Boron Market is expected to reach US$ 7.65 Billion by 2031

Surge in Demand from Agrochemicals Industry Propels Boron Market Growth

According to the latest market study on “Boron Market Forecast to 2031 – Global and Regional Share, Trend, and Growth Opportunity Analysis – by Derivative and End-Use Industry,” the market was valued at US$ 5.64 billion in 2023 and is projected to reach US$ 7.65 billion by 2031; it is anticipated to record a CAGR of 3.9% from 2023 to 2031. The report highlights key factors contributing to the boron market size and prominent players, along with their developments in the market. The boron market trends include the rising demand for boron nanoparticles across several end-use industries.

Boron, a versatile element, is considered to be crucial in glass & ceramics, construction, insulation, and high-tech electronics industries. Asia Pacific stands out as a major consumer of boron, propelled by rapid industrialization and robust economic expansion in key countries such as China, India, and Japan. The construction sector, especially in emerging economies, uses borosilicate glass and ceramic tiles, which are essential materials owing to their durability and thermal resistance. Boron is also utilized in the agrochemical industry for various purposes.

Boron Market Breakdown – by Region

Boron is an essential micronutrient crucial for the growth and health of plants, especially for the development of roots and shoots. In the field of agriculture, boron is indispensable for plant development, significantly enhancing crop yields and quality. As a result, boron is recommended in the routine fertilizer programs for high-value crops, acting as a catalyzer for most of the plant nutrients. Boric acid, sodium tetraborate, borax, granubor, solubor, and ulexite are a few of the boron compounds used as fertilizers. As per the Gulf Petrochemicals and Chemicals Association, China is among the largest producers, consumers, exporters, and importers of fertilizers in the world. The country accounts for more than 50% of the total amount of fertilizers consumed worldwide, making it a significant contributor to the agrochemicals sector. Boron-based herbicides are manufactured from borax and boric acid, whereas borax decahydrate and borax pentahydrate are the most widely used borates in boron-based fertilizers.

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 tons, 109.49 million metric tons, and 18.39 million metric tons, respectively, in 2022. Also, the sugar beet production in France increased from 23.73 million tonnes in 2020 to 28.57 million tons in 2022.

Boron plays a major role in regulating plants' hormone levels and promoting proper growth. It boosts flower production and retention, pollen tube elongation and germination, as well as seed and fruit development. Borax, boric acid, and other borate salts are used for soil fertilization, thereby enhancing the crop yield. Boron is also used in the production of herbicides and pesticides. Thus, the surge in demand for boron from the agrochemicals industry boosts the boron market growth.

The boron market analysis is carried out by identifying and evaluating key players operating in the market across different regions. 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, are among the key players profiled in the boron market report.   

Boron Market Segmentation:

The global boron market is divided on the basis of derivative and end-use industry. Based on derivative, the market is segmented into borax, boric acid, boron nitride, boron carbide, boron oxide, and others. Based on end-use industry, the market is categorized into agrochemicals, glass, ceramics, detergents, pharmaceuticals, electrical & electronics, and others.

Based on derivatives, the boron nitride segment accounted for the largest boron market share in 2023. The thermal properties of boron nitride nanoparticles exhibit that the particles show excellent thermal conductance and high specific heat. The chemical and structural properties of boron nitride make it an effective and efficient material for utilization in the production of high-performance abrasive material.

In terms of end-use industry, the glass segment held the largest boron market share in 2023. The rapid development of thin film transistor liquid crystal displays (TFT LCD) has been enhanced by the use of specialized borosilicate glasses. Borates are used in the production of sealed headlights, lamp covers, halogen bulbs and fluorescent tubes, designed for high electrical resistance, strength, chemical durability, and thermal shock resistance. Borates are incorporated into the formulation to aid melting, inhibit devitrification, and enhance the aqueous durability of the insulation fiberglass.

The boron market report scope is broadly segmented into North America (US, Canada, and Mexico), Europe (Germany, France, UK, Italy, Russia, and Rest of Europe), Asia Pacific (China, India, Japan, Australia, South Korea, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).

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