At 3.7% CAGR, Europe Boron market is Projected to be Worth US$ 1,406.94 Million by 2031, Says Business Market Insights

According to Business Market Insights' research, the Europe boron market was valued at US$ 1,053.56 million in 2023 and is expected to reach US$ 1,406.94 million by 2031, registering a CAGR of 3.7% from 2023 to 2031. Surge in demand from agrochemicals industry and growing investments in aerospace & defense industry are among the critical factors attributed to the Europe boron market expansion.

Boron is an essential micronutrient crucial for the growth and health of plants, especially for the development of roots and shoots. Boron is recommended in the routine fertilizer programs for high-value crops, acting as a catalyzer for most of the plant nutrients. Boric acid, sodium tetraborate, borax, granubor, solubor, and ulexite are a few of the boron compounds used as fertilizers. As per the Gulf Petrochemicals and Chemicals Association, China is among the largest producers, consumers, exporters, and importers of fertilizers in the world. The country accounts for more than 50% of the total amount of fertilizers consumed worldwide, making it a significant contributor to the agrochemicals sector. Boron-based herbicides are manufactured from borax and boric acid, whereas borax decahydrate and borax pentahydrate are the most widely used borates in boron-based fertilizers.

Borate powder is highly soluble and is used as crop nutrient spray and solutions. Soil application of boron is essential in high-boron-demanding crops such as alfalfa, sugar beets, potatoes, sunflower, soybeans, and canola. Also, the sugar beet production in France increased from 23.73 million tonnes in 2020 to 28.57 million tonnes in 2022. Thus, the rising demand for boron from the agrochemicals industry fuels the boron market growth.

On the contrary, fluctuations in boron prices hamper the growth of Europe boron market.

Based on derivatives, the Europe boron market is segmented into borax, boric acid, boron nitride, boron carbide, boron oxide, and others. The boron nitride segment held 39.1% share of the Europe boron market in 2023, amassing US$ 411.92 million. It is projected to garner US$ 537.68 million by 2031 to expand at 3.4% CAGR during 2023-2031.

Based on end-use industry, the Europe boron market is segmented into agrochemicals, glass, ceramics, detergents, pharmaceuticals, electrical and electronics, and others. The glass segment held 47.0% share of the Europe boron market in 2023, amassing US$ 495.06 million. It is projected to garner US$ 690.36 million by 2031 to expand at 4.2% CAGR during 2023-2031.

Based on country, the Europe boron market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Germany held 33.5% share of Europe boron market in 2023, amassing US$ 353.44 million. It is projected to garner US$ 506.71 million by 2031 to expand at 4.6% 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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