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
- Boron Market Characteristics
- Boron Product/Service Analysis -Product/Service Examples
- Boron Market Trends And Strategies
- Boron Market – Macro Economic Scenario
.
- Global Boron Market Competitive Benchmarking
- Global Boron Market Competitive Dashboard
- Key Mergers And Acquisitions In The Boron Market
- Boron Market Future Outlook and Potential Analysis
- Appendix
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