growth in the region. These major sectors due to rapid urbanization, favoring government policies and growing FDIs have shown significant growth. For instance, according to the Ministry of Commerce, FDI inflow in India’s automotive sector stood at US$4.9 billion during the first four months of 2022 showing a ten-time increase over than first half of 2021. Furthermore, according to the International Trade Administration, the construction sector in China is projected to grow at an average of 8.6% from the year 2022 to 2030. Furthermore, according to Japan’s Ministry of Land, Infrastructure, Transport and Tourism, in April 2022, the construction orders in Japan increased by 30.5%. Such rapid growth in these sectors will accelerate calcium borate’s demand for flame retardant, binder, reinforced plastics & coating applications in the automotive and building & construction sector, resulting in the positive market growth in the Asia-Pacific region.
Calcium Borate Market Drivers
Bolstering Growth in Automotive Production
Calcium
Borate driven from the reaction of calcium and boric acid has high
applicability in the automotive sector where it is used in reinforced plastics
to provide durability, aesthetic appeal to automotive and weight reduction. Automotive production has shown significant growth over the
years due to growing demand for passengers as well as commercial vehicles and
technological upgrades shown in automotive manufacturing. According to the
International Organization of Motor Vehicle Manufacturers, in 2021, global automotive
production stood at 80.1 million units which showed an increase of 3% in
comparison with 2020. Also, according to the same production data provided by the International Organization of Motor Vehicle Manufacturers, in 2021, South
America’s automotive production increased by 18% in comparison to 2020. With
the increase in automotive production, the demand for reinforced plastic for
automotive frames has increased, which has resulted in a simultaneous increase
in calcium borate’s demand to be used with reinforced plastics.
Growing Consumption of Semiconductors
Calcium or
Gerstley Borate having high thermal stability and anti-corrosive properties is
used as flame retardants on epoxy molding compounds such as semiconductors to
protect them from dust and overheating. The growing consumption of consumers
and automotive electronics has increased the demand for semiconductors
resulting in a simultaneous increase in their consumption. For instance,
according to the World Semiconductor Trade Statistics Organization, in April
2022, global semiconductor sales showed an increase of 21.1% in comparison to
April 2021. With such an increase in the consumption of semiconductors, the
demand for calcium borate for flame retardant application is also anticipated
to increase, thereby positively impacting the growth of the calcium borate
industry during the forecast period.
Calcium Borate Market Challenge
Growing Price of Hydrochloric Acid
The growing
price of ingredients used for preparing Calcium Borate is posing a challenge in
the market growth. The production process of Calcium Borate involves the precipitation
of an aqueous solution of ulexite which is dissolved with hydrochloric acid and
then neutralized to precipitate calcium borate. The price of hydrochloric acid
due to its growing demand in end-use industries has increased significantly.
For instance, BASF SE, 2020, increased its hydrochloric acid prices by 10% in
Europe due to high industrial demand. Furthermore, Chinese manufacturers of
hydrochloric acid increased the chemical prices by 14% in Q1 of 2021. Such a
price increase will make the whole process of preparing calcium borate costly,
which can hamper the preparation volume, thereby negatively impacting the
calcium borate market size during the forecast period.
Calcium Borate Industry Outlook
Technology
launches, acquisitions and R&D activities are key strategies adopted by
players in the Calcium Borate market. The top 10 companies in the Calcium
Borate market are:
- AkzoNobel
- Clariant AG
- Shengtai Chemical
- Bayer Material Science
- Du Pont De Nemours
- Lanxess
- Hainan Zhongxin Chemical Co. Ltd.
- Albemarle Corporation
- Polynomous Industries
- Qinghai Liyada Chemical
Recent Developments
- In January 2020, Spanish multinational Esmalglass-Itaca Group signed an agreement to acquire the Tile Coatings Business of Ferro Corporation and such acquisitions will make it a world leader in the ceramics glaze sector.
- In May 2019, Orient Bell Limited launched a new series of ceramic tiles called the New Horizon tiles series that have contrasting effects which makes them perfect to be used at places such as offices and airports.
- In January 2019, Spicer Spa completed the acquisition of India-based SOL-INK which is a leading supplier of ceramic glaze and compounds. The acquisition will enable Sicer Spa to enter into the Indian ceramic market with high-end ceramic glaze and compounds.
Relevant Reports
Report Code – CMR 0418
Report Code – CMR 93876
Report Code – CMR 0223
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