Press release
Global Boron Market Projected to Surpass $11.82 Billion by 2029 with 10.3% Annual Growth
Boron
The expected surge in the boron market is largely anticipated to be fueled by the broadening expansion of the agriculture sector. The agriculture sector is essentially the segment of the economy concerning the cultivation of lands, crop production, and livestock rearing for a myriad of uses. Boron plays a critical role in this sector as an important micronutrient, assisting with functions such as cellular development, the pollination process and fruit growth in plants. This is primarily applied through boron-infused fertilizers to counter soil deficiencies, thereby assuring the maximum growth, yield, and quality of crops. For instance, the Organization for Economic Co-operation and Development, an intergovernmental organization based in France, predicted in June 2022 that agricultural productivity must experience a growth of 28% over the next decade to reach the zero-hunger objective. Furthermore, they predicted an estimated 87% increase in global crop production by 2030. As a result, the continuing expansion of the agriculture sector is contributing to the growth of the boron market.
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What is the future CAGR of the boron market, and how will it impact industry expansion?
The market size for boron has seen tremendous growth in the past few years. It is projected to increase from $7.46 billion in 2024 to $8 billion in 2025, maintaining a compound annual growth rate (CAGR) of 7.3%. The remarkable growth during the historical period can be accredited to factors such as its escalating applications in agriculture, the glass and ceramics industry, consumer products, the electronics and semiconductor sector, as well as the medical and healthcare field.
In the coming years, the boron market size is projected to experience significant expansion. An estimated growth to $11.82 billion is expected by 2029, with a compound annual growth rate (CAGR) of 10.3%. Factors contributing to this growth during the projection period include an upsurge in agricultural needs, advancements in the area of glass and ceramics, growth in consumer product manufacturing, innovations in electronics, and increased usage in healthcare applications. Key trends predicted for this period also incorporate emphasis on boron neutron capture therapy (BNCT), utilization of boron in the aerospace industry, implementation of boron-based flame retardants, application of boron in nuclear power, and adoption of sustainable mining techniques.
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What are the most significant trends transforming the boron market today?
The prevalent trend in the Boron market is the growing use of 3D printing technology in crafting modular components specifically for the mining industry. This innovation permits companies situated in far-flung areas to produce essential parts onsite according to their needs. This technology significantly minimizes delays attributed to unexpected maintenance and negates the requirement for maintaining inventories.
Which key market segments comprise the boron market and drive its revenue growth?
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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What regions are at the forefront of boron market expansion?
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.
Who are the leading players fueling growth 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.
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What Is Covered In The Boron Global Market Report?
• Market Size Forecast: Examine the boron market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the boron market for a structured understanding.
• Key Players Overview: Analyze major players in the boron market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the boron market.
• Segment Contributions: Evaluate how different segments drive overall growth in the boron market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the boron market.
• Industry Challenges: Identify potential risks and obstacles affecting the boron market.
• Competitive Landscape: Review strategic developments in the boron market, including expansions, agreements, and new product launches.
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