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, a versatile element, is crucial in the manufacture of glass and ceramics, agriculture, detergents, insulation, and high-tech electronics. The Asia Pacific region 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, leading to its extensive use in fertilizers. The construction sector, especially in emerging economies, is another major driver, with borosilicate glass and ceramic tiles being essential materials due to their durability and thermal resistance.

Based on derivative, the boron market is segmented into borax, boric acid, boron nitride, boron carbide, boron oxide, and others. Boron oxide segment is expected to register highest CAGR in the boron market 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. The increasing demand for electronic devices and advancement in the renewable energy sector also contribute to the growth of the boron oxide segment. It is used in the production of semiconductors and dopants in solar cells.

Based on end-use industry, the market is segmented into agrochemicals, glass, ceramics, detergents, pharmaceuticals, electrical and electronics, and others. The glass segment held the largest share in the boron market in 2023. Boron is used in the production of borosilicate glass, known for its high durability, thermal resistance, and chemical stability. Glass producers incorporate 5-20% boric oxide into the silica base to control thermal expansion, lower melting temperature and viscosity, and inhibit crystallization of the glass and devitrification. Borates are used in various glass products such as borosilicate glass, insulation fiberglass, superfine glass fiber, textile fiberglass, display glass, and special glass. Insulation fiberglass material is a major material used in the construction industry.

In the boron market, Asia Pacific is expected to register the highest CAGR during 2023-2031. The region also marks the presence of major agrochemical producers such as India, China, and Japan. Asia Pacific is home to a few major players and many small players in the glass industry. In April 2022, Japanese glass manufacturer AGC developed a building-integrated PV panel for different building requirements. It can be installed on facades, curtain walls, and canopies where normal glass can be placed. Borosilicate glass made of boron is clearer and stronger in terms of sunlight transmission than other types of glass, thus making it a preferred choice for solar panel manufacturers. Such developments by the market players fuel the boron market growth in Asia Pacific.

The boron market in Asia Pacific is prominent due to the growing awareness about crop protection chemicals among farmers, government subsidies, the increase in population, and rising food demand. In the agriculture industry, boron is mixed with other fertilizers, dissolved in water, and sprayed directly on the crops and soil or through irrigation water. Surging demand for excellent agricultural products and the increasing need for high productivity and yield are expected to boost the use of boron in Asia Pacific, especially in China, Japan, and India.

Boron is used in various end-use industries such as glass and ceramics, detergents, agrochemicals, electronics, and pharmaceuticals. 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.

A few players operating in the global boron market include Rio Tinto Group, AbEti Products Oy, Hoganas AB, Nippon Denko Co Ltd, Saint Gobain, 3M, Stella Chemifa Corp, UBE Corp, and Boron Specialties LLC. Players operating in the global boron market focus on providing high-quality products to fulfill customer demand. Also, they are focusing on launching new and high-quality products for their customers.

The overall global boron market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the boron market.