At 4.3% CAGR, the Asia Pacific Boron Market is Projected to be Worth US$ 4,654.81 Million by 2031, Says Business Market Insights

According to Business Market Insights' research, the Asia Pacific boron market was valued at US$ 3,322.79 million in 2023 and is expected to reach US$ 4,654.81 million by 2031, registering a CAGR of 4.3% from 2023 to 2031. Growing investments in aerospace & defense industry and surge in demand from agrochemicals industry are among the critical factors attributed to the Asia Pacific boron market expansion.

Boron fibers and boron carbide are high-strength and low-weight materials used in aerospace structures. The growing use of lightweight materials in the aerospace & defense industries is driving the demand for boron. Boron compounds such as boron nitride can withstand high temperatures, thereby having applications in heat shields, thermal protection systems, and other high-temperature applications. Boron is used as a dopant in semiconductors to improve the properties of advanced electronics utilized in the aerospace & defense industry. Governments of various countries have increased investments in aerospace-related research, including defense and ballistic protection, owing to a rise in security risks and the need to enhance national border security. For instance, the Ministry of Defense (India) published a report in 2022 stating its target of increasing defense production to US$ 22 billion by 2025. The report also revealed that the government started initiatives such as Innovations for Defense Excellence and Technology Development Fund to provide financial assistance for product innovations for the Armed Forces. Thus, the rising investments in the aerospace & defense industry are expected to create lucrative opportunities for the boron market growth during the forecast period.

On the contrary, fluctuations in boron prices hampers the growth of Asia Pacific boron market.

Based on derivatives, the Asia Pacific boron market is segmented into borax, boric acid, boron nitride, boron carbide, boron oxide, and others. The boron nitride segment held 41.6% share of the Asia Pacific boron market in 2023, amassing US$ 1,383.30 million. It is projected to garner US$ 1,908.13 million by 2031 to expand at 4.1% CAGR during 2023-2031.

Based on end-use industry, the Asia Pacific boron market is segmented into agrochemicals, glass, ceramics, detergents, pharmaceuticals, electrical and electronics, and others. The glass segment held 47.1% share of the Asia Pacific boron market in 2023, amassing US$ 1,563.56 million. It is projected to garner US$ 2,276.76 million by 2031 to expand at 4.8% CAGR during 2023-2031.

Based on country, the Asia Pacific boron market is segmented into the Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China held held 61.8% share of Asia Pacific boron market in 2023, amassing US$ 2,052.59 million. It is projected to garner US$ 2,955.44 million by 2031 to expand at 4.7% CAGR during 2023-2031.

Key players operating in the boron market are Hoganas AB; 3M Co; Ube Corporation; Arkema SA; JFE Mineral & Alloy Co Ltd; Tokyo Chemical Industry Co Ltd; Rio Tinto Ltd; Compagnie de Saint Gobain SA; Eti Maden; Nippon Denko Co., Ltd.; Stella Chemifa Corporation; FREEMAN (JAPAN) CO., LTD.; KROSAKI HARIMA CORPORATION; Washington Mills Electro Minerals Limited; and Boron Specialties, LLC. among others.

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