What Has Been the Progress and Growth of the Colemanite Market in Recent Years?
The colemanite market has seen considerable growth due to a variety of factors.
• The size of the colemanite market has seen a consistent growth over the past few years. Its value is projected to increase from $1.66 billion in 2024 to $1.73 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 4.2%.
This past growth trend is linked to factors such as heightened demand for boron products, increased use of colemanite in the agricultural sector, rapid urbanization, a surge in renewable energy, and a rising demand for ceramics.
How Does the Forecast Look for the Colemanite Market?
The colemanite market is expected to maintain its strong growth trajectory in upcoming years.
• The market for colemanite is predicted to experience consistent expansion in the upcoming years. An expected growth to $2.06 billion by 2029 with a compound annual growth rate (CAGR) of 4.4% is foreseen. The predicted development in the forecast period is driven by an upsurge in the construction sector, requirements from healthcare and pharmaceutical industries using colemanite, rising demand for fertilizers, and borosilicate glass. Key trends in the projected period consist of improvements in mining and extraction methodologies, innovative technology in colemanite processing, opportunities in international trade and exports, advancement of the glass and ceramics industry, tailored colemanite product ranges, sustainable and environmentally friendly products, and the creation of boron-based nanomaterials.
What Are The Leading Drivers Of Growth In The Colemanite Market?
Anticipations of a surge in demand for steel underpin the expectations for the growth of the colemanite market. As a composite of iron, carbon, and trace amounts of other substances, steel is valued for its strength, resilience, and versatility. The demand for colemanite grows in tandem with that of steel, given its role as a provider of boron – a crucial component integrated as an alloying agent in the steel industry to enhance the material's power and operational performance across various sectors. Forecasts by the Belgium-based World Steel Association, as of April 2023, suggest a 2.3% bounce-back in steel demand, reaching a total demand of 1,822.3 million metric tons (Mt) in 2023 and 2024. Furthermore, the association predicted a growth of 1.7% in demand, reaching 1,854.0 million metric tons (Mt) in 2024. Thus, the expanding demand for steel is fueling the colemanite market's growth. As the production of minerals and metals continues to ramp up, it is expected to stimulate the advancement of the colemanite market. Distinguished by their unique chemical properties and atomic structures, minerals and metals form a significant part of the industrial applications of colemanite – a calcium borate known for its utility in extracting boron compounds for several uses encompassing glass, ceramics, detergents, metal alloys, and agrochemicals. In the viewpoint of the International Energy Agency in July 2023, global investments in crucial mineral mining need to be between $360 billion and $450 billion from 2022 to 2030. Hence, the escalation in minerals and metals production accelerates the colemanite market's growth.
How Are The Segments Defined Within The Global Colemanite Market?
The colemanite market covered in this report is segmented –
1) By Type: Primary Boron, Subprimary Boron
2) By Form: Fine Grade, Standard Grade
3) By Application: Steel Industry, Plastics Industry, Glass Fiber, Other Applications
Subsegments:
1) By Primary Boron: Colemanite Concentrate, Refined Colemanite
2) By Subprimary Boron: Natural Colemanite, Synthetic Colemanite
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Who Are the Key Players In The Colemanite Market?
Major companies operating in the colemanite market are:
• BASF SE
• Rio Tinto PLC
• Liaoning Shougang Boron Iron Co. Ltd.
• Kemira Oyj
• Omya International AG
• Searles Valley Minerals Inc.
• Orocobre Limited
• U.S. Borax Inc.
• Active Minerals International LLC
• Mining Associates Pvt. Ltd.
• AMCOL International Corporation
• Eti Soda AS
• Borax Argentina S.A.
• American Borate Company
• Raj Borax Limited
• Minera Santa Rita S.R.L.
• Gujarat Boron Derivatives Pvt. Ltd.
• Quiborax S.A.
• Eti Bakir Co.
• American Colloid Company
• Borochemie International
• Eti Maden Isletmeleri Genel Müdürlügü
• Palmers Chemical Inc.
• Dhairya International
• Sun Borax Industries.
What Is The Most Dominant Region In The Colemanite Market?
North America was the largest region in the colemanite market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in colemanite market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
