Boron Market - Growth, Trends, and Forecasts (2023 - 2028)

The global boron market is expected to register a CAGR of over 3% during the forecast period.

COVID-19 negatively impacted the market as all the industries halted their manufacturing processes. Lockdowns, social distances, and trade sanctions triggered massive disruptions to global supply chain networks. However, the condition is recovered in 2021, which is expected to benefit the market during the forecast period.

Key Highlights

• The primary factor driving the market studied is the rapidly growing adoption of fiberglass in industries.
• On the flip side, rising concerns regarding the compound's scarcity are hindering the market's growth.
• The growing demand from the ceramics industry shall create new opportunities in the market studied.
• The Asia-Pacific region represents the largest market and is expected to be the fastest-growing market over the forecast period owing to the increasing consumption from countries such as China, India, and Japan.

Boron Market Trends

Increasing Demand from the Agriculture Industry

• Boron is an essential micronutrient for crop nutrition. It is known as a trace element due to its requirement in small quantities compared to other elements, such as phosphorus and sulfur. The agriculture industry is growing globally, owing to the population increase and increasing demand for food.
• Boron is associated with cell division and development in the growth regions of the plant, such as the growth of the shoot and root tips. It is also used for pollen tube growth during flower pollination. It is, therefore, crucial for a good seed set and fruit development.
• According to the Energy and Natural Resources Minister, Turkey holds 62% of all boron reserves worldwide, approximately 1.1 billion metric tons. The United States and Russia include 40 million metric tons of boron reserves. In 2021, Turkey sold 2.6 million tons of boron products, of which 2.5 million tons were exported.
• Artificial Intelligence is the latest technological advancement in the agriculture industry that helps improve the overall harvest quality and accuracy. Many countries are adopting AI in agriculture, boosting production and helping market growth.
• For instance, the United Kingdom government put their artificial intelligence (AI) aimed at escalating crop productivity. The country boosted its R&D spending to 2.4% of the GDP by 2027. Furthermore, a new USD 532 million project is announced in Cambridge, which seeks to cement Britain's position as an innovator in the growing agri-tech industry.
• The technology adoption in Europe and North America increased crop productivity. In June 2022, Idele (Institut d'Elevage), France, developed a data-based online application called CAP'2ER, with thirty sets of activity data entered into the program to determine agroecological indicators.
• In November 2022, AGCO Corporation launched a brand-new online tool called Geo-Bird to help worldwide farmers independently plan and optimize their global navigation satellite system (GNSS) machine guidance lines.
• Using technologically advanced devices in agriculture led the market to grow and boosted the boron product demand in the industry. For instance, in September 2021, the Union Minister of Agriculture & Farmers Welfare launched the initiation of the Digital Agriculture Mission 2021-2025 while signing five memoranda of understanding (MoUs) with CISCO, Ninjacart, Jio Platforms Limited, ITC Limited, and NCDEX e-markets Limited (NeML), to forward digital agriculture through pilot projects.
• The Digital Agriculture Mission 2021-2025 aims to support and accelerate projects based on new technologies, like AI, blockchain, remote sensing, and GIS technology, and using drones and robots.
• Therefore, the demand for boron is expected to grow in the agriculture industry during the forecast period.

Asia-Pacific Region to Dominate the Market

• The Asia-Pacific region is expected to be the largest market for boron during the forecast period owing to the growing end-user industries in China, India, and Japan, among others.
• Asia-Pacific is expected to include the largest detergent industry globally, owing to the increased awareness regarding cleanliness among middle-class families. Countries such as China and India are the top detergent producers globally.
• Boron compounds such as boric acid and borates extend the cement hydration period. Therefore, boron compounds are used effectively in the construction industry.
• China is investing USD 1.43 trillion in significant construction projects in the next five years till 2025. According to National Development and Reform Commission (NDRC), the Shanghai plan includes an investment of USD 38.7 billion in the next three years, whereas Guangzhou signed 16 new infrastructure projects with an investment of USD 8.09 billion.
• In 2022, India contributed about USD 640 billion to the construction industry due to government initiatives in infrastructure development and affordable housing, such as housing to all, smart city plans, and others.
• Boron is used in semiconductor devices such as integrated circuits and capacitors. It helps form layers of metal that protect devices against corrosion. It is used in LCD and LED TV screens. According to JEITA (Japan Electronics and Information Technology Industries Association), in November 2022, the total production of the electronics industry reached USD 7,098.34 million. In December 2022, Japan exported electronics worth USD 8,395.45 million.
• In India, the electronics market witnessed a growth in demand, with market size increasing rapidly. India's electronic goods exports fetched USD 16.67 billion in December 2022, compared to USD 10.99 billion in the same month of 2021. The growing electronics and appliances market in India and China may push further Asian-Pacific market growth.
• Boron is used primarily for concrete production. It is also helpful in construction materials for steel reinforcement and insulation. Additionally, they are essential in hydraulic fracturing to provide fluid pressure while creating natural gas extraction sites.
• Hence, with the rapidly growing end-user industries in countries of the Asia-Pacific region, the demand for boron is also expected to increase over the forecast period.

Boron Industry Overview

The global boron market is partially consolidated in nature. The major companies are 3M, Eti Maden, Rio Tinto, SB Boron Corporation, and Orocobre Limited Pty Ltd.

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