Market Size of Ferroboron Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.50 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Ferroboron Market Analysis
The ferroboron market is expected to register a CAGR of greater than 5.5% during the forecast period.
The market was negatively impacted due to the COVID-19 pandemic. Due to the outbreak of COVID-19, various end-user industries have been affected in the ferroboron market.
- Over the short term, the major factor driving the market is the increasing demand for ferroboron, which is becoming more useful as a deoxidizer and alloying agent in the steel and aluminum industries.
- However, owing to the high consumption of iron ore in steel production combined with stringent environmental regulations imposed by various regulatory bodies, there has been an increase in the adoption of alternatives for reducing dust emissions during mining operations, thereby negatively impacting the industry's growth, which is further likely to hinder the growth of the market.
- Nevertheless, ferroboron's increasing application in the fabrication of high-strength magnets, superconductors, and other sophisticated materials is likely to create lucrative growth opportunities for the studied market over the forecast period.
- The North American region dominated the market globally, with the largest consumption coming from countries such as the United States and Canada, and this is expected to remain the same in the future.
