Boron Market Analysis
The global boron market size reached US$ 2.3 Billion in 2023. By 2032, IMARC Group expects the market to reach US$ 3.3 Billion, at a projected CAGR of 4.20% during 2023-2032.
The extensive use of boron in borosilicate glass production for its thermal shock resistance represents one of the key factors driving the market growth of boron. For instance, based on the International Year of Glass 2022, almost 650 container glass manufacturers are operating in 1200 sites worldwide, manufacturing 95 million tons of glass annually which is followed by 320 flat glass manufacturers in about 560 sites, and by the manufacturers of household glass/tableware that operates in over 400 sites with nearly 8 million tons of production a year. Moreover, the rising demand for boron in the fiberglass industry due to its strength and durability, is a major growth-inducing factor. In addition to this, boron is a pivotal component used in the agricultural industry for boosting crop yields, thereby contributing to the market growth. Besides this, boron is used in nuclear reactors as a neutron absorber for safety measures. Along with this, boron acts as a key component in boron-infused fertilizers to fulfill the food demand globally which, in turn, is facilitating the market growth of boron. Apart from this, the growth of the construction industry requires boron-based insulation materials. For instance, NBS data of China shows that Construction value accounted for CNY 31.2 trillion (USD 4.5 trillion) in 2022, which is up from CNY 29.3 trillion (USD 4.2 trillion) in 2021. It is estimated that China plans to spend around USD 13 trillion on buildings over the next decade, which is creating a positive outlook for the boron market. Furthermore, the transition from fossil fuels to the utilization of renewable energy sources is positively impacting the energy storage demand, which is further employed in battery technologies, including lithium borate. These batteries demonstrate high energy density and suitability for electric vehicles (EVs) and energy storage systems. This is significantly contributing to the growth of the boron market.
Boron News
The report covers the latest developments, updates, and trends impacting the global boron market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, advancements in boron production technologies, strategic market expansions by key industry players, and significant mergers and acquisitions that shape the industry landscape.
Latest developments in the Boron industry:
In August 2023, Rio Tinto’s Diavik Diamond Mine to build the largest solar power plant across Canada’s territories, featuring over 6,600 solar panels that will generate approximately 4,200 megawatt-hours of carbon-free electricity annually for the mine.
In July 2023, Allkem Limited announced that Stage 2 of the Olaroz Facility has successfully achieved first production, with wet lithium carbonate cake produced at the filter presses.
Product Description
Boron, an element with the symbol B and atomic number 5, is one of the few elements that demonstrate remarkable features and find applications in a wide range of fields. It occurs mixed with other compounds in the Earth's crust and is notable for its extreme hardness, and relatively low abundance. Boron is a metalloid hence it owes its intermediate properties to both metals and non-metals. The unique aspect of this element lies in its ability to form strong covalent bonds, which in turn contributes to its high melting point and hardness. Boron has a crystalline structure, black, shiny, and hard like diamond which is the reason why it can be used in industrial fields where the material needs to be very strong and resilient. Boron is widely employed in glass and fiberglass manufacturing, as a micronutrient in agriculture fertilizers, and as a high-tech material boron carbide and boron nitride due to their hardness and thermal properties.
Regional Coverage
The report provides a detailed analysis of the boron market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the price trends.
Global Boron Price
The report offers a holistic view of the global boron pricing trends, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level.
Europe Boron Price
In Europe, the boron market suffered price drop because the end-use industries saw a reduction in demand, and economic uncertainties. Stable building activity failed to compensate for the reduced demand in the glass industry, weakened by market instability and interest rate hikes. The surplus in supply came from the increased production, which disrupted the market further by the disruptions in trading and severe winter conditions. Global trends towards electric vehicles also played a part in the decline of demand across many sectors.
This analysis can be extended to include detailed boron price information for a comprehensive list of countries.
https://www.imarcgroup.com/boron-pricing-report