Boric Acid Market (2021 to 2029) –Opportunities for Market Growth, Factors for Growing

Boric Acid Market has valued at US$ 789.5 Mn. in 2021 and is estimated to reach a value of US$ 1160.89 Mn. in 2029. The Global Boric Acid Market size is estimated to grow at a CAGR of 5.9% over the forecast period.

Boric Acid Market Overview:

Boric acid is an odorless, weak, monobasic acid, and is a naturally occurring compound containing the element boron. It exists in powder form as well as a white powder or colorless crystals, which are soluble in water. It shows antibiotic properties against both bacterial and fungal infections. Boric acid, more specifically orthoboric acid, is a compound of boron, oxygen, and hydrogen with the formula BO3H3 or B (OH) 3. It may also be called hydrogen borate or boracic acid. It is usually encountered as colorless crystals or a white powder that dissolves in water and occurs in nature as the mineral sassolite. It is a weak acid that yields various borate anions and salts and can react with alcohols to form borate esters. Boric acid is often used as an antiseptic, insecticide, flame retardant, neutron absorber, or precursor to other boron compounds. The term "boric acid" is also used generically for any oxoacid of boron, such as metaboric acid HBO2 and tetraboric acid H2B4O7. The report explores the Boric Acid Market's segments (Purity, Application, End-User, and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). This market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2017 to 2020. The report investigates the Boric Acid Market's drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Boric Acid Market's contemporary competitive scenario. Boric Acid Market To know about the Research Methodology :- Request Free Sample Report

Boric Acid Market Dynamics:

Increase in the Various Industries Improves the Market Growth- Boric acids are consumed in various industries and mostly in industrial and household applications. It is used in the manufacture of textile fiber glasses, soldering operations, and making lubricants. It is also used as an insecticide, antiseptic, an antibacterial compound, flame retardant, and to treat boron deficiencies in plants. With the increase in urbanization, and rise in per capita income, the boric acid market is growing at a faster pace. Growing construction activities in emerging economies such as India and China have boosted the use of fiberglass in building and construction. The growing demand for boric acid as an energy-sufficient compound and its use in laboratory applications is fuelling the growth of the market. In addition, its use as a pH modifier and viscosity modifier in the oil and gas sector is also driving the growth of the boric acid market. Furthermore, some other factors trending the growth of this market include the rising demand from cosmetics, pharmaceuticals, and agriculture industries. It is used to treat the boron deficiencies in plants, and to preserve woods against fungal attacks. Increase in the Construction Industry propels the Market Growth- Boric acid is majorly consumed in the construction industry owing to which it is widely used in a range of applications in the commercial sector. Construction, agriculture, glass, pharmaceutical, chemical, and textile among other industries worldwide adopt boric acid frequently. Boric acid is widely used in the construction industry and the immense growth in this industry across the globe influences the market growth, as well as the consumption, increased in the coal-fired power plants. Also, it is used in the manufacturing of glass and ceramics. Boric acid is widely used in the existing along with emerging therapeutic applications. The use of boric acid in such a huge no.'s of applications is encouraging many players to increase their production capacity. Also, increased demand for low-cost and highly efficient products is an opportunity in front of major key players operating in the target market. Increase in the Consumption of Various Developing Industries Improving the Market Size- Increase in demand for boric acid in ceramics and fiberglass, wood preservatives, nutritional supplements, and pest control applications is driving the global boric acid market. Boric acid is employed as an insecticide and fungicide to treat boron deficiencies in rice and wheat plants. It is predominantly used as a preserving agent for timber goods against fungal and insect attacks. Boric acid is also used as a nutritional supplement and fortifying agent in processed food. A rise in demand for boric acid in glass formulations to reduce melting temperatures, increase thermal resistance and mechanical strength, and enhance aqueous and chemical durability is estimated to boost the global boric acid market during the forecast period. Boric acid is necessary for the manufacture of optical lenses, electronic glass, and glass-ceramic composites. It is employed in the production of ceramics, as it enhances yield strength and improves scratch and chemical resistance of ceramic ware such as wall and floor tiles, tableware, porcelain, and enameled appliances. Boric acid is employed as a binder in steel-smelting furnaces for manufacturing magnesia-based refractory bricks and as a stabilizer for dolomite refractory bricks.

Boric Acid Market Trends:

An increase in the demand for Refined Borates is the Market Trend- Borates increase their market size by providing the mechanical strength to glass, as well as their resistance to thermal shock, chemicals, and water. Glass manufacturing is a key market for borates accounting for more than 55% of global consumption, dominantly comprised of fiberglass and borosilicate glasses. This increase in demand for refined borates is equivalent to 354,000 Mt of Borax Pent hydrate and 211,000 Mt of Boric Acid, a very substantial amount. The Trade of Borax Pent hydrate and Decahydrate has grown by 40% in the past two years from 1,371 Kilo Metric Tonnes (KMT) in 2020 to 1,781 KMT in 2022. Rio Tinto Borates in the US 30% and ETI MADEN of Turkey (>50%) account for approximately 70% of the total global market share, with Asia maintaining its position as the largest regional consumer of borates, accounting for more than 60% of total global consumption. Borates have been an essential ingredient in ceramic and enamel glazes for centuries, integral to affixing glazes or enamels, and enhancing their durability. Borates continue to gain acceptance as an essential ingredient in ceramic tile bodies, allowing manufacturers to use a wider range of clays, heightening productivity and decreasing energy usage during production. Rising Population in the Purchase of Glass Industry Influence the Market Growth- Rising population and purchasing power in emerging economies are driving rising investments in the glass manufacturing, cosmetics, and construction industries. A main factor in the global boric acid market is the increasing demand from the renewable energy sector. Renewable energy, such as solar energy, has risen quickly as a result of falling prices and a promise of a more carbon-controlled future for solar technology. The boric acid market is fragmented and helps the vendors for manufacturing the glasses and is useful for deploying growth strategies such as organic and inorganic growth strategies to compete in the market. To make the most of the opportunities and recover from the post-pandemic impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. The boric acid market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies of glasses.

Boric Acid Market Segment Analysis:

Based on Purity, the Boric Acid Market is segmented into Less than 99% and More than equal to 99%. Boric Acid Market More than equal to 99% is the most dominating segment and the factors attributing to the market growth by having the growth rate of 6.7% over the forecasted period. More than 99% also known as borax is a powdery white substance, also known as sodium borate, sodium tetraborate, or disodium tetraborate. It's widely used as a household cleaner and a booster for laundry detergent. It's a combination of boron, sodium, and oxygen. The other factor for the growth of this segment is the increasing consumption of more than 99% Boric acid and its sodium salts can be used to control a wide variety of pests. These include insects, spiders, mites, algae, molds, fungi, and weeds. Products that contain boric acid have been registered for use. Based on Application, the Boric Acid Market is segmented into Flame Retardants, Ceramics and Fiberglas, Wood Preservatives, Nutritional Supplements, Pest Control, and Others. The Ceramics and Fiberglass market is the major segment which holds the market segment and the factors contributing to the growth is the consumption level of boric acid in the application of ceramics and fiberglass and used in agriculture, glass, medical, ceramic, and others. Glass end-use segment is expected to dominate in terms of revenue of 15% over the forecast time frame. The growth is attributed to the growing adoption of boric acids in the glass industry for various applications. Also, boric acid is used as a raw material in the manufacturing of glass which is driving the demand of the segment. The ceramic segment will expand at a significant CAGR during the forecast time frame. Based on End-Use, the Boric Acid Market is segmented into Pharmaceuticals, Agricultural, Chemical, Building & Construction, Nuclear, and Others. Boric Acid Market Pharmaceuticals are the most dominating segment for the consumption of boric acid and give a significant market growth of 10% in a year, the factors supporting the market are after the pandemic, the consumption increase in the hospitals, and clinics promoting the market growth. The other factor promoting the market is Boric acid is typically utilized in industrial processing and manufacturing but is also used as an additive in pharmaceutical products, cosmetics, lotions, soaps, mouthwash, toothpaste, and astringents.

Boric Acid Market Regional Insights:

The Boric Acid Market region held the largest market share accounting for 32% in 2021 for the Asia-Pacific region. The Boric Acid Market region is expected to witness significant growth at a CAGR of 14.1% through the forecast period. The Asia-Pacific boric acid market accounted for the largest and the fastest-growing market in 2022 and contributed a 15% growth rate over the forecasted period. The region is witnessing rapid urbanization and increasing population, especially in emerging countries such as India and China. This has given rise to the increasing constructional activities, which demand the use of boric acid for making textile fiberglass. In addition, the growing agriculture industry is another driver of the boric acid market in this region. It is expected to continue its dominance in the forecasted period. The North American market held the second-largest share in the global boric acid market in 2022. The growing use of fiberglass in automotive, construction activities, and pharmaceuticals have been driving the market in this region. In addition, the growing cosmetics industry has been another major driver of the growth of the boric acid market in this region. The North American boric acid market is projected to grow at a CAGR of 5.2% during the forecast period. The European boric acid market is expected to grow with a growth rate of 9% during the forecasted period. Boric acid is abundantly used in making fiber glasses and laboratory types of equipment. In addition, boric acid is largely used in making insecticides and fungicides. The rising construction and agriculture industries are fuelling the growth of the boric acid market in this region. The objective of the report is to present a comprehensive analysis of the global Boric Acid Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The reports also help in understanding the Boric Acid Market dynamic and structure by analyzing the market segments and projecting the Boric Acid Market size. Clear representation of competitive analysis of key players by Design, price, financial position, product portfolio, growth strategies, and regional presence in the Boric Acid Market make the report investor’s guide.

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Global Boric Acid Market
Report Coverage Details
Base Year: 2021 Forecast Period: 2022-2029
Historical Data: 2017 to 2021 Market Size in 2021: US $ 789.5 Mn.
Forecast Period 2022 to 2029 CAGR: 5.9% Market Size in 2029: US $ 1160.89 Mn.
Segments Covered: by Purity • Less than 99% • More than equals 99%
by Application • Flame Retardants • Ceramics & Fiberglas • Wood Preservatives • Nutritional Supplements • Pest Control • Others
by End-Use • Pharmaceuticals • Agricultural • Chemical Processing • Building & Construction • Nuclear • Others

Boric Acid Market by Region

• North America • Europe • Asia Pacific • The Middle East and Africa • SouthAmerica

Boric Acid Market Key Players:

• 3M • Avantor • BASF SE • Borax • ETI Maden • Gujarat Boron Concern OJSC • Borax Moraji Ltd. • Toiyama Pure Chemical • Nippon Denko Co. Ltd. • Southern Agricultural Insecticides Inc, • Quiborax SA • American Borate Company • Tokyo Chemical Industries Ltd. • Italia SPA Frequently Asked Questions: 1] What segments are covered in the Boric Acid Market report? Ans. The segments covered in the Boric Acid Market report are based on Purity, Application, and End-User Industry. 2] Which region is expected to hold the highest share in the Enterprise Firewall Market? Ans. The Asia-Pacific region is expected to hold the highest share in the Enterprise Firewall Market 3] What is the market size of the Boric Acid Market by 2029? Ans. The market size of the Boric Acid Market by 2029 is expected to reach USD 1160.89 Mn. 4] What is the forecast period for the Enterprise Firewall Market? Ans. The forecast period for the Boric Acid Market is 2022-2029. 5] What was the market size of the Boric Acid Market in 2021? Ans. The market size of the Boric Acid Market in 2022 was valued at USD 789.5 Mn.
1. Global Boric Acid Market Size: Research Methodology 2. Global Boric Acid Market Size: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global Boric Acid Market Size 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Boric Acid Market Size: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12. COVID-19 Impact 4. Global Boric Acid Market Size Segmentation 4.1. Global Boric Acid Market Size, by Purity(2021-2027) • Less than 99% • More than equals 99% 4.2. Global Boric Acid Market Size, by Application(2021-2027) • Flame Retardants • Ceramics & Fiberglas • Wood Preservatives • Nutritional Supplements • Pest Control • Others 4.3. Global Boric Acid Market Size, by End-Use(2021-2027) • Pharmaceuticals • Agricultural • Chemical Processing • Building & Construction • Nuclear • Others 5. North America Boric Acid Market (2021-2027) 5.1. North America Boric Acid Market Size, by Purity(2021-2027) • Less than 99% • More than equals 99% 5.2. North America Boric Acid Market Size, by Application(2021-2027) • Flame Retardants • Ceramics & Fiberglas • Wood Preservatives • Nutritional Supplements • Pest Control • Others 5.3. North America Boric Acid Market Size, by End-Use(2021-2027) • Pharmaceuticals • Agricultural • Chemical Processing • Building & Construction • Nuclear • Others 5.4. North America Boric Acid Market, by Country (2021-2027) • United States • Canada • Mexico 6. European Boric Acid Market (2021-2027) 6.1. European Boric Acid Market, by Purity(2021-2027) 6.2. European Boric Acid Market, by Application(2021-2027) 6.3. European Boric Acid Market, by End-Use(2021-2027) 6.4. European Boric Acid Market, by Country (2021-2027) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Boric Acid Market (2021-2027) 7.1. Asia Pacific Boric Acid Market, by Purity(2021-2027) 7.2. Asia Pacific Boric Acid Market, by Application(2021-2027) 7.3. Asia Pacific Boric Acid Market, by End-Use(2021-2027) 7.4. Asia Pacific Boric Acid Market, by Country (2021-2027) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. The Middle East and Africa Boric Acid Market (2021-2027) 8.1. The Middle East and Africa Boric Acid Market, by Purity(2021-2027) 8.2. The Middle East and Africa Boric Acid Market, by Application(2021-2027) 8.3. The Middle East and Africa Boric Acid Market, by End-Use(2021-2027) 8.4. The Middle East and Africa Boric Acid Market, by Country (2021-2027) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Boric Acid Market (2021-2027) 9.1. South America Boric Acid Market, by Purity(2021-2027) 9.2. South America Boric Acid Market, by Application(2021-2027) 9.3. South America Boric Acid Market, by End-Use(2021-2027) 9.4. South America Boric Acid Market, by Country (2021-2027) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1. 3M 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Avantor 10.3. BASF SE 10.4. Borax 10.5. ETI Maden 10.6. Gujarat Boron Concern OJSC 10.7. Borax Moraji Ltd. 10.8. Toiyama Pure Chemical 10.9. Nippon Denko Co. Ltd. 10.10. Southern Agricultural Insecticides Inc, 10.11. Quiborax SA 10.12. American Borate Company 10.13. Tokyo Chemical Industries Ltd. 10.14. Italia SPA

About This Report

Report ID 66557
Category Material & Chemical
Published Date June 2022
Updated Date
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