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

The North America boron market size is expected to reach US$ 1,196.20 million by 2031 from US$ 929.85 million in 2023. The market is estimated to record a CAGR of 3.2% from 2023 to 2031.

Executive Summary and North America Boron Market Analysis:

North America holds extensive growth opportunities for boron manufacturers owing to the increasing demand from end-use industries such as agrochemicals, glass, ceramics, detergents, electrical and electronics, and pharmaceuticals. The region's robust manufacturing industry, driven by technological advancements and innovation, contributes significantly to the demand for boron. In North America, there is a huge presence of various global glass manufacturers, including Saint-Gobain, Guardian Industries Holdings Site, and PPG Industries Inc. As the glass sector expands, there is a parallel increase in the demand for boron, which is utilized in glass manufacturing due to its durability and thermal and chemical resistance. Glass manufacturers in the region are focused on developing products and processes to fulfill the customer demand for high-quality products and services. In addition, boron is an essential ingredient in solar panels for generating electricity from sunlight. Various policies and incentives, such as state mandates, are boosting the adoption of solar glasses in North America. As of January 1, 2020, the California building code (California Code of Regulations, Title 24, Part 6) needed all new construction homes to have solar panel technology. This change was brought about by the California Energy Commission, a key stakeholder in changing the California Code of Regulations to require residential solar power. In addition to new state-wide policies, there are a few local or city-wide policies. In New York City, in November 2019, local laws 92 and 94 (part of the Climate Mobilization Act) took effect, mandating that any roof undergoing major construction be covered in solar PV panels or a green roof system. These mandates positively impact the demand for solar glass in the region.

The expansion of electronics and pharmaceutical sectors due to technological advancements is increasing the adoption of boron. Major electronic companies such as Apple Inc, Robert Bosch Inc, DuPont de Nemours Inc, Foxconn, GE Medical Systems, Honeywell International Inc, IBM Corp, Intel Corp, Jabil, Lockheed Martin Corp, Northrop Grumman Corp, and Raytheon have their presence in North America. As per the IPC International Inc report, small- and medium-sized electronic companies account for 80% of the electronics manufacturers. According to the Semiconductor Industry Association, semiconductor sales in the US accounted for US$ 75 billion in 2022. The need for boron in electronics industries to generate radar and communication systems is further driving its demand.

North America Boron Market Strategic Insights

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North America Boron Market Segmentation Analysis

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

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

North America Boron Market Outlook

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 the market growth in the coming years.

North America Boron Market Country Insights

Based on country, the North America boron market comprises the US, Canada, and Mexico. The US held the largest share in 2023.

The US boron market is growing rapidly due to the progress of glass, pharmaceutical, agriculture, and electronics industries. Glass manufacturing is a major part of the US economy. Glass products are supplied to value-added manufacturing industries such as semiconductor devices, photovoltaics and other solar equipment, consumer electronics, building materials, and vehicle parts. According to DATA USA, in 2022, the workforce of the glass and glass product manufacturing industry was 135,690 people. Electrical and electronics device manufacturers consistently demand performance-enhancing materials. Boron-infused electronic components and smart devices offer a longer product life with better efficiency. The increasing requirement for consumer electronics, automotive electronics, and telecommunication drives the demand for electronic components. As per the Semiconductor Industry Association, US semiconductor companies invested one-fifth of their annual revenue in research and development, accounting for US$ 50.2 billion in 2021. Thus, the demand for boron is increasing with the continuous growth of the glass and electronics industries in the US.

North America Boron Market Report Highlights

North America 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.

North America 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

North America Boron Market Country and Regional Insights