Key Boron Market Trend 2024-2033: On-Demand 3D Printing

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According to predictions, the boron market size is expected to experience a notable surge, growing from $6.57 billion in 2023 to $7.99 billion in 2024 at a compound annual growth rate CAGR of 21.7%. Various key factors are stimulating this growth, including increasing demand in agricultural applications, the vibrant glass and ceramics industry, consumer products, the electronics and semiconductors sector, and the medical and healthcare sector.

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Over the next few years, the market will continue its upward trajectory, expanding to $12.68 billion in 2028 at a CAGR of 12.2%. The primary drivers for this forecasted growth include the soaring agricultural demand, constant innovations in glass and ceramics industry, the robust consumer product manufacturing sector, advancements in electronics, and the burgeoning healthcare applications. The forecast period will also be characterized by major trends across different sectors, such as the expansion of boron in the aerospace industry and medical fields such as boron neutron capture therapy bnct, use of boron-based flame retardants, boron in nuclear power applications, and the adoption of sustainable mining practices.

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A significant factor boosting the boron market is the anticipated expansion of the agriculture sector. Boron plays a critical role in agriculture, contributing substantially to processes such as cell development, pollination, and fruit formation in plants. The vital micronutrient helps enhance crop growth, yield, and quality, particularly through the use of boron-containing fertilizers to correct soil deficiencies.

In contributing to market development, certain major companies are leading the way. These include Rio Tinto Group, 3M Company, Borusan Holding A.Ş., Allkem Limited, Searles Valley Minerals Inc., Ceradyne Inc., Borax Inc., S B Boron Corporation, Boron Molecular PTY. Limited, Gujarat Boron Derivatives Pvt. Ltd., China National Bluestar Group Co. Ltd., and others.

Another trend making a significant impact on the boron market involves the use of 3D printing technology. Modular components, designed using this technology, simplify the production of critical parts at remote locations. This advancement reduces delays caused by unanticipated maintenance and negates the need for holding inventories.

The boron market is divided by type into Aerospace Composite Materials, Boronated Glasses, and Other Types- Boron; and by mining type into Underground Mining and Surface Mining.

On a global scale, the Middle East had the largest share in the boron market in 2023. The upcoming report covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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