Boron Market Expected to Reach $15.3 Billion by 2033

According to a new report published by Allied Market Research, titled, “Boron Market," The boron market was valued at $10.5 billion in 2023, and is estimated to reach $15.3 billion by 2033, growing at a CAGR of 3.9% from 2024 to 2033.

Boron is a trivalent element, typically forming three covalent bonds. It exhibits notable chemical behavior, such as forming strong covalent bonds and existing in multiple allotropes. Amorphous boron is a brown powder, while crystalline boron is black and extremely hard. Boron's high melting point (about 2076°C) and hardness make it a valuable material in applications requiring durability and thermal resistance. In electronics and semiconductors, boron is used as a dopant to modify the electrical properties of silicon. Boron-doped silicon is a p-type semiconductor, which is crucial for the fabrication of various electronic devices, including diodes, transistors, and integrated circuits. In addition, boron carbide is used in the production of ballistic armor due to its extreme hardness and low density, providing protection without adding significant weight.

Boron plays a pivotal role in energy storage and conversion technologies. Lithium borate compounds are explored as potential electrolytes in lithium-ion batteries, which are widely used in portable electronic devices and electric vehicles. Boron-based materials are also investigated for their potential in hydrogen storage, a critical component for the development of fuel cell technology. Hydrogen can be stored in boron compounds such as borohydrides, which release hydrogen gas when heated or exposed to catalysts. Boron neutron capture therapy (BNCT) is an experimental form of cancer treatment that utilizes the unique properties of boron. In BNCT, a boron-containing compound is introduced into the body, where it preferentially accumulates in cancer cells. When the area is exposed to neutron radiation, the boron atoms capture neutrons and undergo a nuclear reaction that releases alpha particles and lithium nuclei, which destroy the cancer cells while minimizing damage to surrounding healthy tissue.

Surge in the use of boron in agriculture industry is expected to boost the growth of the boron market during the forecast period. Boron is essential for agriculture, particularly in regions with boron-deficient soils. This essential micronutrient plays a critical role in numerous plant physiological functions, profoundly influencing growth, development, and reproductive efficacy. The growing demand for boron in agriculture is due to its vital role inmaintaining plant health and optimizing crop yields. Boron facilitates the cross-linking of pectic polysaccharides, essential components of cell walls, ensuring structural integrity and influencing cell rigidity and permeability. Without sufficient boron, plants may exhibit symptoms such as brittle cell walls, reduced cell elongation, and impaired nutrient uptake, leading to stunted growth and lower productivity.

However, the environmental impact of boron in mining and processing is expected to hinder the growth of the boron market during the forecast period. Boron mining and processing involves several stages, each with its own set of environmental implications. The extraction of boron ore, typically through open-pit mining, can result in substantial landscape disruption. This disruption includes the removal of vegetation, soil erosion, and the creation of large pits and waste rock piles. Such activities can degrade local ecosystems, displace wildlife, and lead to loss of biodiversity. Also, the dust generated during mining operations can contribute to air pollution, affecting both the health of local communities and the broader environment. Water usage and contamination represent a significant environmental concern associated with boron mining and processing.

Mining operations often require large amounts of water for ore extraction and processing. This highwater demand can strain local water resources, particularly in arid regions where boron deposits are frequently found. Moreover, the wastewater generated from mining activities, if not properly managed, can contaminate nearby water bodies with harmful substances such as heavy metals and chemicals used in ore processing. This contamination poses risks to aquatic ecosystems and can affect the quality of drinking water for surrounding communities.

The boron market is segmented into end-use industry and region. On the basis of end-use industry, the market is classified into automotive and transportation, building and construction, healthcare, semiconductor, and others. By region, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA. The major players operating in the boron market include SB BORON, Eti Maden, Rio Tinto, 3M, Gujarat Boron Derivatives Pvt. Ltd., Quiborax, Boron Molecular, DuPont, Lenntech B.V., and Arihant Chemical Industries.

Key Findings of the Study:

• By end-use industry, the building and construction segment led the boron market in 2023, exhibiting a CAGR of 3.5%.
• Region wise, Asia-Pacific was the highest revenue contributor in 2023.