The scope of our recent study on the "Boron Market Forecast to 2031 - Global and Regional Share, Trends, and Growth Opportunity Analysis - by Derivative, and End-Use Industry" includes the factors fuelling the boron market growth, revenue estimation, and forecast, market share analysis, and the identification of significant market players and their key developments.

The boron market size was valued at US$ 5.64 billion in 2023 and is expected to reach US$ 7.65 billion by 2031; it is estimated to register a CAGR of 3.9% from 2023 to 2031.

Boron derivatives such as boric acid or hydrogen borate are used in antiseptics, insecticides, flame retardants, glass, and ceramics. As an antiseptic, boric acid exhibits bacteriostatic and antifungal properties. Boric acid is used as a micronutrient in fertilizers to enhance crop yield. Boron nitride is a synthetic ceramic material having thermal properties, dielectric properties, and chemical stability. Boron nitride, in its hexagonal structure, is used as a lubricant for paints, cosmetics, and dental cement. In the absence of gas or water molecules within the compound layers, boron nitride shows lubricating properties, thereby making it a good component for vacuum systems.

Based on derivative, the market is segmented into borax, boric acid, boron nitride, boron carbide, boron oxide, and others. Boron nitride segment held the largest share in the global boron market in 2023, and boron oxide is expected to register a higher CAGR from 2023 to 2031. Boron oxide, or diboron trioxide, is created by treating borax with sulfuric acid in a fusion furnace. The boron oxide segment is witnessing significant growth due to its use in abrasives, refractories, ceramics, and other high-performance applications. It is used as an insecticide, precursor for the boron compounds production, a fluxing agent in glasses, and a bonding agent in the hot isostatic pressing of boron nitride ceramics. It is used in the glass industry for the manufacturing of borosilicate glass, known for its low thermal expansion.

The boron market is segmented into five main regions-North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. Asia Pacific held the largest boron market share in 2023. The growth of the boron market in Asia Pacific is propelled by the region's robust agriculture, glass, ceramics, and construction industry. Countries such as China, India, Japan, and South Korea are at the forefront of this market expansion, leveraging their extensive industrial bases, increasing spending power, and making strategic investments in boron production to enhance their market presence. The Asia Pacific market is primarily attractive due to the growing demand for boron in fertilizers due to extensive agricultural activities and the growing demand for glass and ceramics in countries such as India and China. Moreover, government initiatives and policies aimed at promoting domestic manufacturing and industrial growth also play a significant role in driving the boron market in the region.

Global Boron Market Breakdown - by Region

The report includes the segmentation of the global boron market as follows:

The global boron market is bifurcated based on derivative, and end-use industry. Based on derivative, the market is categorized into borax, boric acid, boron nitride, boron carbide, boron oxide, and others. Based on end-use industry, the market is segmented into agrochemicals, glass, ceramics, detergents, pharmaceuticals, electrical and electronics, and others. These industries are the largest consumers of boron, used for its properties that enhance the durability, heat resistance, and clarity of glass and ceramics. Fertilizer manufacturers incorporate boron into products to improve crop yields. Boron compounds are used in the production of household and industrial cleaning products due to their whitening and stain-removing properties. High purity boron is used in the production of semiconductors and other electronic components. End users maintain long-term relationships with boron manufacturers to ensure a steady supply of high-quality products. The boron supply chain is highly interdependent, with disruptions in mining or processing potentially affecting operations in downstream industries. Also, the boron-related operations and strategies of key market players are highly influenced by government regulations.

By geography, the market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The North America market is further segmented into the US, Canada, and Mexico. The market in Europe is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The Asia Pacific boron market is further categorized into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The South & Central America market is further categorized into Brazil, Argentina, and the Rest of South & Central America.
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