At 3.2% CAGR, North America Boron Market is Projected to be Worth US$ 1,196.20 Million by 2031, Says Business Market Insights

According to Business Market Insights' research, the North America boron market was valued at US$ 929.85 million in 2023 and is expected to reach US$ 1,196.20 million by 2031, registering a CAGR of 3.2% from 2023 to 2031. Growth of glass & ceramics industry and surging utilization of boron nanoparticles in several industries are among the critical factors attributed to the North America boron market expansion.

Boron is a key compound used in the production of glass products such as borosilicate glass, insulation fiberglass, super-fine glass fiber, textile fiberglass, display glass, and special glass. Textile fiberglass or E-glass is used in electronics as well as for reinforcement of composites. Borates are used in the insulation of fiberglass, whereas glass wool contains 4-7% borates. In addition, boric oxide is used to manufacture high-quality handmade decorative ware. Cesium borosilicate glass is used to protect solar cells on satellites from the harmful radiation encountered in space.

The use of boric oxide in the manufacturing of neutral glass offers increased resistance to chemicals. In the production of optical glass, the use of boric oxide offers specific optical properties with respect to refractive index and light dispersion. Boron nitride is an advanced ceramic material, synthetically produced and available in powder form. It offers thermal conductivity and thermal shock resistance. In the ceramics industry, boric oxide and sodium borate are used to improve strength as well as resistance to scratches and chemicals. With the growth of the glass & ceramics industry, boron has found various applications. Thus, the growth of the glass & ceramics industry drives the boron market.

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

Based on derivatives, the North America boron market is segmented into borax, boric acid, boron nitride, boron carbide, boron oxide, and others. The boron nitride segment held 43.9% share of the North America boron market in 2023, amassing US$ 407.90 million. It is projected to garner US$ 516.76 million by 2031 to expand at 3.0% CAGR during 2023-2031.

Based on end-use industry, the North America boron market is segmented into agrochemicals, glass, ceramics, detergents, pharmaceuticals, electrical and electronics, and others. The glass segment held 47.5% share of the North America boron market in 2023, amassing US$ 441.26 million. It is projected to garner US$ 587.25 million by 2031 to expand at 3.6% CAGR during 2023-2031.

Based on country, the North America boron market is segmented into the US, Canada, and Mexico. The US held 80.8% share of North America boron market in 2023, amassing US$ 751.07 million. It is projected to garner US$ 979.37 million by 2031 to expand at 3.4% 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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