High Purity Boron Market

High Purity Boron Market Growth Outlook for 2023 to 2033

Absent in free form, boron is naturally found as compounds of borates, colemanite, and orthoboric acid. Worldwide industries utilize mainly four forms of borate minerals including colemanite, kernite, tincal, and ulexite to produce different forms of boron. Turkey and the United States hold the largest resources of boron, followed by North America, South America, Europe, and Asia.

The Global market for high-purity boron market estimated at USD 1057 Million last year. The market at present has a value of USD 1094.41 million in 2023. This industry is expected to grow further with a CAGR of 3.5 and surpass a valuation of USD 1543.77 in the forecast period 2023- 2033.

Report Attributes	Details
Base Year Value (2023A)	USD 1094.41 Million
Projected Year Value (2033F)	USD 1543.77 Million
Global Growth Rate (2023-2033)	CAGR 3.5%
Key Companies Profiled	SB Boron H.C. Starck GmbH SkySpring Nanomaterials Inc. CRS Chemicals Boading Zhongpuruituo Technology New Metals and Chemicals Ltd. Noah Technologies Corporation YingKou Liaobin Fine Chemicals Dandong Chemicals Engineering Institute (DCEI) Tangshan Weihao Magnesium Powder Other Market Players

Why has high-purity boron gained importance in the global market?

Demand from High-tech Energy Applications is Driving the Growth of the Market

High-purity boron is an essential material for many high-tech industries, such as aerospace, defines, and electronics. It is used in the production of semiconductors, superconductors, and other electronic components.

Boron is also used in the production of batteries and energy storage systems. As the demand for renewable energy sources grows, the demand is expected to increase. Moreover, it is used to manufacture semiconductors, such as boron-doped silicon, which is used in computer chips, LEDs, and solar cells.

According to the World Semiconductor Trade Statistics (WSTS) latest forecast, the global semiconductor market is expected to reach US$ 451 billion in 2018, representing 9.5% of overall market growth. The rising penetration of artificial intelligence (AI), the Internet of Things (IoT), and cloud-based technology has fueled the use of optoelectronics and sensors.

Advanced Nanomaterial Technology to Bring a Swift Uptake in the Market

Nanomaterials have now become an integral part of several industries including construction, packaging, healthcare, electrical and electronics, chemical products, and energy among others. The high melting points, hardness, low density, and electron-deficient nature of boron make it suitable for the development of nanomaterials such as boron nanowires, nanotubes, nanobelts, nanoribbons, and Nano sheets among others. Boron nanomaterials find applications in hydrogen storage, batteries, catalyst, superconductors, and other electronic components.

Further, research in the field of boron nanomaterials is underway to enhance its application potential. For instance, recently a combination of hexagonal boron nitride and graphene has been studied to enhance the capacities of Valleytronics, an emerging field of semiconductor technology. Another study on boron nitride nanotubes (BNNTs) has revealed that BNNT microfibrils remain stable at higher temperatures such as 1000OC. The observation can be further extended in the aircraft industry to use BNNTs as an alternative to carbon nanotubes (CNTs).

Moreover, as per a study published in ACS Nano in 2019 reported that high-purity boron nanoparticles can be used as a contrast agent for biomedical imaging, exhibiting high contrast and good biocompatibility.

Boron Neutron Capture Therapy for the Treatment of Cancer

High-purity boron is used in medical applications, such as boron neutron capture therapy for the treatment of cancer. Moreover, it’s an essential micronutrient for plants, and high-purity boron is used in the production of fertilizers and other agricultural applications. In the aerospace sector, this material is used to manufacture components of aircraft and missiles due to its high strength and lightweight.

Boron as an Atomic reactor catalyst

The market is expected to gain high traction in the coming years, owing to its increasing use as raw material for the control rod of the atomic reactor and as a catalyst in the organic synthetic process. The insolubility of this material in water, alcohol, hydrochloric acid, and ether is the key demand-driving determinant. Top players operating in the market are focusing on the development of enriched products for specific applications. Emerging trends of incorporating nano-materials across various industries are likely to expand the application which in turn favors market growth.

The high-purity amorphous boron powder is utilized in fuel-rich propellants for rockets, ramjets, and igniter formulations due to its strong reactivity and high heat of combustion. This has an advantage over conventional rocket fuels including magnesium and aluminum as a more preferred fuels.

Recent Research and Development

Boron in a lithium Ion battery

Scientists have been exploring this material as a key ingredient for the formation of lithium-ion batteries needed for electric vehicles. A study published in the Journal of Power Sources in 2021 reported that high-purity boron (HPB) can be used as an anode material in lithium-ion batteries, exhibiting excellent electrochemical performance and stability.

Boron as a chemical reaction Catalyst

A study published in the Journal of the American Chemical Society in 2020 reported that high-purity boron powder can serve as an efficient and selective catalyst for the selective hydrogenation of alkynes to alkenes.

The aforementioned areas of research are anticipated to unlock the real potential of boron in the future. This will further highlight boron as a crucial material in the forecast period 2023- 2033.

Competitive Landscape

As a result of multiple regional and international players this industry is highly fragmented. Many strategies are adopted by the key players such as acquisitions, collaborations, and partnerships. Additionally, the top businesses use new product creation as a strategic way to enhance their market position among consumers. The material has increased as a result of these tactics.

Companies are optimizing their production processes to reduce costs and improve profitability. This may involve implementing new technologies, improving supply chain management, or reducing waste. Furthermore, companies are applying different marketing approaches to increase their reach and customer base. H.C. Starck GmbH in 2019 underwent new branding efforts to be known as H.C. Starck Solutions. This branding initiative will support them being a solution-based provider and will also strengthen the brand image of the company in the marketplace.

Segmentation

• By Product Type :

  • 5N
  • 6N
  • Other Product Types

• By Application :

  • Silicon Wafers
  • Industrial
  • Aerospace
  • Military
  • Others

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA