Home Advanced Materials Boron Market Size, Growth, Analysis, Demand, Share, Forecast Report 2031

Boron Market

Boron Market Size, Share & Trends Analysis Report By Type (Salt Lake Source, Mine Source), By Application (Glass, Ceramics, Agriculture, Detergents, Others), By Industry (Construction, Electronics, Pharmaceuticals, Automotive, Aerospace), By Distribution Channel (Online, Offline), By Technology (Extraction, Synthesis, Recycling), By Grade (Pharmaceutical, Industrial, Food) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Report Code: SRAM55453DR
Study Period 2019-2031 CAGR 4.1%
Historical Period 2019-2021 Forecast Period 2023-2031
Base Year 2022 Base Year Market Size USD 2.15 Billion
Forecast Year 2031 Forecast Year Market Size USD 3.09 Billion
Largest Market Asia Pacific Fastest Growing Market Europe
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Market Overview

The global Boron Market size was valued at USD 2.15 Billion in 2022. It is estimated to reach USD 3.09 Billion by 2031, growing at a CAGR of 4.1% during the forecast period (2023–2031). The increasing use of fiberglass in various end-user industries and the rising agricultural demand would likely enhance boron consumption during the projection period.

Boron has the chemical symbol "B" and the atomic number 5. It is a metalloid, which indicates that its properties are midway between those of metals and those of nonmetals. Boron is a relatively rare element that is found in the Earth's crust in the form of borate minerals.

Boron market share is predicted to expand at a CAGR of 5.5% due to the increasing use of fiberglass in various end-user industries. Furthermore, rising agricultural demand would likely enhance boron consumption during the projection period. However, mounting concerns over the compound's scarcity will likely restrict the market. Growing demand from the ceramics sector is expected to drive boron market growth.

Market Dynamics

Global Boron Market Drivers:

Growing Industrial Applications

Boron compounds are frequently employed in the glass and ceramics industries, particularly borosilicate glass. Boron is added to glass formulations to limit thermal expansion and increase thermal shock resistance, making it essential to produce glass products, laboratory glassware, and heat-resistant ceramics. One of the most well-known boron applications is borosilicate glass, used in laboratory glassware, kitchen cookware (e.g., Pyrex), and lighting items. It is extremely resistant to thermal expansion and shock, making it perfect for applications involving rapid temperature fluctuations. Borosilicate glass, for example, is used in scientific equipment such as test tubes, beakers, and glass pipettes.

On the other hand, Boron is essential in semiconducting semiconductors in the electronics sector. P-type semiconductor materials are made from boron-doped silicon. P-type semiconductors are critical components of transistors and diodes, which serve as the foundation of electronic devices. These semiconductors aid in the control of electric current flow in electronic circuits. Boron's distinctive features, such as its ability to improve thermal shock resistance in glass, enable modern electronic gadgets, and strengthen steel alloys, lead to its widespread use in various industries. As these industries continue to grow and innovate, the demand for boron and boron-based goods is predicted to climb, causing the boron market trend to shift further.

Global Boron Market Restraints:

Environment Concerns

Boron mining and extraction techniques can have negative environmental consequences, such as habitat destruction and water resource use. Environmental restrictions and sustainability concerns can lead to increased attention and significant operating issues for boron mining firms. Environmental impact evaluations in areas with boron mining operations frequently consider the potential effects on local flora and wildlife. These analyses aid in the identification of mitigation methods to reduce habitat damage. For example, research in California, where boron mining is prevalent, has looked into the influence of mining on desert ecosystems.

Mining businesses are increasingly focused on sustainable practices and complying with tight laws to reduce their ecological impact as worldwide awareness of environmental issues grows. Balancing the economic benefits of boron production with environmental responsibility is a difficulty that the industry faces as it aims to meet the needs of numerous industries while limiting its environmental footprint.

Global Boron Market Opportunity:

Adoption of Agriculture Techniques like Precision Agriculture

Precision agriculture is the application of modern technologies to maximize farming operations, such as GPS, sensors, and data analytics. Boron is an essential micronutrient for crop health and quality. Farmers may accurately target boron applications in precision agriculture using real-time data, soil testing, and plant monitoring. This guarantees that Boron is applied where and when most required, lowering waste and increasing crop yields. Similarly, biotechnology provides chances to improve crop boron uptake efficiency. Crop types can be developed more efficiently absorbing and utilizing Boron from the soil through genetic alteration and breeding programs.

These advancements can improve crop tolerance to boron deficit and minimize dependency on boron-containing fertilizers. Agriculture biotechnology is a developing field. According to the International Service for the Acquisition of Agri-Biotech Applications (ISA), 29 nations will plant biotech crops in 2020, with a total biotech crop area of more than 190 million hectares. Biotechnology research to improve nitrogen uptake in crops is consistent with the goal of sustainable and efficient agriculture. Boron market insights show that as global food demand rises, the necessity for effective nutrient management and sustainable farming techniques will drive the adoption of Boron in agriculture even further.

Regional Analysis

Global boron market analysis is conducted in North America, Europe, Asia-Pacific, the Middle East, Africa, and Latin America.

Asia-Pacific Dominates the Global Market

Asia-Pacific is the most significant global market shareholder. Due to the rising end-user industries in China and India, among others. With the rising cleanliness consciousness among middle-class families, Asia-Pacific is predicted to have the world's largest detergent industry. China and India are the world's biggest detergent manufacturers. Boron chemicals such as boric acid and borates prolong the cement hydration period. As a result, boron compounds are used effectively in the construction industry. The building industry is crucial to China's continuing economic development. China is experiencing a development boom. According to the National Bureau of Statistics of China, the value of building output in 2022 was CNY 31.2 trillion (USD 4.5 trillion), up from CNY 29.3 trillion (USD 4.2 trillion) in 2021. China is forecast to spend over USD 13 trillion on buildings by 2030, which bodes well for Boron.

Furthermore, India has a massive building industry and is predicted to become the world's third-largest construction market. Various programs enacted by the Indian government, such as the Smart Cities project, Housing for All, and so on, are projected to provide a vital impetus to the Indian construction industry. Furthermore, China is the world's largest producer and consumer of ceramics. It is one of the world's largest ceramic tile producers, producing an estimated 8.47 billion square meters. The severe rivalry in the domestic and international markets encourages ceramic firms in the region to improve their production process and product quality. According to the Reserve Bank of India, the export of ceramics and glassware items in India for 2022 reached a new high of INR 258 billion (USD 3.15 billion) due to increased demand for ceramic tiles and sanitary wares. As a result of the rapidly developing end-user industries in Asia-Pacific countries, demand for Boron is likely to rise over the forecast period.

Europe is anticipated to Grow over the forecast period owing to enormous reserves in Turkey, which account for more than one-third of global reserves. Boron is widely utilized in agriculture in Europe as a micronutrient to improve crop development and output. Boron shortage can cause crop problems, including poor fruit development and diminished quality. Turkey, a major European boron producer, uses boron-based fertilizers to boost its agricultural economy. According to data from Turkey's Boron Research Institute, the agriculture industry is a large consumer of boron goods. Boron's significance in increasing agricultural production is evident in several European countries, contributing to higher crop yields. Its contributions to global boron market growth highlight Europe's importance as a key producer and consumer.

While North America is not one of the world's top boron producers, it does have considerable boron reserves and mining operations. The region's primary boron producers are the United States and Mexico. Boron is widely employed in North American industries such as agriculture, glass manufacture, automotive, and electronics. Its applications span from boron-containing fertilizers in agriculture to borosilicate glass manufacture for laboratory equipment. Other regions, particularly Turkey and South America, are big producers and users of Boron, putting pressure on the North American boron market.

Report Scope

Report Metric Details
Segmentations
By Type
  1. Salt Lake Source
  2. Mine Source
By Application
  1. Glass
  2. Ceramics
  3. Agriculture
  4. Detergents
  5. Others
By Industry
  1. Construction
  2. Electronics
  3. Pharmaceuticals
  4. Automotive
  5. Aerospace
By Distribution Channel
  1. Online
  2. Offline
By Technology
  1. Extraction
  2. Synthesis
  3. Recycling
By Grade
  1. Pharmaceutical
  2. Industrial
  3. Food
Company Profiles 3M Boron Molecular Boron Specialities LLC. Ceradyne Inc. SB Boron Rio Tinto Dalian Jinma Boron Technology Group Co. Ltd. ETI mines Quiborax Manufacturas Los Andes Mudanjiang Jingangzuan Boron Carbide.
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Singapore Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

The global boron market is segmented based on type, application, industry, distribution channel, technology, grade, and region.

Type is further segmented into Salt Lake Source, Mine Source.

Mine Source is the main type of Boron in the market.

Mine Source

Mine Source is the conventional mining of boron-containing minerals from underground or open-pit mines. Borates, boron ores, and other naturally occurring boron-rich materials may be among these minerals.

The segment can be bifurcated by application into Glass, Ceramics, Agriculture, Detergents, and Others.

Glass holds the major share of the market.

Glass

Glass is the term used to describe the usage of Boron in the glass-making sector. Boron is added to glass compositions to increase thermal and mechanical qualities, primarily in boron oxide or boron compounds such as borosilicate.

Based on industry, the market is sub-segmented into Construction, Electronics, Pharmaceuticals, Automotive, and Aerospace.

Construction is the major contributor to the market.

Construction

Boron is used in construction for high-strength concrete, borosilicate glass windows for commercial and residential structures, and insulation materials. Boron's use in building materials can improve durability thermal, and fire resistance.

Based on distribution channels, the market is fragmented into online and offline.

Offline influenced the market.

Offline

For specialist or bulk boron items, offline distribution is frequently preferred, particularly in industries such as construction, where materials may be ordered in bigger numbers and require direct contact with suppliers or distributors. It could also be useful for industries that require technical expertise or bespoke solutions.

Based on technology, the market is classified into Extraction, Synthesis, and Recycling.

Extraction technology led the market growth.

Extraction

The extraction sector focuses on the extraction of Boron from naturally occurring sources such as borate minerals, salt lakes, or boron-rich ores. Extraction methods include mining, mineral processing, and refining to isolate and get boron compounds.

The market is divided into Pharmaceutical, Industrial, and Food based on grade.

Industrial grade occupied the major share of the market.

Industrial

Industrial-grade Boron refers to boron products that meet the quality and purity standards for various industrial uses. While not as severe as pharmaceutical grade, industrial-grade Boron must meet industrial-grade quality standards.

Market Size By Type

Market Size By Type
  • Salt Lake Source
  • Mine Source
  • Recent Developments

    Top Key Players

    Boron Market Share of Key Players

    Boron Market Share of Key Players
    3M Boron Molecular Boron Specialities LLC. Ceradyne Inc. SB Boron Rio Tinto Dalian Jinma Boron Technology Group Co. Ltd. ETI mines Quiborax Manufacturas Los Andes Mudanjiang Jingangzuan Boron Carbide. Others

    Frequently Asked Questions (FAQs)

    What is the market size of Boron Market?
    The global Market of Boron size was valued at USD 2.15 billion in 2022.
    The global Market of Boron growing at a CAGR of 4.1% from (2023–2031).
    The Construction sector is expected to dominate over the forecast period.
    3M, Boron Molecular, Boron Specialities LLC., Ceradyne, Inc., SB Boron, Rio Tinto, Dalian Jinma Boron Technology Group Co. Ltd., ETI mines, Quiborax, Manufacturas Los Andes and Mudanjiang Jingangzuan Boron Carbide. are the prominent players in the Boron Market.
    Growing Industrial Applications are some key drivers supporting the growth of the Boron Market.


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