The most common and most likely answer to this crossword clue is the 7 letter word GASEOUS
I've seen this crossword clue in Financial Times
G
A
S
E
O
U
S
Buddy explains!

The straight part
We know that "substantially lacking boundaries" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case substantially lacking boundaries = gaseous.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does GASEOUS mean?
GASEOUS adjective- Relating to, or existing as, gas.
- Of a liquid containing bubbles: gassy.
- Tenuous or indefinite.