Global Boron Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Boron Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Boron is a chemical element, generally black or dark brown powder, common forms are crystalline boron and amorphous boron. Crystalline boron is gray-black, and its hardness is second only to diamond. Amorphous boron is brown in color and has more active chemical properties. Boron is found in nature mainly in the form of borax, boric acid and borates, which can be mined from rocks and lake sediments. Boron can be used to produce borax, boric acid and various boron compounds, mainly used in the manufacture of glass, ceramics, detergents, agricultural fertilizers and flame retardants.

Market Overview:

The latest research study on the global Boron market finds that the global Boron market reached a value of USD 3721.71 million in 2022. It’s expected that the market will achieve USD 6431.25 million by 2028, exhibiting a CAGR of 9.54% during the forecast period.

Demand for Boron in Urbanization

Boron plays an important role in industrial construction. Adding boron to unalloyed and low-alloyed steels can improve the hardenability of steels and thus increase the hardness of steels. Boron steels can be used as wear-resistant materials and high-strength structural steels. Boron carbide coating is a low-density material with hardness second only to diamond, which can greatly extend its service life when applied to wear-resistant coatings of building materials. Boric acid and borax are often used as flame retardants for wood and wood products. Boric acid can speed up the dehydration reaction of wood cellulose and turn burning wood into charcoal. Borax can isolate the contact between combustion and air. As an excellent composite material with high strength and high elasticity, boride glass fiber is widely used in the construction of civil facilities such as roads and bridges. Due to the high light transmittance of glass fiber, it can use solar energy to save energy, so the government also encourages its use. The bipartisan infrastructure bill passed by the Biden administration in 2021 seeks to improve domestic ports, airports, railroads and highways to ease inflationary pressures and strengthen supply chains. In 2021, the Federal Cabinet of India approved the National Master Plan to initiate the construction of telecommunication networks and gas pipelines in road and rail, with a focus on road and rail infrastructure. In the context of increasing residents' demand for amenities and increasing government investment, the continuous acceleration of infrastructure construction and urbanization has also driven the market growth of boron.

Wide application of borosilicate glass

Borosilicate glass manufacturing is one of the main application areas of boron. At present, 90% of ordinary glass products in the world are made of soda-lime glass, because it is relatively cheap and the production process is simple, but soda-lime glass is fragile and cannot withstand excessive thermal shock, so it can only be used for daily use, such as consumables such as drinking glasses, vases, and windows. Borosilicate glass contains a large amount of silicon dioxide and boron oxide, which significantly improves its mechanical strength and heat resistance. Since it can be processed into different shapes of glass tubes and beakers by a variety of methods such as drawing, rolling or micro-float, borosilicate glass is favored for laboratory glassware due to its stable chemical resistance and high finish. High-end cookware brands use its excellent heat resistance to create griddles and glass cooking pots that increase cooking speed and safety. The high optical properties of borosilicate glass can provide precise imaging for optical and fluorescence microscopy, and are a good material for making slides and lenses for microscopes, telescopes, and other optical devices. Therefore, the wide application of borosilicate glass in downstream industries has increased its market demand and is one of the main drivers of the boron market.

Increased demand for boron in agriculture

Boron is an essential nutrient for healthy plant growth. Boron deficiency can affect the formation of plant cell walls, resulting in the failure of normal flowering and fruiting. When the concentration of boron in the soil is insufficient, crop yields drop. The use of borate fertilizers can stabilize the pH value of the soil, ensure the supply of boron nutrients to plants, and also improve the absorption of phosphorus and potassium by the roots, which is beneficial to root growth and photosynthesis. In addition to being used as boron fertilizers, pesticides and herbicides fortified with borax and boric acid are also popular with farmers. When boron is mixed with sodium chloride or other toxic chemicals, it can affect the physiological digestion of insects. In addition to plants, boron has effects on the metabolism of animals, such as cows given more borax produce higher milk. According to United Nations projections, the global population will reach 9.7 billion in 2050. The huge population increases the demand for food, and agricultural enterprises need to increase agricultural activities to improve crop yields, so the demand for boron in agriculture will continue to rise.

Region Overview:

In 2021, the share of the Boron market in Asia Pacific stood at 48.07%.

Company Overview:

Etimine, Rio Tinto, Quiborax were the top 3 players in the Boron market in 2022, taking up a market share of 59.31% together.

Segmentation Overview:

By type, Borax 5 mol segment accounted for the largest share of market in 2021.

Application Overview:

By application, the Glass segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Boron market covered in Chapter 3:

Zhengzhou De'er Boron
Dalnegorsky GOK
Rio Tinto
Quiborax
Zibo Penger Chemical
Inkabor
Jinma Boron
Zibo Yihong Technology
Minera Santa Rita SRL (MSR)
Tianbang Chemical
Etimine
Borax Argentina S.A
Liaoning Shougang
Searles Valley Minerals

In Chapter 4 and Chapter 14.2, on the basis of types, the Boron market from 2018 to 2029 is primarily split into:

Salt Lake Source
Mine Source

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Boron market from 2018 to 2029 covers:

Boric Acid
Fiberglass
Enamel
Detergent
Other

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)