There are a total of 10 different elements in Borderlands V. 6 of them are returning from previous games, and there are 4 brand new ones
Elements[]
Incendiary[]
Incendiary damage sets enemies on fire, it is extremely effective against flesh
Shock[]
Shock damage electrocutes enemies, it is best used in quickly stripping down shields
Corrosive[]
Corrosive damage melts enemies, it is extremely effective at corroding armor
Explosive[]
Explosive deals good damage against all types of enemies
Slag[]
Slag weakens enemies that are coated in it. Slagged enemies recieve double damage in normal mode, and triple in TVHM
Cryo[]
Cryo shots will slow down enemies and freeze them once their health becomes low enough. Cryo deals increased damage to armor in TVHM
Sludge[]
Sludge is a brownish green substance that is capable of creating puddles on the ground and stains on walls that will damage enemies on it. It deals increased damage to flesh.
Antimatter[]
Antimatter can stagger enemies for a short time, and even has a chance to pull them together for a short time. It deals increased damage to shields
Radiation[]
Radiated enemies deal radiation damage to all enemies nearby them, and if they die while irradiated they explode in a radiation nova. Radiation deals increased damage to shields
Black Ichor[]
Black Ichor is unique in that it deals extra damage to all three types of health, albeit overall less than elements who specialize in damaging a specific type.
Non-Elemental Effects[]
Bleeding[]
Bleeding is not considered an elemental effect but it still deals damage over time. It is applied by certain bladed melee weapons and a small number of unique guns. Bleeding bypasses shield and armor health bars and deals damage directly to flesh health bars. But it cannot deal damage to enemies who don't have a flesh health bar, so robots and Eridian guardians are immune to bleeding.