Boron Market Size to Reach $7.65 Billion, Globally, by 2031 at 3.9% CAGR: The Insight Partners

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Nov 06, 2024, 10:35 ET

NEW YORK, Nov. 6, 2024 /PRNewswire/ -- The global Boron Market is observing significant growth owing to the growing glass and ceramics industry. The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the boron market comprises a vast array of platforms and services that are expected to register significant CAGR in the coming years.

Read full market research report, "Boron Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Derivative (Borax, Boric Acid, Boron Nitride, Boron Carbide, Boron Oxide, and Others), End-Use Industry (Agrochemicals, Glass, Ceramics, Detergents, Pharmaceuticals, Electrical & Electronics, and Others), and Geography," published by The Insight Partners.

Overview of Report Findings

Market Growth: The boron market is expected to reach US$ 7.65 billion by 2031 from US$ 5.64 billion in 2023; it is anticipated to record a CAGR of 3.9% during the forecast period. Boron is a key compound used in the production of glass products such as borosilicate glass, insulation fiberglass, super-fine glass fiber, textile fiberglass, display glass, and special glass. Textile fiberglass or E-glass is used in electronics as well as for reinforcement of composites. Borates are used in the insulation of fiberglass, while glass wool contains 4–7% borates. In addition, boric oxide is used to manufacture high-quality handmade decorative ware. A cesium borosilicate glass is used to protect solar cells on satellites from the harmful radiation encountered in space.
Growth of Glass and Ceramics Industry: The use of boric oxide in the manufacturing of neutral glass offers increased resistance to chemicals. In the production of optical glass, the use of boric oxide offers specific optical properties with respect to refractive index and light dispersion. Boron nitride is an advanced ceramic material, synthetically produced and available in powder form. It offers thermal conductivity and thermal shock resistance. In the ceramics industry, boric oxide and sodium borate are used to improve strength as well as resistance to scratches and chemicals. According to the Ceramics of Brazil report, Brazil ranks third in the production and consumption of ceramic tiles. In 2023, 88.6 million square meters of ceramic tiles worth US$ 392 million were exported from Brazil.
Surge in Demand from Agrochemicals Industry: Borate powder is highly soluble and is used as crop nutrient spray and solutions. Soil application of boron is essential in high-boron-demanding crops such as alfalfa, sugar beets, potatoes, sunflower, soybeans, and canola. As per Our World in Data, the US, Brazil, and China reported soybean production of 105.57 million metric tonnes, 109.49 million metric tonnes, and 18.39 million metric tonnes, respectively, in 2022. Also, the sugar beet production in France increased from 21.53 metric tonnes in 2020 to 25.92 metric tonnes in 2022. Thus, the rising demand for boron from the agrochemicals industry fuels the boron market growth.
Geographical Insights: In 2023, Asia Pacific led the market with a substantial revenue share, followed by Europe and North America. Further, Asia Pacific is expected to register the highest CAGR during the forecast period.

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Market Segmentation

Based on derivatives, the boron market is segmented into borax, boric acid, boron nitride, boron carbide, boron oxide, and others. The boron nitride segment held the largest share of the boron market in 2023.
By end-use industry, the boron market is segmented into agrochemicals, glass, ceramics, detergents, pharmaceuticals, electrical & electronics, and others. The glass segment held the largest share of the boron market in 2023.
The boron market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.

Competitive Strategy and Development

Key Players: A few major companies operating in the boron market are Nippon Denko Co., Ltd.; Hoganas AB; 3M Co; Ube Corporation; Arkema SA; JFE Mineral & Alloy Co Ltd; Tokyo Chemical Industry Co. Ltd.; Rio Tinto Ltd; Compagnie de Saint Gobain SA; Eti Maden, Stella Chemifa Corporation; FREEMAN (JAPAN) CO., LTD.; KROSAKI HARIMA CORPORATION; Washington Mills Electro Minerals Limited; and Boron Specialties, LLC. These players engage in several collaborations, acquisitions, expansions, and other strategic investments to strengthen their market position. For instance, in 2023, Compagnie de Saint Gobain SA and Haydale Group signed an agreement to develop advanced surface chemistries for boron nitride powders. This partnership reflects both companies' commitment to advancing technology and addressing complex challenges faced by industries worldwide.
Trending Topics: Surging utilization of boron nanoparticles in several industries and growing demand for renewable energy, among others.

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Global Headlines on Boron

"Boron Nitride Cooling Fillers From 3M Co Used For Thermal Management in Advanced Polymers"
"Compagnie de Saint Gobain SA Boron Nitride Collaborated with Haydale Group on Functionalized Powders"
"CeraGlide Azure Introduced Boron Nitride Coatings"
"Compagnie de Saint Gobain SA Ceramics Released a New Line of Boron Nitride Powders"

Conclusion

Boron, a versatile element, is crucial in the manufacture of glass and ceramics, agriculture, detergents, insulation, and high-tech electronics. Asia Pacific stands out as a major consumer, propelled by rapid industrialization and robust economic expansion in key countries such as China, India, and Japan. In agriculture, boron is indispensable for plant development, significantly enhancing crop yields and quality, which leads to extensive use of boron in fertilizers. In the construction sector, especially in emerging economies, borosilicate glass and ceramic tiles are primarily used materials owing to their durability and thermal resistance.

The electronics industry also plays a pivotal role in the boron market, leveraging boron in the production of semiconductors, glass for LCD screens, and other advanced materials. Moreover, stringent environmental regulations and the global shift toward sustainable and eco-friendly practices have boosted the adoption of boron-based products. These products are favored for their efficiency and reduced environmental impact, particularly in insulation and renewable energy applications.

The report from The Insight Partners, therefore, provides several stakeholders—including component providers, system technology integrators, system manufacturers, and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.

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