At 2.7% CAGR, Middle East & Africa Boron market is Projected to be Worth US$ 139.44 Million by 2031, Says Business Market Insights

According to Business Market Insights' research, the Middle East & Africa boron market was valued at US$ 112.78 million in 2023 and is expected to reach US$ 139.44 million by 2031, registering a CAGR of 2.7% from 2023 to 2031. Surging utilization of boron nanoparticles in several industries and growth of glass & ceramics industry are among the critical factors attributed to the Middle East & Africa boron market expansion.

The development and utilization of boron nanoparticles are rapidly increasing due to their unique properties and potential applications across various industries. Boron nanoparticles offer several characteristics such as high durability, thermal stability, chemical inertness, and neutron absorption capabilities. In the aerospace industry, boron nanoparticles are used to enhance the strength and durability of composites. These nanoparticles are also being researched for their electronic properties, high thermal conductivity, biocompatibility, and chemical stability. In June 2023, a study by the ARC Centre of Excellence for Transformative Meta-Optical Systems (Australia) revealed that hexagonal boron nitride has the potential to replace diamond as a quantum sensing material.

Boron nanoparticles are researched for targeted drug delivery systems due to their ability to penetrate cells and reduce clonogenic activity after irradiation. In April 2024, a research study published by the American Chemical Society revealed that a boron-containing delivery agent is a promising technology targeted for liver cancer cells using Boron Neutron Capture Therapy. Boron nitride quantum dots, or white graphene, are zero-dimensional substances in the early stages of research. Boron nitride quantum dots are biocompatible and offer unique chemical, optical, electrochemical, and catalytic characteristics. These materials have the potential for enormous applications in sectors involving sensing, photocatalysis, chemotherapy, bioimaging, and the detection of metal ions. Therefore, the surging utilization of boron nanoparticles in several industries is expected to foster market growth in the coming years.

On the contrary, fluctuations in boron prices hamper the growth of Middle East & Africa boron market.

Based on derivatives, the Middle East & Africa boron market is segmented into borax, boric acid, boron nitride, boron carbide, boron oxide, and others. The boron nitride segment held 41.4% share of the Middle East & Africa boron market in 2023, amassing US$ 46.70 million. It is projected to garner US$ 56.59 million by 2031 to expand at 2.4% CAGR during 2023-2031.

Based on end-use industry, the Middle East & Africa boron market is segmented into agrochemicals, glass, ceramics, detergents, pharmaceuticals, electrical and electronics, and others. The glass segment held 47.9% share of the Middle East & Africa boron market in 2023, amassing US$ 54.06 million. It is projected to garner US$ 69.62 million by 2031 to expand at 3.2% CAGR during 2023-2031.

Based on country, the Middle East & Africa boron market is segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The Rest of Middle East & Africa held 47.5% share of Middle East & Africa boron market in 2023, amassing US$ 53.56 million. It is projected to garner US$ 61.53 million by 2031 to expand at 1.7% 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.

Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com