At 2.1% CAGR, South & Central America Boron market is Projected to be Worth US$ 254.75 Million by 2031, Says Business Market Insights

According to Business Market Insights' research, the South & Central America boron market was valued at US$ 216.21 million in 2023 and is expected to reach US$ 254.75 million by 2031, registering a CAGR of 2.1% from 2023 to 2031. Growing investments in aerospace & defense industry and surging utilization of boron nanoparticles in several industries are among the critical factors attributed to the South & Central America 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. In 2024, Embraer announced plans to invest approximately U$ 390 million and hire an additional 900 employees within the year. The goal of this investment is to accommodate increased aircraft production and support anticipated future growth by developing new businesses, products, and services. 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 hamper the growth of South & Central America boron market.

Based on derivatives, the South & Central America 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 South & Central America boron market in 2023, amassing US$ 84.61 million. It is projected to garner US$ 97.81 million by 2031 to expand at 1.8% CAGR during 2023-2031.

Based on end-use industry, the South & Central America boron market is segmented into agrochemicals, glass, ceramics, detergents, pharmaceuticals, electrical and electronics, and others. The glass segment held 46.6% share of the South & Central America boron market in 2023, amassing US$ 100.69 million. It is projected to garner US$ 123.98 million by 2031 to expand at 2.6% CAGR during 2023-2031.

Based on country, the South & Central America boron market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil held 75.5% share of South & Central America boron market in 2023, amassing US$ 163.24 million. It is projected to garner US$ 193.83 million by 2031 to expand at 2.2% 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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