Boron Market Report 2025

The boron market size has grown rapidly in recent years. It will grow from $3.24 billion in 2024 to $3.63 billion in 2025 at a compound annual growth rate (CAGR) of 11.8%. 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 steady growth in the next few years. It will grow to $4.39 billion in 2029 at a compound annual growth rate (CAGR) of 4.9%. 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.

The forecast of 4.9% growth over the next five years reflects a modest reduction of 0.2% from the previous estimate for this market. This reduction is primarily due to the impact of tariffs between the US and other countries. Tariff-induced constraints on boron imports could hinder applications in solar panels and glass manufacturing, affecting renewable energy deployment. The effect will also be felt more widely due to reciprocal tariffs and the negative effect on the global economy and trade due to increased trade tensions and restrictions.

The expanding agriculture sector is expected to drive growth in the boron market in the coming years. The agriculture sector encompasses activities related to land cultivation, crop production, and livestock rearing for various purposes. Boron serves as a vital micronutrient in agriculture, playing a key role in processes such as cell development, pollination, and fruit formation in plants. It is often applied through boron-containing fertilizers to rectify soil deficiencies, promoting optimal crop growth, yield, and quality. For instance, in June 2022, the Organization for Economic Co-operation and Development (OECD), a France-based intergovernmental organization, reported that agricultural productivity must increase by 28% over the next decade to meet the zero-hunger target. Additionally, global crop production is projected to rise by 87% by 2030. Thus, the growth of the agriculture sector is driving demand for boron.

The surge in construction activities is expected to drive growth in the boron market in the coming years. Construction activities encompass the various processes, tasks, and operations involved in planning, designing, and building structures or infrastructure. Boron is utilized in construction mainly as a key ingredient in borosilicate glass and fiberglass materials, which offer enhanced thermal and chemical resistance for applications such as windows, insulation, and structural components. For instance, in August 2024, Eurostat, a Luxembourg-based government agency, reported a 1% increase in construction production in the euro area from June 2023 to June 2024. Thus, the growing construction activities are contributing to the expansion of the boron market.

A notable trend in the boron market is the widespread use of modular components designed with 3D printing in the mining industry. This technology allows companies in remote locations to manufacture critical parts onsite, reducing delays in unplanned maintenance and eliminating the need for extensive inventories.

Major companies in the boron market are actively developing new products, such as fertilizer formulations, to gain a competitive advantage. Fertilizer products are essential substances applied to soil or plants to supply the nutrients necessary for plant growth and improved crop yields. For instance, in April 2024, Fauji Fertilizer Company Ltd, a Pakistan-based chemical manufacturing firm, launched Sona Boron DAP. This fertilizer contains 18% nitrogen and 46% phosphorus - key macronutrients for plant growth - and includes 0.1% boron, an essential micronutrient that enhances crop development, particularly during the reproductive and fruit-setting stages. This product addresses the critical issue of boron deficiency in Pakistani soils, where approximately 60% of soils are identified as lacking this micronutrient. The formulation ensures the even distribution of boron in the soil, increasing its availability and effectiveness for crops. Such innovations are expected to significantly boost crop production and yield potential, meeting the micronutrient needs of modern agriculture.

Major companies operating in the boron market include 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 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. The countries covered in the boron market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

The rapid escalation of U.S. tariffs and the ensuing trade tensions in spring 2025 are heavily affecting the mining sector, especially in areas such as equipment acquisition, export flows, and supply chain stability. Increased tariffs on imported heavy machinery, drilling tools, and specialized parts have driven up both capital and operational expenditures, leading to delays in project development and reduced production efficiency. Simultaneously, retaliatory tariffs from major trading partners have diminished global demand for U.S. sourced minerals particularly critical resources like lithium, copper, and rare earth elements intensifying revenue challenges. These impacts are hitting mid-sized and niche mining companies the hardest due to their reliance on international markets. In response, the industry is focusing on building domestic equipment supply chains, scaling up mineral recycling programs, and lobbying for tariff relief to regain competitiveness and safeguard long-term resource availability.

The boron market research report is one of a series of new reports that provides boron market statistics, including boron global industry, regional shares, competitors with a boron market share, detailed boron market segments, market trends and opportunities, and any further data you may need to thrive in the boron industry. This boron global market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Boron refers to the process of extracting boron and its compounds, which are utilized in various applications such as glass manufacturing, pest control, fire retardants, fireworks, and medicine.

The primary types of boron are aerospace composite materials, boronated glasses, and other miscellaneous forms. Boronated glasses specifically pertain to silicate glass containing a minimum of five percent boron oxide, primarily employed in the production of heat-resistant glassware. The various applications of boron encompass glass manufacturing, ceramics, agriculture, and detergents. Mining methods for boron extraction include both underground mining and surface mining.

The boron market includes revenues earned by entities by providing mining for boron compounds such as colemanite, ulexite, tincal, and kernite. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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