Asia Pacific Boron Market Report (2021-2031) by Scope, Segmentation, Dynamics, and Competitive Analysis

The Asia Pacific boron market size is expected to reach US$ 4,654.81 million by 2031 from US$ 3,322.79 million in 2023. The market is estimated to record a CAGR of 4.3% from 2023 to 2031.

Executive Summary and Asia Pacific Boron Market Analysis:

The boron market in Asia Pacific is driven by the accelerating glass, electronics, agriculture, and pharmaceutical industries. The rise in awareness regarding energy-efficient glass for construction applications and new developments in the solar industry are expected to boost the demand for glass in the coming years. The photovoltaic (PV) modules used in solar applications are incorporated with architectural laminated glass cover plates. Therefore, the expansion of the glass industry in the region is anticipated to boost the demand for boron during the forecast period. Asia Pacific is home to a few major players and many small players in the glass industry. These players contribute to the growth of the boron market in the region. Also, market players operating in the region are focusing on adopting various strategies, such as new product launches and investments in research and development. In April 2022, Japanese glass manufacturer AGC developed a building-integrated PV panel for different building requirements. It can be installed on facades, curtain walls, and canopies where normal glass can be placed. Borosilicate glass made of boron is clearer and stronger in terms of sunlight transmission than other types of glass, thus making it a preferred choice for solar panel manufacturers. Such developments by the market players fuel the boron market growth in Asia Pacific.

The boron market in Asia Pacific is prominent due to the growing awareness about crop protection chemicals among farmers, government subsidies, increase in population, and rising food demand. In the agriculture industry, boron is mixed with other fertilizers, dissolved in water, and sprayed directly on the crops and soil or through irrigation water. Surging demand for excellent agricultural products and increasing need for high productivity and yield are expected to boost the use of boron in Asia Pacific, especially in China, Japan, and India. These countries have a high product consumption rate due to the growing agricultural sector. According to the Asian Development Bank, rising incomes and growing urbanization are transforming food consumption. Policies introduced by many international, multilateral, and bilateral organizations on regulating pesticide distribution and promoting integrated pest management (IPM) have supported the efforts of governments in the region. The development of the Food and Agriculture Organization's (FAO's) International Code of Conduct on the distribution and use of pesticides has dramatically helped with the process of pest management. Therefore, the expansion of the solar glass industry and the rise in awareness about crop protection chemicals in the region are anticipated to boost the demand for boron during the forecast period.

Asia Pacific Boron Market Strategic Insights

Get more information on this report Request Free Sample PDF

Asia Pacific Boron Market Segmentation Analysis

Key segments that contributed to the derivation of the Asia Pacific boron market analysis are derivatives and end-use industry.

• 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 the largest share of the market in 2023.
• 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 the largest share of the market in 2023.

Asia Pacific Boron Market Outlook

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. As per Our World in Data, the US, Brazil, and China reported soybean production of 105.57 million metric tonnes, 109.49 million metric tonnes, and 18.39 million metric tonnes, respectively, in 2022. Thus, the rising demand for boron from the agrochemicals industry fuels the boron market growth.

Asia Pacific Boron Market Country Insights

Based on country, the Asia Pacific boron market comprises Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China held the largest share in 2023.

China is one of the fastest-growing economies in the world. The boron market in China is one of the major markets in Asia Pacific. China is one of the largest glass manufacturing hubs in the world. As per the data published by the World Platinum Investment Council (WPIC), in 2023, China accounted for almost 70% of the total glass fiber production in the world. The rising demand for glass in building and construction and electronics industries boosts the boron market growth in the country. China has a huge population base and limited cultivated area per capita. According to the Food and Agriculture Organization of the United Nations (Fao.org), China produces one-fourth of the world's grain, with only 8% of the planet's cultivable land. China has 545,961 sq. km. of irrigated land. It is expected that the boron market may experience growth due to the expansion of the agrochemicals industry in the coming years. Due to population growth, the expansion of agriculture and horticulture sectors across the country is expected to drive the boron market during the forecast period.

Semiconductors play a critical role in the Chinese government's agenda to develop its domestic integrated circuit (IC) industry. The government has levied new income tax exemptions for advanced technology process nodes and established import duty exemptions for integrated circuit manufacturers; it has also provided US$ 50 billion in funds for electronic chip manufacturing. The growth of the semiconductor industry in China is expected to propel the demand for boron in the coming years.

Asia Pacific Boron Market Report Highlights

Asia Pacific Boron Market Company Profiles

Some of the key players operating in the 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. These players are adopting various strategies such as expansion, product innovation, and mergers and acquisitions to provide innovative products to their consumers and increase their market share.

Asia Pacific Boron Market Research Methodology :

The following methodology has been followed for the collection and analysis of data presented in this report:

• Secondary Research

The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:

• Company websites, annual reports, financial statements, broker analyses, and investor presentations.
• Industry trade journals and other relevant publications.
• Government documents, statistical databases, and market reports.
• News articles, press releases, and webcasts specific to companies operating in the market.

Note: All financial data included in the Company Profiles section has been standardized to USD. For companies reporting in other currencies, figures have been converted to USD using the relevant exchange rates for the corresponding year.

• Primary Research

The Insight Partners conducts a significant number of primary interviews each year with industry stakeholders and experts to validate its data analysis and gain valuable insights. These research interviews are designed to:

• Validate and refine findings from secondary research.
• Enhance the expertise and market understanding of the analysis team.
• Gain insights into market size, trends, growth patterns, competitive dynamics, and future prospects.

Primary research is conducted via email interactions and telephone interviews, encompassing various markets, categories, segments, and sub-segments across different regions. Participants typically include:

• Industry stakeholders: Vice Presidents, business development managers, market intelligence managers, and national sales managers
• External experts: Valuation specialists, research analysts, and key opinion leaders with industry-specific expertise

Asia Pacific Boron Market Country and Regional Insights