Ferroboron Market Size (2024 - 2029)

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.

Ferroboron Industry Segmentation

Ferroboron is a powerful deoxidizer and boron element addition agent used in steel manufacturing. Boron's most important role in steel is that a relatively small quantity may greatly increase hardenability and replace a large number of alloying elements, as well as improve mechanical characteristics, cold deformation capabilities, welding properties, and high-temperature properties. It is mostly used in steel and cast iron. The ferroboron market is segmented by type, application, and geography (Asia-Pacific, North America, Europe, South America, the Middle East, and Africa). By type, the market is segmented into low-carbon and medium-carbon. By application, the market is segmented into steel and cast iron. The report also offers market sizes and forecasts for 14 countries across major regions. For each segment, market sizing and forecasts have been done on the basis of volume (tons).