Summary

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.

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Table of Contents

TABLE OF CONTENTS

1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Secondary Research
3.2 Primary Research
3.2.1 Hypothesis formulation:
3.2.2 Macro-economic factor analysis:
3.2.3 Developing base number:
3.2.4 Data Triangulation:
3.2.5 Country level data:
4. Boron Market Landscape
4.1 Overview
4.2 Porter’s Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Intensity of Competitive Rivalry
4.2.5 Threat of Substitutes
4.3 Ecosystem Analysis
4.3.1 Raw Material Suppliers
4.3.2 Boron Manufacturers
4.3.3 Distributors
4.3.4 End-Use Industry
4.3.5 List of Vendors in the Value Chain
5. Boron Market - Key Market Dynamics
5.1 Boron Market - Key Market Dynamics
5.2 Market Drivers
5.2.1 Growth of Glass & Ceramics Industry
5.2.2 Surge in Demand from Agrochemicals Industry
5.3 Market Restraints
5.3.1 Fluctuations in Boron Prices
5.4 Market Opportunities
5.4.1 Growing Investments in Aerospace & Defense Industry
5.5 Future Trends
5.5.1 Surging Utilization of Boron Nanoparticles in Several Industries
5.6 Impact of Drivers and Restraints:
6. Boron Market - Global Market Analysis
6.1 Boron Market Volume (Kilo Tons), 2021-2031
6.2 Boron Market Volume Forecast and Analysis (Kilo Tons)
6.3 Boron Market Revenue (US$ Million), 2021-2031
6.4 Boron Market Revenue Forecast and Analysis (US$ Million)
7. Boron Market Volume and Revenue Analysis - by Derivatives
7.1 Borax
7.1.1 Overview
7.1.2 Borax: Boron Market - Volume and Forecast to 2031 (Kilo Tons)
7.1.3 Borax: Boron Market - Revenue and Forecast to 2031 (US$ Million)
7.2 Boric Acid
7.2.1 Overview
7.2.2 Boric Acid: Boron Market - Volume and Forecast to 2031 (Kilo Tons)
7.2.3 Boric Acid: Boron Market - Revenue and Forecast to 2031 (US$ Million)
7.3 Boron Nitride
7.3.1 Overview
7.3.2 Boron Nitride: Boron Market - Volume and Forecast to 2031 (Kilo Tons)
7.3.3 Boron Nitride: Boron Market - Revenue and Forecast to 2031 (US$ Million)
7.4 Boron Carbide
7.4.1 Overview
7.4.2 Boron Carbide: Boron Market - Volume and Forecast to 2031 (Kilo Tons)
7.4.3 Boron Carbide: Boron Market - Revenue and Forecast to 2031 (US$ Million)
7.5 Boron Oxide
7.5.1 Overview
7.5.2 Boron Oxide: Boron Market - Volume and Forecast to 2031 (Kilo Tons)
7.5.3 Boron Oxide: Boron Market - Revenue and Forecast to 2031 (US$ Million)
7.6 Others
7.6.1 Overview
7.6.2 Others: Boron Market - Volume and Forecast to 2031 (Kilo Tons)
7.6.3 Others: Boron Market - Revenue and Forecast to 2031 (US$ Million)
8. Boron Market Revenue Analysis - by End-use Industry
8.1 Agrochemicals
8.1.1 Overview
8.1.2 Agrochemicals: Boron Market - Revenue and Forecast to 2031 (US$ Million)
8.2 Glass
8.2.1 Overview
8.2.2 Glass: Boron Market - Revenue and Forecast to 2031 (US$ Million)
8.3 Ceramics
8.3.1 Overview
8.3.2 Ceramics: Boron Market - Revenue and Forecast to 2031 (US$ Million)
8.4 Detergents
8.4.1 Overview
8.4.2 Detergents: Boron Market - Revenue and Forecast to 2031 (US$ Million)
8.5 Pharmaceuticals
8.5.1 Overview
8.5.2 Pharmaceuticals: Boron Market - Revenue and Forecast to 2031 (US$ Million)
8.6 Electrical and Electronics
8.6.1 Overview
8.6.2 Electrical and Electronics: Boron Market - Revenue and Forecast to 2031 (US$ Million)
8.7 Others
8.7.1 Overview
8.7.2 Others: Boron Market - Revenue and Forecast to 2031 (US$ Million)
9. Boron Market - Geographical Analysis
9.1 Overview
9.2 North America
9.2.1 North America Boron Market Overview
9.2.2 North America Boron Market - Volume and Forecast to 2031 (Kilo Tons)
9.2.3 North America Boron Market - Revenue and Forecast to 2031 (US$ Million)
9.2.4 North America Boron Market Breakdown by Derivatives
9.2.4.1 North America Boron Market Volume and Forecast and Analysis - by Derivatives
9.2.4.2 North America Boron Market Revenue and Forecast and Analysis - by Derivatives
9.2.5 North America Boron Market Breakdown by End-use Industry
9.2.5.1 North America Boron Market Revenue and Forecast and Analysis - by End-use Industry
9.2.6 North America Boron Market Revenue and Forecast and Analysis - by Country
9.2.6.1 North America Boron Market Volume and Forecast and Analysis - by Country
9.2.6.2 North America Boron Market Revenue and Forecast and Analysis - by Country
9.2.6.3 United States Boron Market - Revenue and Forecast to 2031 (US$ Million)
9.2.6.3.1 United States Boron Market Breakdown by Derivatives
9.2.6.3.2 United States Boron Market Breakdown by End-use Industry
9.2.6.4 Canada Boron Market - Revenue and Forecast to 2031 (US$ Million)
9.2.6.4.1 Canada Boron Market Breakdown by Derivatives
9.2.6.4.2 Canada Boron Market Breakdown by End-use Industry
9.2.6.5 Mexico Boron Market - Revenue and Forecast to 2031 (US$ Million)
9.2.6.5.1 Mexico Boron Market Breakdown by Derivatives
9.2.6.5.2 Mexico Boron Market Breakdown by End-use Industry
9.3 Europe
9.3.1 Europe Boron Market Overview
9.3.2 Europe Boron Market - Volume and Forecast to 2031 (Kilo Tons)
9.3.3 Europe Boron Market - Revenue and Forecast to 2031 (US$ Million)
9.3.4 Europe Boron Market Breakdown by Derivatives
9.3.4.1 Europe Boron Market Volume and Forecast and Analysis - by Derivatives
9.3.4.2 Europe Boron Market Revenue and Forecast and Analysis - by Derivatives
9.3.5 Europe Boron Market Breakdown by End-use Industry
9.3.5.1 Europe Boron Market Revenue and Forecast and Analysis - by End-use Industry
9.3.6 Europe Boron Market Revenue and Forecast and Analysis - by Country
9.3.6.1 Europe Boron Market Volume and Forecast and Analysis - by Country
9.3.6.2 Europe Boron Market Revenue and Forecast and Analysis - by Country
9.3.6.3 Germany Boron Market - Revenue and Forecast to 2031 (US$ Million)
9.3.6.3.1 Germany Boron Market Breakdown by Derivatives
9.3.6.3.2 Germany Boron Market Breakdown by End-use Industry
9.3.6.4 France Boron Market - Revenue and Forecast to 2031 (US$ Million)
9.3.6.4.1 France Boron Market Breakdown by Derivatives
9.3.6.4.2 France Boron Market Breakdown by End-use Industry
9.3.6.5 Italy Boron Market - Revenue and Forecast to 2031 (US$ Million)
9.3.6.5.1 Italy Boron Market Breakdown by Derivatives
9.3.6.5.2 Italy Boron Market Breakdown by End-use Industry
9.3.6.6 United Kingdom Boron Market - Revenue and Forecast to 2031 (US$ Million)
9.3.6.6.1 United Kingdom Boron Market Breakdown by Derivatives
9.3.6.6.2 United Kingdom Boron Market Breakdown by End-use Industry
9.3.6.7 Russia Boron Market - Revenue and Forecast to 2031 (US$ Million)
9.3.6.7.1 Russia Boron Market Breakdown by Derivatives
9.3.6.7.2 Russia Boron Market Breakdown by End-use Industry
9.3.6.8 Rest of Europe Boron Market - Revenue and Forecast to 2031 (US$ Million)
9.3.6.8.1 Rest of Europe Boron Market Breakdown by Derivatives
9.3.6.8.2 Rest of Europe Boron Market Breakdown by End-use Industry
9.4 Asia Pacific
9.4.1 Asia Pacific Boron Market Overview
9.4.2 Asia Pacific Boron Market - Volume and Forecast to 2031 (Kilo Tons)
9.4.3 Asia Pacific Boron Market - Revenue and Forecast to 2031 (US$ Million)
9.4.4 Asia Pacific Boron Market Breakdown by Derivatives
9.4.4.1 Asia Pacific Boron Market Volume and Forecast and Analysis - by Derivatives
9.4.4.2 Asia Pacific Boron Market Revenue and Forecast and Analysis - by Derivatives
9.4.5 Asia Pacific Boron Market Breakdown by End-use Industry
9.4.5.1 Asia Pacific Boron Market Revenue and Forecast and Analysis - by End-use Industry
9.4.6 Asia Pacific Boron Market Revenue and Forecast and Analysis - by Country
9.4.6.1 Asia Pacific Boron Market Volume and Forecast and Analysis - by Country
9.4.6.2 Asia Pacific Boron Market Revenue and Forecast and Analysis - by Country
9.4.6.3 Australia Boron Market - Revenue and Forecast to 2031 (US$ Million)
9.4.6.3.1 Australia Boron Market Breakdown by Derivatives
9.4.6.3.2 Australia Boron Market Breakdown by End-use Industry
9.4.6.4 China Boron Market - Revenue and Forecast to 2031 (US$ Million)
9.4.6.4.1 China Boron Market Breakdown by Derivatives
9.4.6.4.2 China Boron Market Breakdown by End-use Industry
9.4.6.5 India Boron Market - Revenue and Forecast to 2031 (US$ Million)
9.4.6.5.1 India Boron Market Breakdown by Derivatives
9.4.6.5.2 India Boron Market Breakdown by End-use Industry
9.4.6.6 Japan Boron Market - Revenue and Forecast to 2031 (US$ Million)
9.4.6.6.1 Japan Boron Market Breakdown by Derivatives
9.4.6.6.2 Japan Boron Market Breakdown by End-use Industry
9.4.6.7 South Korea Boron Market - Revenue and Forecast to 2031 (US$ Million)
9.4.6.7.1 South Korea Boron Market Breakdown by Derivatives
9.4.6.7.2 South Korea Boron Market Breakdown by End-use Industry
9.4.6.8 Rest of APAC Boron Market - Revenue and Forecast to 2031 (US$ Million)
9.4.6.8.1 Rest of APAC Boron Market Breakdown by Derivatives
9.4.6.8.2 Rest of APAC Boron Market Breakdown by End-use Industry
9.5 Middle East and Africa
9.5.1 Middle East and Africa Boron Market Overview
9.5.2 Middle East and Africa Boron Market - Volume and Forecast to 2031 (Kilo Tons)
9.5.3 Middle East and Africa Boron Market - Revenue and Forecast to 2031 (US$ Million)
9.5.4 Middle East and Africa Boron Market Breakdown by Derivatives
9.5.4.1 Middle East and Africa Boron Market Volume and Forecast and Analysis - by Derivatives
9.5.4.2 Middle East and Africa Boron Market Revenue and Forecast and Analysis - by Derivatives
9.5.5 Middle East and Africa Boron Market Breakdown by End-use Industry
9.5.5.1 Middle East and Africa Boron Market Revenue and Forecast and Analysis - by End-use Industry
9.5.6 Middle East and Africa Boron Market Revenue and Forecast and Analysis - by Country
9.5.6.1 Middle East and Africa Boron Market Volume and Forecast and Analysis - by Country
9.5.6.2 Middle East and Africa Boron Market Revenue and Forecast and Analysis - by Country
9.5.6.3 South Africa Boron Market - Revenue and Forecast to 2031 (US$ Million)
9.5.6.3.1 South Africa Boron Market Breakdown by Derivatives
9.5.6.3.2 South Africa Boron Market Breakdown by End-use Industry
9.5.6.4 Saudi Arabia Boron Market - Revenue and Forecast to 2031 (US$ Million)
9.5.6.4.1 Saudi Arabia Boron Market Breakdown by Derivatives
9.5.6.4.2 Saudi Arabia Boron Market Breakdown by End-use Industry
9.5.6.5 United Arab Emirates Boron Market - Revenue and Forecast to 2031 (US$ Million)
9.5.6.5.1 United Arab Emirates Boron Market Breakdown by Derivatives
9.5.6.5.2 United Arab Emirates Boron Market Breakdown by End-use Industry
9.5.6.6 Rest of Middle East and Africa Boron Market - Revenue and Forecast to 2031 (US$ Million)
9.5.6.6.1 Rest of Middle East and Africa Boron Market Breakdown by Derivatives
9.5.6.6.2 Rest of Middle East and Africa Boron Market Breakdown by End-use Industry
9.6 South and Central America
9.6.1 South and Central America Boron Market Overview
9.6.2 South and Central America Boron Market - Volume and Forecast to 2031 (Kilo Tons)
9.6.3 South and Central America Boron Market - Revenue and Forecast to 2031 (US$ Million)
9.6.4 South and Central America Boron Market Breakdown by Derivatives
9.6.4.1 South and Central America Boron Market Volume and Forecast and Analysis - by Derivatives
9.6.4.2 South and Central America Boron Market Revenue and Forecast and Analysis - by Derivatives
9.6.5 South and Central America Boron Market Breakdown by End-use Industry
9.6.5.1 South and Central America Boron Market Revenue and Forecast and Analysis - by End-use Industry
9.6.6 South and Central America Boron Market Revenue and Forecast and Analysis - by Country
9.6.6.1 South and Central America Boron Market Volume and Forecast and Analysis - by Country
9.6.6.2 South and Central America Boron Market Revenue and Forecast and Analysis - by Country
9.6.6.3 Brazil Boron Market - Revenue and Forecast to 2031 (US$ Million)
9.6.6.3.1 Brazil Boron Market Breakdown by Derivatives
9.6.6.3.2 Brazil Boron Market Breakdown by End-use Industry
9.6.6.4 Argentina Boron Market - Revenue and Forecast to 2031 (US$ Million)
9.6.6.4.1 Argentina Boron Market Breakdown by Derivatives
9.6.6.4.2 Argentina Boron Market Breakdown by End-use Industry
9.6.6.5 Rest of South and Central America Boron Market - Revenue and Forecast to 2031 (US$ Million)
9.6.6.5.1 Rest of South and Central America Boron Market Breakdown by Derivatives
9.6.6.5.2 Rest of South and Central America Boron Market Breakdown by End-use Industry
10. Competitive Landscape
10.1 Heat Map Analysis by Key Players
10.2 Company Positioning & Concentration
11. Industry Landscape
11.1 Overview
11.2 Collaboration
11.3 Market Initiative
12. Company Profiles
12.1 Nippon Denko Co., Ltd.
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Hoganas AB
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 3M Co
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 UBE Corporation
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Arkema SA
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 JFE Mineral & Alloy Co Ltd
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Tokyo Chemical Industry Co Ltd
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Rio Tinto Ltd
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Compagnie de Saint Gobain SA
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 Eti Maden
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
12.11 Stella Chemifa Corporation
12.11.1 Key Facts
12.11.2 Business Description
12.11.3 Products and Services
12.11.4 Financial Overview
12.11.5 SWOT Analysis
12.11.6 Key Developments
12.12 FREEMAN (JAPAN) CO., LTD.
12.12.1 Key Facts
12.12.2 Business Description
12.12.3 Products and Services
12.12.4 Financial Overview
12.12.5 SWOT Analysis
12.12.6 Key Developments
12.13 KROSAKI HARIMA CORPORATION
12.13.1 Key Facts
12.13.2 Business Description
12.13.3 Products and Services
12.13.4 Financial Overview
12.13.5 SWOT Analysis
12.13.6 Key Developments
12.14 Washington Mills Electro Minerals Limited
12.14.1 Key Facts
12.14.2 Business Description
12.14.3 Products and Services
12.14.4 Financial Overview
12.14.5 SWOT Analysis
12.14.6 Key Developments
12.15 Boron Specialties, LLC
12.15.1 Key Facts
12.15.2 Business Description
12.15.3 Products and Services
12.15.4 Financial Overview
12.15.5 SWOT Analysis
12.15.6 Key Developments
13. Appendix
13.1 About The Insight Partners