What Has Been the Growth of the Boron Market So Far?
The boron market has seen considerable growth due to a variety of factors.
• In the past few years, the boron market has seen substantial growth. The market, which is predicted to grow from $7.46 billion in 2024 to $8 billion in 2025, has a compound annual growth rate (CAGR) of 7.3%.
This considerable growth during the historical period can be credited to the increase in agricultural applications, industries such as glass and ceramics, consumer products, electronics and semiconductors, and the medical and healthcare sector.
What Is The Expected Growth In The Boron Market Size?
The boron market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of boron is projected to experience substantial growth in the upcoming years, escalating to $11.82 billion by 2029 with a compound annual growth rate (CAGR) of 10.3%.
The projected surge within the stipulated period can be ascribed to an upsurge in agricultural needs, advancements in the field of glass and ceramics, an increase in consumer product manufacturing, developments in the electronics sector, and a broadening array of healthcare applications. Significant trends anticipated in the forecast period involve boron neutron capture therapy (BNCT), utilization of boron within the aerospace industry, the introduction of boron-based flame retardants, applications of boron in nuclear power, and adoption of environmentally-friendly mining practices.
Which Key Drivers Are Propelling Th Boron Market's Growth?
The growth of the boron market is projected to be fueled by the escalating enlargement of the agricultural sector. Defined as the economic segment engaged in cultivating land, growing crops, and raising animals for a variety of uses, the agricultural sector plays a major role in the application of boron. This essential micronutrient is crucial to plant life process, such as cell growth, pollination, and fruit development. Boron-based fertilizers are commonly used to combat soil deficiencies, ensuring ideal crop growth, yield, and quality. For example, the Organization for Economic Co-operation and Development, located in France, noted in June 2022 that achieving the zero-hunger goal would require an increase in agricultural productivity by 28% over the proceeding decade. Moreover, it's projected that global crop production will grow by a substantial 87% by 2030. Given these circumstances, it's clear that the growth of the boron market is being propelled by the further enlargement of the agricultural sector.
What Are The Primary Segments In The Global Boron Market?
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
Subsegments:
1) By Aerospace Composite Materials: Boron Fiber Reinforcements, Boron-Based Matrix Composites
2) By Boronated Glasses: Borosilicate Glass, Boron Glass Fiber
3) By Other Types: Boron Carbide, Boron Nitride, Boron-Based Chemicals
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Which Key Trends Are Driving Changes In The Boron Market Size?
The pervasive use of 3D-printed modular components in the mining industry is a prominent trend in the Boron market. This technology allows companies in isolated areas to produce necessary parts on the spot, effectively minimizing delay from unexpected repair work and removing the necessity for inventory storage.
Who Are the Key Players in the Boron Market?
Major companies operating in the boron market include:
• Rio Tinto Group
• 3M Company
• Borusan Holding A.S.
• 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 Isletmeleri Genel Müdürlügü
• 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.
What Is The Most Dominant Region In The Boron Market?
Middle East was the largest region in the boron market in 2024. The regions covered in the boron market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
