Boron Market to Reach $15.3 billion, Globally, by 2033 at 3.9% CAGR: Allied Market Research

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Aug 01, 2024, 10:01 ET

The global boron market is experiencing growth due to increase in demand for boron nitride nanotubes (BNNTs), which are gaining significant attention in high-tech applications due to their unique properties. BNNTs can withstand extremely high temperatures, up to about 900°C in air and even higher in inert environments. This makes them ideal for applications requiring high thermal resistance.

WILMINGTON, Del., Aug. 1, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Boron Market by End-Use Industry (Automotive and Transportation, Building and Construction, Healthcare, Semiconductor, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". The global boron market size was valued at $10.5 billion in 2023 and is projected to reach $15.3 billion by 2033, growing at a CAGR of 3.9% from 2024 to 2033.

Prime determinants of growth

The global boron market is experiencing growth due to rise in demand for higher agricultural productivity. However, high extraction and processing of boron is expected to hinder the growth of the boron market. Moreover, development of advanced materials from boron is expected to offer remunerative opportunities for the expansion of the market.

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Report coverage & details:

Report Coverage	Details
Forecast Period	2024–2033
Base Year	2023
Market Size in 2023	$10.5 billion
Market Size in 2033	$15.3 billion
CAGR	3.9 %
No. of Pages in Report	267
Segments Covered	End-Use Industry and Region
Region Covered	North America, Europe, Asia-Pacific, LAMEA
Drivers	Surge in use of boron in agriculture Increase in demand for boron in lightweight materials
Opportunities	Increase in demand for boron in advanced ceramics and glass manufacturing
Restraint	Environmental impacts of boron in mining and processing

The building and construction segment is expected to remain dominant during the forecast period

Boron market plays a significant role in the building and construction industry. One of its primary uses is in the production of fiberglass insulation, where boron compounds such as boric acid and borax are added to the glass fibers. This enhances the thermal and acoustic insulation properties, making buildings more energy-efficient and reducing noise pollution. In addition, the inclusion of boron improves the fire resistance of fiberglass insulation, contributing to safer building environments.

Asia-Pacific to maintain its dominance by 2033

Boron, a versatile element, finds extensive applications across various industries in Asia-Pacific countries, contributing significantly to their economic and technological advancements. The primary use of boron is in the production of borosilicate glass, widely used in the manufacture of laboratory glassware, cookware, and high-strength glass for electronic devices and displays. Countries such as China and Japan, with their booming electronics and consumer goods sectors, are significant consumers of borosilicate glass, driving demand for boron.

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In agriculture, boron is essential as a micronutrient in fertilizers, improving crop yield and quality. Countries such as India, Indonesia, and Vietnam, where agriculture plays a crucial role in the economy, utilize boron-enriched fertilizers to enhance soil fertility and crop productivity. Rise in focus on sustainable agricultural practices and food security in these nations has amplified the demand for boron-based agricultural products.

Players: -

SB Boron Corporation
Eti Maden
Rio Tinto
3M
Gujarat Boron Derivatives Pvt. Ltd.
Quiborax
Boron Molecular
DuPont
Lenntech B.V.
Arihant Chemical Industries

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The report provides a detailed analysis of these key players in the global boron market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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