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Colemanite Market Key Trends And Forecast Report 2024-2033
Colemanite Market
As per the report, the colemanite market size has grown steadily in recent years. It will grow from $1.58 billion in 2023 to $1.66 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The colemanite market size is expected to see steady growth in the next few years. It will grow to $1.96 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%.
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Growing Steel Demand Fuels Colemanite Market Growth As Boron Gains Significance In Steel Production
The rising demand for steel is expected to propel the growth of the colemanite market going forward. Steel is a metal alloy composed primarily of iron, carbon and small amounts of other elements. It is widely used due to its strength, durability and versatility. The rising demand for steel drives the growth of colemanite due to its significance as a source of boron, an essential element used as an alloying agent in steel production, mainly to improve its strength and performance in various industries. For instance, in April 2023, according to the World Steel Association, a Belgium-based trade association, steel demand is predicted to rebound by 2.3%, reaching a total of 1,822.3 million metric tons (Mt) in 2023 and 2024. Moreover, steel demand is projected to grow by 1.7% to a capacity of 1,854.0 million metric tons (Mt) in 2024. Therefore, the rising demand for steel is driving the growth of the colemanite market.
Customized Formulations Drive Market Revenue As Major Colemanite Companies Innovate For Agriculture Solutions
Major companies operating in the colemanite market are increasing their focus on introducing customized formulations to maximize revenue in the market. Customized formulations refer to unique and tailored combinations of ingredients created to meet specific requirements. For instance, in January 2021, U.S. Borax, Inc., a US-based mining company, launched ANHYBOR and ZINCUBOR, two solutions tackling boron and zinc deficiencies in agriculture. ANHYBOR offers versatile applications for fertilizer manufacturers, enhancing granulation and compaction processes. ZINCUBOR combines zinc and boron in a 2:1 ratio, catering to diverse crop needs. These innovations are set to boost crop production and yield potential, meeting the micronutrient demands of modern agriculture.
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
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Major players 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 İşletmeleri Genel Müdürlüğü, Palmers Chemical Inc., Dhairya International, Sun Borax Industries.
Contents of the report:
1. Executive Summary
2. Colemanite Market Report Structure
3. Colemanite Market Trends And Strategies
4. Colemanite Market - Macro Economic Scenario
5. Colemanite Market Size And Growth
…..
27. Colemanite Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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