Overview and Scope
Boron refers to the process of mining boron and its compounds are used in
various glass manufacturing, pest controls, fire retardants, fireworks, and
medicine.
Sizing and Forecast
The boron market size has grown exponentially in recent years. It will grow
from $6.57 billion in 2023 to $7.99 billion in 2024 at a compound annual growth
rate (CAGR) of 21.7%. The growth in the historic period can be
attributed to rising agricultural applications, glass and ceramics industry,
consumer products, electronics and semiconductors, medical and healthcare
sector.
The boron market size is expected to see rapid growth in the next few years. It
will grow to $12.68 billion in 2028 at a compound annual growth rate (CAGR) of
12.2%. The growth in the forecast period
can be attributed to increasing agricultural demand, innovations in glass and
ceramics, rising consumer product manufacturing, advancements in electronics,
expanding healthcare applications. Major trends in the forecast period include
focus on boron neutron capture therapy (bnct), boron in the aerospace industry,
boron-based flame retardants, boron in nuclear power applications, sustainable
mining practices.
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Segmentation & Regional Insights
The boron market covered in this report is segmented –
1) By Type: Aerospace Composite Materials, Boronated Glasses, and Other Types-
Boron
2) By Mining Type: Underground Mining, Surface Mining
The Middle East was the largest region in the boron market in 2023. The regions
covered in the boron market report are Asia-Pacific, Western Europe, Eastern
Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing expansion of agriculture sector is expected to propel the growth
of boron market going forward. The agriculture sector refers to the portion of
the economy that is involved in the cultivation of land, raising crops, and
rearing animals for various purposes. Boron is utilized in agriculture as a
crucial micronutrient, supporting processes such as cell development,
pollination, and fruit formation in plants. It is commonly administered through
boron-containing fertilizers to address soil deficiencies, ensuring optimal
crop growth, yield, and quality. For instance, in June 2022, according to
Organization for Economic Co-operation and Development, a France-based
intergovernmental organization, agricultural productivity would need to
increase by 28% in the next decade to achieve the zero-hunger target. Further,
global crop production is estimated to increase by 87% by 2030. Therefore, the
increasing expansion of agriculture sector is driving the growth of boron market.
Key Industry Players
Major companies operating in the boron market report are Rio Tinto Group, 3M
Company, Borusan Holding A.Ş., Allkem Limited, Searles Valley Minerals Inc.,
Ceradyne Inc., Borax Inc., S B Boron Corporation, Boron Molecular PTY. Limited,
Gujarat Boron Derivatives Pvt. Ltd., China National Bluestar Group Co. Ltd.,
Minera Santa Rita SRL (MSR), SB Boron Corporation, Qinghai Zhongtian Boron
Lithium Mining Co. Ltd., Quiborax S.A., Boron Specialities LLC, Eti Maden
İşletmeleri Genel Müdürlüğü, Qinghai Huaxia Boron Co. Ltd., Inner Mongolia
Mengyuan Boron Co. Ltd., ABC Corporation, Sichuan Tianli Group Co. Ltd., Henan
Sanxing Boron Co. Ltd., LMN Minerals, Jiangxi Lianyi New Materials Co. Ltd.,
PQR Chemicals, Xinjiang Yutai Boron Compounds Co. Ltd., Fujian Minnan Borate
Co. Ltd., Shanxi Borui New Materials Co. Ltd., Hebei Xin'an Boron New Materials
Co. Ltd., Hunan Bolin New Materials Co. Ltd.
The boron market report table of contents includes:
1. Executive Summary
2. Boron
Market Characteristics
3. Boron
Product/Service Analysis -Product/Service Examples
4. Boron
Market Trends And Strategies
5. Boron
Market - Macro Economic Scenario
.
68. Global
Boron Market Competitive Benchmarking
69. Global
Boron Market Competitive Dashboard
70. Key
Mergers And Acquisitions In The Boron Market
71. Boron
Market Future Outlook and Potential Analysis
72.
Appendix
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