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The Boron Market size is forecast to increase by USD 1.53 billion at a CAGR of 10.13% between 2023 and 2028.
The market's growth rate is influenced by various factors, including the escalating demand from developing nations, the increasing need for energy-efficient buildings, and the upsurge in consumer disposable income. It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018 - 2022, besides analyzing the current market scenario.
Boron is a chemical element and has properties of both metals and non-metals. It is an essential nutrient for plants and is used in various industrial applications such as the manufacturing of glass, ceramics, and detergents. It is also used in nuclear reactors as a neutron-absorbing material and in some medical applications such as cancer therapy.
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The market is driven by increased demand for fiberglass and boron-related products across various industries. Key sectors like the ceramics industry and semiconductor manufacturing rely on boron for its unique properties, such as thermal expansion and shock resistance. The use of boron in precision agriculture, incorporating technologies like GPS and sensors, is a notable trend. However, environmental concerns and the need for sustainable farming techniques present challenges. Overall, the rising demand for boron in diverse applications, from semiconductors to agriculture, defines the market's dynamic landscape. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
An increase in demand from developing countries is notably driving the market. The demand for boron from developing countries such as China, India, Brazil, Mexico, the Philippines, and Indonesia is expected to increase in the next five years. Many companies with boron consumption are shifting their manufacturing units to these regions due to factors like low transportation costs, easy land availability, cheap labor, easy access to raw materials, and less stringent government regulations and policies.
The expanding population, high disposable income, increasing purchasing power, and increasing environmental concerns in developing countries of APAC and South America are prompting higher investments in the ceramics sector and the pharmaceutical and cosmetics industries. The growing use of boron to manufacture semiconductors, transistors, glass, and ceramics is expected to foster the market's growth. The increase in foreign direct investment (FDI) in countries like India is expected to drive the growth of the regional manufacturing and construction markets. The growing construction activities in APAC and the Middle East will boost the demand for boron. Hence, such factors will drive market growth during the forecast period.
Growing demand from the renewable energy sector is an emerging trend in the market. The increasing demand for heat-resistant borosilicate glass used in solar thermal heating is expected to foster the growth of the market. In addition, to domestic solar heating systems, the glass tube has a solar collector to capture solar energy. Furthermore, the industrial version of a solar power plant uses glass tubes with a large diameter to carry the heat transfer fluid.
Moreover, due to the declining cost of solar technologies as well as the anticipation of a more carbon-constrained future, the growth of the global renewable energy industry is driven by the establishment of solar projects by energy corporations and utilities. Furthermore, governments across different regions are focusing on developing solar energy systems. Hence, such factors will drive market growth during the forecast period.
Stringent regulations and policies are a major challenge hindering market growth. The vigilant regulations from regulatory agencies, including the Environmental Protection Agency (EPA) operating in the US and Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH), which is a European Union (EU) regulatory body, on the use of this chemical for various industrial applications, such as agriculture, pharmaceutical, and cosmetics.
Moreover, in the US, the Occupational Safety and Health Administration (OSHA) sets regulations related to workplace safety, including exposure limits for airborne fibers, such as those from glass and glass fiber. In addition, the EPA regulates the environmental impact of processes involved in manufacturing glass fiber, particularly air and water emissions, waste disposal, and compliance with hazardous waste management regulations. Hence, such regulations will hinder the growth of the global market during the forecast period.
The glass segment is estimated to witness significant growth during the forecast period. Boron is a main ingredient in the manufacturing of glass, particularly borosilicate glass, textile fiberglass, and insulation fiberglass (IFG). In addition, it provides high thermal resistance, chemical durability, breakage index, and brightness of glass, which makes it suitable for the production of a variety of glasses, including laboratory glassware, kitchenware, and high-quality optical lenses.
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The glass segment was the largest segment and was valued at USD 889.86 million in 2018. Moreover, in reinforcement fiberglass (RFG) and IFG, the use of it improves the fiberizing efficiency and fluxing capabilities of the batch. In addition, with its scratch resistance, electrical neutrality, high strength, and chemical resistance, the demand for this chemical in the production of borosilicate glass is increasing. Furthermore, these glasses are widely used in the production of pharmaceutical packaging, thin film transistor liquid crystal display (TFT-LCD) glass, and liquid crystals. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
Based on the end-user, the market has been segmented into construction, agriculture, personal care, automotive, and others. The construction segment will account for the largest share of this segment. Boron and its compounds are used in various construction materials and processes due to their strength, durability, and resistance to thermal shock. In addition, there has been growing interest in boron for its potential use in advanced construction materials, such as boron carbide for abrasion-resistant coatings and boron nitride for high-temperature applications. Moreover, some of the major applications in the construction sector. Furthermore, it is one of the hardest known materials and is used in the production of abrasives, cutting tools, and wear-resistance coatings used in the construction of cutting and drilling equipment. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
APAC is estimated to contribute 55% to the growth of the global market during the projection period. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the projection period.
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In APAC, the increasing demand for boron from the glass and ceramics, pharmaceutical and cosmetics, and detergent industries is expected to drive market growth in the region. In addition, the demand for IFT glass for energy-efficient buildings and the use of this chemical in the production of gypsum board and ceramic and enamel coating in the construction industry will fuel the growth of the regional market. Furthermore, the growing demand for glass and ceramics from the construction industry in developing countries such as India and China is expected to foster the growth of the APAC market. Hence, such factors are driving the market growth in APAC during the forecast period.
Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches to enhance their presence in the market.
3M Co: The company offers boron such as Boron Carbide, Boron Carbide Abrasive powders, and 10B Enriched Boron.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Alpha Chemika, American Borate Co., Boron Rubbers India, Boron Specialties LLC, Central Drug House P Ltd., Eti Maden isletmeleri Genel Mudurlugu, Goodfellow Cambridge Ltd., Minera Santa Rita Srl, MSE Supplies LLC, NANOGRAFI Co. Inc., Nanoshel LLC, Orocobre Ltd., Quiborax, Rose Mill Co., SB Boron Corp., SCL Italia Spa, Stanford Advanced Materials, Welvic Australia Pty Ltd., and Rio Tinto Ltd.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market report predicts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The market is closely tied to various end-user industries, driven by the consumption of boron, denoted by the chemical symbol "B" and atomic number 5. As a metalloid naturally occurring in the Earth's crust, boron is sourced from borate minerals. While its scarcity is a consideration, boron finds extensive use in the ceramics sector, contributing to the thermal expansion and thermal shock resistance of glass products, heat-resistant ceramics, and other applications in the ceramics and glass industries. In the electronics sector, boron plays a pivotal role in semiconductor manufacturing, particularly as a key material for P-type semiconductors used in transistors and diodes. Its unique properties facilitate the controlled flow of electric current in semiconductor devices.
However, extraction raises environmental concerns due to potential habitat destruction and water resource utilization, prompting sustainability concerns and environmental restrictions. Mitigating these challenges requires comprehensive operating strategies, including environmental impact evaluations and the development of extraction techniques that minimize harm to flora and wildlife. Moreover, the market intersects with precision agriculture, where the adoption of advanced agricultural techniques contributes to sustainable practices and environmental conservation. Overall, the market is intricately linked to diverse industries, necessitating a balance between technological advancements and environmental responsibility.
The market is influenced by various factors, including Boron consumption in key industries such as the glass industry and ceramics industry. Its role as a crucial element in P-type semiconductor materials impacts electric current flow in electronic components like transistors and diodes. However, Boron's extraction through mining raises concerns related to water resource use and potential environmental impact, leading to the exploration of mitigation methods. The diverse applications of Boron extend to textile-type fiberglass, insulation-type fiberglass, and collaborations with stakeholders like Searles Valley Minerals, contributing to production capacity and innovation in the market. Stakeholders, including glass container manufacturers and flat glass manufacturers, rely on Boron for glass fiber production, emphasizing its integral role in various industries.
In agriculture, it plays a vital role in the adoption of Agriculture Techniques like precision farming, utilizing technologies such as GPS, sensors, and data analytics. It contributes to micronutrient management, ensuring crop health and quality. Boron-containing fertilizers enhance nitrogen uptake and support sustainable farming practices. The market dynamics are further influenced by global factors, including trade sanctions and the intricacies of global supply chain networks. In summary, the market is intricately tied to technological advancements, environmental considerations, and global demand across diverse sectors, driving innovations and sustainable practices.
Market Scope |
|
Report Coverage |
Details |
Page number |
161 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.13% |
Market Growth 2024-2028 |
USD 1.53 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
12.75 |
Regional analysis |
APAC, North America, Europe, South America, and the Middle East and Africa |
Performing market contribution |
APAC at 55% |
Key countries |
US, China, India, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., Alpha Chemika, American Borate Co., Boron Rubbers India, Boron Specialties LLC, Central Drug House P Ltd., Eti Maden isletmeleri Genel Mudurlugu, Goodfellow Cambridge Ltd., Minera Santa Rita Srl, MSE Supplies LLC, NANOGRAFI Co. Inc., Nanoshel LLC, Orocobre Ltd., Quiborax, Rose Mill Co., SB Boron Corp., SCL Italia Spa, Stanford Advanced Materials, Welvic Australia Pty Ltd., and Rio Tinto Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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