Elemental Boron Market Size, Share, Growth, Forecast 2030

Elemental Boron Industry Prospective:

The global elemental boron market size was worth around USD 56 million in 2022 and is predicted to grow to around USD 71 million by 2030 with a compound annual growth rate (CAGR) of roughly 3.95% between 2023 and 2030.

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Elemental Boron Market: Overview

Elemental boron is a non-metallic chemical element that is the lightest member of the boron group in the periodic table. Elemental boron is a dark, lustrous, brittle solid that is insoluble in water. It is a poor conductor of heat and electricity. Boron is found in small amounts in nature, but it is most commonly produced by the reduction of boron trichloride with hydrogen gas. It has various industrial applications and is a component in a range of products, from glass and ceramics to nuclear control systems. With the growing application in various sectors boron demand is expected to reach 5,500 kilotons by 2030.

Key Insights

• As per the analysis shared by our research analyst, the global elemental boron industry is estimated to grow annually at a CAGR of around 3.95% over the forecast period (2023-2030).
• In terms of revenue, the global elemental boron market size was valued at around USD 56 million in 2022 and is projected to reach USD 71 million, by 2030.
• The global elemental boron market is projected to grow at a significant rate due to the growing demand for high-quality boron in the aerospace industry.
• Based on type segmentation, amorphous boron was predicted to hold the maximum market share in the year 2022.
• Based on application segmentation, metallurgy was the leading revenue generator in 2022.
• On the basis of region, Asia Pacific was the leading revenue generator in 2022.

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Elemental Boron Market: Growth Drivers

Increasing demand for elemental boron in the aerospace industry to drive market growth during the forecast period.

High-quality boron is used in the production of aerospace components, such as jet engines and rocket engines. The aerospace industry is also growing rapidly, and this is driving the demand for high-quality boron. The global aerospace industry is likely to witness USD 1 trillion revenue growth in the next 6-7 years. This growth is being driven by the increasing demand for air travel, the growth of the defense industry, and the development of new technologies, such as drones and electric aircraft. Furthermore, elemental boron is used in the form of boron fibers and composites to create lightweight, high-strength structural components for aircraft and spacecraft. Boron-based composites are known for their exceptional stiffness, strength, and resistance to temperature extremes. They are used in applications where weight reduction, high performance, and durability are critical, such as in airframes, wings, and fuselages.

Also, most of the aircraft manufacturers expanding their manufacturing capacity considering the future demand, whereas many manufacturers are updating their aircraft fleet with advanced materials. For instance, in July 2023, Marubeni, through its subsidiary Marubeni Aviation Parts Trading LLC, acquired a 50% stake in Diversified Aero Services, LLC (DASI), a Florida-based company that is one of the world's largest distributors of aircraft expendable and ratable parts. This acquisition will help Marubeni expand its presence in the aircraft aftermarket business in the United States. Furthermore, in April 2023, Airbus, Safran, and Tikehau Capital finalize the acquisition of Aubert & Duval.

Elemental Boron Market: Restraints

Limited availability and high cost of production are likely to hamper market expansion

Elemental boron is a relatively rare element, and the high-quality boron that is available is often used in specialized applications, such as the aerospace and defense industries. This can limit the availability of boron for other applications, such as the manufacturing of semiconductors and solar cells, thereby hampering the growth of the global elemental boron market. Furthermore, the production of elemental boron is a complex and energy-intensive process, which can make it a relatively expensive material. For instance, the most common method to produce elemental boron is the carbothermal reduction process, which uses carbon to reduce boron oxide to elemental boron. The cost of this process is typically around USD 3.68 per gram of boron. Another method for producing elemental boron is the hydrothermal synthesis process, which uses water and hydrogen to reduce boron oxide. The cost of this process is typically around USD 8.62 per gram of boron. This can limit the use of boron in some applications, such as the production of plastics and fertilizers.

Elemental Boron Market: Opportunities

Growth of green technology to provide growth opportunities

Green technology is a rapidly growing market, and the demand for boron is expected to grow as the market grows. Boron is a key material in a variety of green technologies, such as solar cells, electric vehicles, and energy-efficient appliances. For example, boron is used in the production of solar cells, which convert sunlight into electricity. Solar cells are a key component of the solar energy industry, which is a rapidly growing industry. The demand for solar cells is expected to grow as the cost of solar energy continues to decline.

Boron is also used in the production of electric vehicles. Electric vehicles are powered by batteries, and boron is used in the production of battery components, such as cathodes and anodes. The demand for electric vehicles is expected to grow as the cost of electric vehicles continues to decline and as governments introduce regulations to reduce carbon emissions. In addition, boron is used in the production of energy-efficient appliances. Energy-efficient appliances use less energy, which can help to reduce energy consumption and greenhouse gas emissions. The demand for energy-efficient appliances is expected to grow as people become more aware of the environmental benefits of these appliances. All these factors are projected to bring new growth avenues for the elemental boron industry during the forecast period.

Elemental Boron Market: Challenges

Environmental concerns to challenge market cap growth

The mining of boron can pollute water resources. This is because the ore that contains boron is often found in areas with water bodies. The mining process can release boron into the water, which can harm aquatic life and make the water unsafe for human consumption. Furthermore, the mining and processing of elemental boron can also contaminate land. This is because the ore that contains boron is often found in areas with soil. The mining process can release boron into the soil, which can make the soil unsafe for agricultural use. In addition to this, the mining and processing of elemental boron can also generate hazardous waste. This waste can include boron sludge, boron dust, and boron trichloride. This waste must be disposed of properly to prevent environmental contamination. These concerns could lead to stricter regulations on the production of elemental boron, which could make the material more expensive.

Elemental Boron Market: Segmentation

The global Elemental Boron market is segmented based on type, application, and region.

Based on type, the global market segments are amorphous boron and crystalline boron. At present, the global elemental boron market is dominated by the amorphous boron segment. The properties of amorphous boron such as high melting point, hardness, and low density make it a choice of material for a variety of applications. Amorphous boron has a melting point of 2300°C and a hardness of 9.3 on the Mohs scale. This makes it a very strong and durable material. Also, amorphous boron has a density of 2.45 g/cm3. This makes it a lightweight material, which is important for applications where weight is a critical factor. Furthermore, Amorphous boron has a high thermal conductivity of 60 W/m·K. This makes it a good choice for applications where heat dissipation is important.

Based on application the global elemental boron industry is categorized as metallurgy, automotive, aerospace and defense, ceramics, and other applications. Out of these, metallurgy was the largest shareholding segment in the global market. This is due to, elemental boron is widely used in metallurgy to improve the properties of metals, such as their strength, hardness, and corrosion resistance. It is used in the production of a variety of alloys, such as boron steel, boron carbide, and boron nitride. Boron steel is used in applications where high strength and toughness are required, such as in the automotive and aerospace industries. Boron carbide is used in applications where high hardness and wear resistance are required, such as in cutting tools and wear-resistant parts. Boron nitride is used in applications where high heat resistance and electrical insulation are required, such as in electronic components and thermal management applications.

Elemental Boron Market: Report Scope

Elemental Boron Market: Regional Analysis

Asia Pacific to lead the market during the forecast period

Strong electronic industry and booming aerospace and defense industry are generating more revenue pockets for the elemental boron industry in the APAC market. The electronics industry is a major consumer of elemental boron. The electronics industry in Asia Pacific is attracting significant investment from both domestic and foreign investors. As a fact, in 2021, the electronics industry in Asia Pacific attracted a record USD 150 billion in investment. Moreover, the Regional Comprehensive Economic Partnership (RCEP) agreement, which came into effect in January 2022, is expected to boost trade in electronics goods between the member countries. Boron is used in the production of semiconductors, which are used in a variety of electronic devices, such as computers, smartphones, and TVs.

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Similarly, the aerospace and defense industry is another major consumer of elemental boron. The recent study reveals that the APAC region is expected to account for 32% of the global aerospace and defense market by 2028. Boron is used in the production of lightweight and strong materials, such as boron carbide and boron nitride. These materials are used in applications such as aircraft structures, missiles, and armor. The aerospace and defense industry is growing rapidly in the Asia Pacific, which is driving the demand for elemental boron in the region.

Elemental Boron Market: Competitive Analysis

The global elemental boron market is dominated by players like:

• SB Boron
• Pavezyum Kimya
• Höganäs
• Noah Technologies Corporation
• Borman(Tronox)
• New Metals and Chemicals
• YingKou Liaobin Fine Chemicals
• Baoding Pengda New Material Technology
• Dandong Chemical Engineering Institute (DCEI)
• SkySpring Nanomaterials

The global elemental boron market is segmented as follows:

By Type

• Amorphous Boron
• Crystalline Boron

By Application

• Metallurgy
• Automotive
• Aerospace and Defense
• Ceramics
• Other Applications

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa