Boron Market Size to Reach USD 16.02 Bn by 2034

Vantage Market Research releases its latest comprehensive report on the ‘Boron Market ’ with a forecast period of 2025-2034. In 2023, the global boron market size was USD 10.3 Billion, and is calculated at USD 10.72 billion in 2024. The boron market is projected to reach USD 16.02 billion in 2034, and register a revenue CAGR of 4.1% over the forecast period (2025-2034).

Market Overview:

The global boron market is expected to continue to register steady revenue growth over the forecast period, driven by key factors such as rising demand for boron and various end-products and materials from industries, including agriculture, ceramics, glass, construction, electronics, energy, and a number of others.

Boron plays a crucial role in agriculture, and boron-based fertilizers support plant health and boost crop yield, addressing increasing food production needs. Also, properties such as heat-resistance make it indispensable in glass and ceramic production, while its use in fiberglass and insulation is critical to support demand for various end-products and materials from the growing construction and automotive sectors. New, high-tech applications are also emerging as significant growth drivers. Industries focused on advanced materials and energy storage such as lithium-boron batteries and boron-based compounds for nuclear reactors are capitalizing on boron's unique characteristics. In the pharmaceutical and healthcare sectors, boron compounds are gaining attention for their therapeutic potential. Sustainable applications, including boron-based polymers and flame retardants, are gaining traction in the market in response to the global shift toward eco-friendly materials, and are expected to support demand over the forecast period.

The geographic landscape of the market highlights Turkey as the leading producer, followed by the US and South America. Ongoing research into boron’s role in nanotechnology, medical applications, and green energy solutions like wind turbines and EV batteries is expected to accelerate demand even further. With strategic investments in R&D, leading boron companies are also advancing extraction and processing technologies, enhancing purity and quality to meet the needs of high-tech applications. Market growth is also driven by rising support for sustainable sourcing and supply chain stability from boron-rich regions worldwide, thereby increasing value of boron across industries focusing on sustainable materials for future applications.

Some Key Takeaways:

• Among the regional markets in 2023, Asia Pacific boron market led in terms of revenue share and growth rate, driven by high demand from countries such as China, India, and Japan.  
• China, in particular, is a dominant player in APAC due to its large manufacturing sector and high consumption of boron in glass, ceramics, and agriculture. 
• North America boron market accounted to second-largest revenue share contribution to the global market in 2023.
• The US is the major revenue contributor owing to rising demand for boron from agriculture, construction, and energy sectors, and robust R&D investments in boron-based technologies.
• Europe boron market accounted for significant revenue share owing to Turkey, which leads in terms of boron production at over 70% of the world’s boron reserves.
• Germany and France registered strong consumption in automotive and industrial applications in 2023.
• The borax segment is expected to account for largest revenue share among the product type The mining segment is expected to continue to account for largest revenue share among the source segments over the forecast period. 
• Among the grade segments, the technical grade segment is expected to continue to register fastest growth rate over the forecast period.
• The ceramics and glass segment is expected to account for largest revenue share among the application segments in the global boron market over the forecast period
• The competitive landscape in the global boron market is dynamic, with a mix of established multinational corporations and regional players competing to account for maximum market share. 
• Major companies, such as Rio Tinto, Eti Maden, and others, are leveraging their extensive resources, proprietary technologies, and significant boron reserves to maintain a competitive edge.

Company List:

• Eti Maden
• Rio Tinto (U.S. Borax)
• Quiborax
• Searles Valley Minerals
• Minera Santa Rita
• Inkabor
• Gujarat Boron Derivatives Pvt. Ltd.
• 3M
• Boron Molecular
• Orocobre Limited (Allkem)

Recent Developments:

• November 5, 2024: Boron One Holdings Inc. announced the successful production of high-grade Borax pentahydrate from feedstock sourced at its fully owned Piskanja Boron Property in Serbia. Bench-scale testing, conducted by ALS Metallurgy in Australia, verified the capacity to produce high-purity Borax from the company’s colemanite reserves. Boron One Holdings aims to support global decarbonization efforts by responsibly developing its boron resources in Serbia.
• September 15, 2024: Turkey inaugurated a new boron production facility in Balıkesir’s Bigadiç district, operating under Eti Maden. This state-owned mining and chemical company has boosted its boron production by 36% over the previous year, reaching 1.6 million tons and generating USD 846 million in revenue, which is a 27% increase. The new Bigadiç Granular Boron Production Facility will have an annual production capacity of 35,000 tons and is expected to generate approximately USD 20 million in annual revenue.

Global Boron Market Segmentation

By Product Type:

• Borax
• Boric Acid
• Sodium Borate
• Others
• Boron Carbide
• Boron Trifluoride

By Source:

• Mining
• Natural Borates
• Recycling
• Synthesis
• Synthetic Borates
• Other

By Grade:

• Technical Grade
• Industrial Grade
• Pharmaceutical Grade
• High-Purity Grade

By Application:

• Agriculture
• Fertilizers
• Soil Enhancers
• Ceramics and Glass 
• Fiberglass
• Borosilicate Glass
• Pharmaceuticals
• Medicinal Compounds
• Supplements
• Industrial
• Metallurgy
• Energy
• Electronics
• Automotive
• Other
  • United States

Regional Segmentation: 

North America

• Canada
• Mexico

Europe

• Germany
• United Kingdom
• France
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Rest of Asia Pacific

Latin America

• Brazil
• Argentina
• Rest of Latin America 

Middle East & Africa

• Saudi Arabia
• South Africa
• United Arab Emirates
• Israel
• Rest of MEA