Boron Global Market Report 2024

The boron market size has grown exponentially in recent years. It will grow from $6.57 billion in 2023 to $7.99 billion in 2024 at a compound annual growth rate (CAGR) of 21.7%. The growth observed in the historical period can be attributed to factors such as the increasing applications in agriculture, the demand from the glass and ceramics industry, consumer product utilization, as well as the needs of the electronics and semiconductors, and the medical and healthcare sector.

The boron market size is expected to see rapid growth in the next few years. It will grow to $12.68 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%. The anticipated growth in the forecast period can be attributed to the increasing demand in agriculture, ongoing innovations in glass and ceramics, the rise in consumer product manufacturing, advancements in electronics, and the expanding applications in the healthcare sector. Major trends expected in the forecast period include a focus on Boron Neutron Capture Therapy (BNCT), the utilization of boron in the aerospace industry, the incorporation of boron-based flame retardants, the application of boron in nuclear power, and a growing emphasis on sustainable mining practices.

The expected growth in the boron market is attributed to the expanding agriculture sector. This sector, encompassing activities related to land cultivation, crop cultivation, and animal husbandry, relies on boron as a crucial micronutrient. Boron plays a vital role in supporting plant processes such as cell development, pollination, and fruit formation. It is commonly applied through boron-containing fertilizers to address soil deficiencies, ensuring optimal crop growth, yield, and quality. As per the Organization for Economic Co-operation and Development's report in June 2022, achieving the zero-hunger target necessitates a 28% increase in agricultural productivity in the next decade, with global crop production estimated to rise by 87% by 2030. Hence, the expanding agriculture sector is a key driver of the boron market.

The growth of the boron market is further fueled by the upsurge in construction activities. Construction activities involve planning, designing, and building structures or infrastructure. Boron finds use in construction materials such as borosilicate glass and fiberglass, providing enhanced thermal and chemical resistance for applications such as windows, insulation, and structural components. In 2021, according to the Census Bureau, an estimated 1,595,100 housing units were started in the US, marking a 15.6% increase from 2020. Consequently, the increased construction activities contribute significantly to the growth of the boron market.

A notable trend in the boron market is the widespread use of modular components designed with 3D printing in the mining industry. This technology allows companies in remote locations to manufacture critical parts onsite, reducing delays in unplanned maintenance and eliminating the need for extensive inventories.

Major companies in the boron market are innovating by developing new products, such as fertilizer solutions, to gain a competitive edge. Fertilizer products are crucial substances applied to soil or plants to provide essential nutrients supporting plant growth and crop yields. U.S. Borax Inc., a mining company based in the US, introduced ANHYBOR and ZINCUBOR in January 2021. ANHYBOR enhances granulation and compaction processes for fertilizer manufacturers, offering versatile applications. ZINCUBOR, combining zinc and boron in a 2,1 ratio, caters to diverse crop needs, addressing boron and zinc deficiencies in agriculture. These product innovations aim to boost crop production, meeting the micronutrient demands of modern agriculture.

Major companies operating in the boron market report are Rio Tinto Group, 3M Company, Borusan Holding A.Ş., Allkem Limited, Searles Valley Minerals Inc., Ceradyne Inc., Borax Inc., S B Boron Corporation, Boron Molecular PTY. Limited, Gujarat Boron Derivatives Pvt. Ltd., China National Bluestar Group Co. Ltd., Minera Santa Rita SRL (MSR), SB Boron Corporation, Qinghai Zhongtian Boron Lithium Mining Co. Ltd., Quiborax S.A., Boron Specialities LLC, Eti Maden İşletmeleri Genel Müdürlüğü, Qinghai Huaxia Boron Co. Ltd., Inner Mongolia Mengyuan Boron Co. Ltd., ABC Corporation, Sichuan Tianli Group Co. Ltd., Henan Sanxing Boron Co. Ltd., LMN Minerals, Jiangxi Lianyi New Materials Co. Ltd., PQR Chemicals, Xinjiang Yutai Boron Compounds Co. Ltd., Fujian Minnan Borate Co. Ltd., Shanxi Borui New Materials Co. Ltd., Hebei Xin'an Boron New Materials Co. Ltd., Hunan Bolin New Materials Co. Ltd.

The Middle East was the largest region in the boron market in 2023. The regions covered in the boron market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the boron market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa. The boron market includes revenues earned by entities by providing mining for boron compounds such as colemanite, ulexite, tincal, and kernite. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The primary types of boron are aerospace composite materials, boronated glasses, and other miscellaneous forms. Boronated glasses specifically pertain to silicate glass containing a minimum of five percent boron oxide, primarily employed in the production of heat-resistant glassware. The various applications of boron encompass glass manufacturing, ceramics, agriculture, and detergents. Mining methods for boron extraction include both underground mining and surface mining.

The boron market research report is one of a series of new reports that provides boron market statistics, including boron global industry, regional shares, competitors with a boron market share, detailed boron market segments, market trends and opportunities, and any further data you may need to thrive in the boron industry. This boron global market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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