Boron
Elemental boron, just a few hundred tonnes annually, is made via Mg-reduction of high-purity B₂O₃. Combining extreme hardness, neutron absorption and magnet-strengthening ability, it commands >US$25 kg. Demand pools in armour-grade boron carbide, Nd-Fe-B magnets, and nuclear control rods, all of which prize purity over price, keeping the market tight despite small tonnages.
Supply Dynamics
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Production capacity split among the U.S., Germany, China and Japan; each plant <150 t per year, often captive to downstream ceramics.
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Feedstock security depends on borate majors; purity upgrades add 30–40 % to cost structure.
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No meaningful recycling stream, contamination risk outweighs metal value for high-spec users.
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Limited capacity expansion planned; any defence procurement surge can double spot prices.
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Government export-licence controls (U.S., Japan) add a strategic premium to high-purity grades.
Demand Dynamics
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Nd-Fe-B magnet boom (>12 % CAGR) drives incremental demand; amorphous B additions improve coercivity.
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Boron carbide plate and ceramic vest demand tracks defence budgets and helmet modernisation cycles.
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SMR (small-modular reactor) build-out lifts demand for boron-steel and control materials after 2030.
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Semiconductor p-type dopant gases (B₂H₆) absorb ultra-high-purity boron in tiny yet value-dense volumes.
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Fertiliser micronutrients influence upstream B₂O₃ flows but not elemental boron directly.