Global Borax Market: Overview
Borax is the common name for the naturally occurring mineral sodium tetraborate decahydrate (Na2B407-10H2O). It’s found all over the world, including Chile, California, Bolivia, Tibet, Turkey, and Romania. It is a highly important boron compound. The International Union of Pure and Applied Chemistry (IUPAC) name for borax is sodium tetraborate decahydrate. Currently, the southern U.S. accounts for majority of borates in the world.
Rise in usage of borax in glass and textile fiberglass is the major driver of the borax market. Borax is employed in glass and the textile fiberglass due to its heat resistant, chemical resistant, and scratch and shock resistant properties. Borax also provides strength and durability to a wide range of products from cell phones to solar panels. Presence of large number of substitutes such as boric acid and washing soda is the key factor hampering the global borax market.
Global Borax Market: Key Segments
Based on application, the global borax market can be segmented into adhesives & sealants, glass & textile fiberglass, agriculture, batteries & capacitors, detergents, lubricants, insulation & polymers, oil & gas, nuclear energy, and others. Glass & textile fiberglass is the dominant segment of the global borax market. Borax has the ability to affect alkalinity and its chemical cross-linking capabilities make them an excellent component in the manufacture of casein- and dextrin-based adhesives. Borax plays a key role in protecting soil health, supporting sustainable farming, and increasing nutrition and yield of crops.
Borates are components in the electrolyte of lithium ion batteries. Borax has a variety of uses, but it is most effective for cleaning homes or freshening up laundry. It can help control hard water. This, in turn, can help with the clothes cleaning process. Borax also actively works to improve detergent’s effectiveness by enhancing its stain-fighting ability. It helps in enhancing stain removal and bleaching capabilities, stabilizing enzymes, buffering alkalinity, softening water, and boosting surfactant performance.
Based on geography, the global borax market can be divided into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific accounts for leading share of the global borax market, due to the high demand for borax in agricultural purposes. Borax is an essential micronutrient for growth and development of healthy plants. It also plays a vital role in agriculture. Borax is essential in plant production. In small concentration, borax are used as micronutrients in fertilizers in agriculture. China has become one of the largest consumers of borax due to the strong presence of end-use industries in the region.
India is estimated to be a promising country for borax during the forecast period, owing to the presence of strong chemical industry. North America is a rapidly expanding region of the global borax market. New product launches, joint ventures, and expansions are key growth strategies adopted by major players operating in the borax market in the region. Manufacturing companies and end-product manufacturers in North America are investing significantly in advancements and modifications in technology to meet the rising demand for borax in end-user industries in the region. North America is followed by Europe. High demand for refined borax products reflects increased consumption in agriculture and industrial applications.
Global Borax Market: Key Players
Key players operating in the global borax market are Rio Tinto, Eti Maden, JC & AT Searle Pty Ltd., Inkabor, Alfa Aesar, and Indo Borax & Chemicals Limited.