Boron Market Rises in Price: Depleting Supply Effect

The global world is currently facing a shortage for Boron, which will affect numerous industries.?The usage of this strategic mineral in a variety of industries and applications, from advanced energy to decarbonization and food security, is expected to drive up demand and attention. One of the rising questions is what happened behind this surging price? What will happen to the boron market in the future?

Overview about Boron

Boron is a metalloid element found in minerals and rocks, frequently in combination with other elements such as oxygen or magnesium. Boron is also found in seawater, albeit only in trace amounts. Boron is absorbed by plants and used to form robust cell walls. Boron can also be found in the diets of animals that eat plants. It comes in a variety of forms, including boric acid, borax, and boron-containing raw minerals.

It is primarily used in chemical compounds but in fact it is also widely used in industrial and even military. It's utilized as a dopant in semiconductors, a pyrotechnics agent, and a nuclear reactor neutron absorber. Boron is also necessary for bone formation and maintenance, which is good for your health.

Boron aids wound healing and boosts the body's production of estrogen, testosterone, and vitamin D. It increases magnesium absorption, reduces inflammation, and promotes antioxidant levels. Boron protects against pesticides and heavy metals while also enhancing brain electrical activity, cognition, and short-term memory.

For many years, and still today, boron's principal commercial applications have been to improve the strength and durability of glass and ceramics. Boron decreases the viscosity of glass, resulting in smoother surfaces and less heat expansion in professional catering and laboratory applications.

Boron High Demand and Limited Supply

Credit Suisse reported that the demand for boron is expected to grow more than tenfold in 2050. The growth comes from the need for decarbonization technologies which turns out requiring boron as one of the critical elements. The report stated the technology will account for 90% of boron demand. It is surely a game changer for the Boron market in the long run and plenty of growth for boron’s usage. In a shorter length of time, the boron market still appears to be promising with its diversified utility in various industries.?

It seems that boron demand will grow steadily over time, only the main problems lay on its relatively weak supply chain. Currently, Boron is only produced in a few countries, whereas Turkey takes 60% of global boron sales. This case happened in the Lithium industry as well, where the demand is rapidly increasing but there is a limited resource. This imbalance between demand and supply forces leading to a surging price from USD 569/MT in 2020 to USD 1250/MT this year.??

Tradeasia International as one of the largest boron chemical distributors provides a broad Boron product portfolio for market and industry solutions. Get Boric Acid, Borax Pentahydrate, Borax Decahydrate, Colemanite, Ulexite and other boron products in different grades, quantities and packaging right now.?

REFERENCE

Borates Today. (2022, May 3). The Threat of a Boron Market Shortages. Retrieved from https://borates.today/boron-market-shortage/