Global Boric Acid Market, By Purity Grade (<99%, ≥99%), Application (Glass and Fiberglass, Medical, Personal Care, Flame Retardants, Wood Preservatives, Pest Control, Nutritional Supplements, Others), End-User (Fiberglass Industry, Building and Construction, Ceramics, Pharmaceuticals, Others), Distribution Channel (Wholesale, E-Commerce, Retail Shop, Hypermarket/Supermarket, Independent Shop, Convenient Shop) – Industry Trends and Forecast to 2030.
Boric Acid Market Analysis and Size
Boric acid, also known as hydrogen borate or boracic acid, is a white, crystalline compound composed of boron, oxygen, and hydrogen (H₃BO₃). It is derived from borax, a mineral salt. Boric acid is used in the production of fiberglass, ceramics, and glass manufacturing. It is also a key component in the production of borosilicate glass, which has high resistance to thermal shock.
Data Bridge Market Research analyses that the global boric acid market which was USD 887.78 million in 2022, will reach USD 1,224.36 million by 2030, and is expected to undergo a CAGR of 4.1% during the forecast period. “<99%” is expected to dominate the purity grade segment of the global boric acid market by their versatile application in different sectors such as industrial, agriculture, pharmaceutical, and personal care. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Boric Acid Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Million, Volume in Units, Pricing in USD
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Segments Covered
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By Purity Grade (<99%, ≥99%), Application (Glass and Fiberglass, Medical, Personal Care, Flame Retardants, Wood Preservatives, Pest Control, Nutritional Supplements, Others), End User (Fiberglass Industry, Building and Construction, Ceramics, Pharmaceuticals, Others), Distribution Channel (Wholesale, E-Commerce, Retail Shop, Hypermarket/Supermarket, Independent Shop, Convenient Shop)
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Countries Covered
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(U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa)
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Market Players Covered
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3M (U.S.), Avantor Inc (U.S.), BASF SE(Germany), Borax (U.S.), Eti Maden (US), Gujarat Boron Derivatives (India), Minera Santa Rita (Argentina), Russian Bor Concern OJSC (Russia) and Borax morarji Ltd (India) among others.
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Market Opportunities
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Market Definition
Boric acid is widely used in various industries and applications due to its unique properties. It is soluble in water and has antiseptic, antifungal, and insecticidal properties. Boric acid finds applications in a wide range of industries, including pharmaceuticals, personal care products, agriculture, industrial manufacturing, flame retardants, wood preservation, and nuclear power. Its versatility and diverse range of properties make it a valuable compound in various fields.
Global Boric Acid Market Dynamics
Drivers
- Increasing demand for boric acid in various industries
Boric acid has a wide range of applications across industries such as agriculture, pharmaceuticals, personal care, industrial manufacturing, and wood preservation. The growing demand for products in these sectors drives the demand for boric acid. Boric acid is commonly used as a micronutrient in agriculture. It helps in the healthy growth of plants and improves crop yields. It is particularly beneficial for crops such as fruits, vegetables, and nuts. Boric acid can also be used to control fungal and bacterial infections in plants.
- Increasing demand in commercial and residential building
The rise in demand for boric acid in energy-saving appliances such as insulation of residential and commercial buildings, acts as one of the major factors driving the boric acid market. The growing rate of building and construction activities, because of the increase in per capita income, increasing popularity of the product in fiberglass insulation, and growth in awareness of energy conservation methods accelerate the boric acid market growth
- Increasing demand for insulating material
While boron is used in certain types of high-temperature insulating materials like borosilicate glass fibers and boron nitride ceramics, boric acid itself is not directly related to the insulation market. The demand for boric acid is primarily influenced by its use as a micronutrient in agriculture, its antiseptic and preservative properties in pharmaceuticals, its fluxing agent role in glass and ceramics, its stain-removing and insecticidal properties in detergents and cleaners, it's flame retardant and insect repellent characteristics in the textile industry, and its pH adjustment and preservative roles in personal care products.
Opportunities
- Increasing focus on sustainable agriculture
With the rising demand for organic and sustainable agriculture practices, boric acid can play a significant role as a micronutrient supplement and pest control agent. The growing interest in eco-friendly agricultural practices provides an opportunity for the boric acid market. There is indeed an increasing focus on sustainable agriculture within the boric acid market. Sustainable agriculture aims to meet the current needs of food production while preserving and enhancing the natural resources and ecological balance for future generations. Boric acid plays a role in sustainable agriculture through its application as a micronutrient for crops.
- Emerging markets
There are potential opportunities for boric acid in emerging applications and industries. As new uses and technologies are developed, boric acid can find applications in areas such as energy storage, electronics, and advanced materials, presenting avenues for market expansion. The boric acid market has been experiencing growth and expansion in several emerging markets worldwide. These emerging markets are characterized by increasing industrialization, economic development, and growing demand for boric acid across various sectors.
Restraints/Challenges
- Competition and substitutes
In some applications, boric acid faces competition from alternative products or substitutes. Manufacturers need to constantly innovate and demonstrate the unique advantages of boric acid to maintain their market position. The boric acid market faces competition from various substitutes in certain applications. While boric acid offers unique properties and versatility, there are alternative products that can partially or fully replace it in specific industries.
- Environmental and health concerns
Excessive use or improper disposal of boric acid can have negative environmental impacts. It is important to handle and use boric acid responsibly to minimize potential harm to ecosystems and human health. Stringent regulations and concerns about its environmental and health effects can pose a restraint on the market. Adhering to manufacturer guidelines and working with experienced HVAC professionals can provide valuable insights and ensure proper maintenance practices are followed. Also, the lack of favorable reimbursement scenarios and technology penetration in the developing economies, heavy custom duty imposed on medical devices, and lack of suitable infrastructure in low- and middle-income countries are projected to challenge the market in the forecast period of 2023-2030.
this Boric Acid market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the Boric Acid market contact Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth.
Recent Development
- In March 2023, Borax introduced Optibor® BQ, a new battery-quality boric acid product designed to meet the industry’s special purity and particle size needs
Global Boric Acid Market Scope
The global boric acid market is segmented on the basis of purity grade, application, end-user, and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Purity Grade
- <99%
- ≥99%
Application
- Glass and Fiberglass
- Medical
- Personal Care
- Flame Retardants
- Wood Preservatives
- Pest Control
- Nutritional Supplements
- Others
End-User
- Fiberglass Industry
- Building and Construction
- Ceramics
- Pharmaceutical
- Others
Distribution Channel
- Automotive Wholesale
- E-Commerce
- Retail Shop
- Hypermarket/Supermarket
- Independent Shop
- Convenient Shop
Global Boric Acid Market Regional Analysis/Insights
The global boric acid market is analysed and market size insights and trends are provided by country, purity grade, application, end-user, and distribution channel as referenced above.
The countries covered in the global boric acid market report are U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa
Asia-Pacific is expected to dominate the global boric acid market because of the rise in industrialization, growth in the construction industry in emerging economies such as India and China, and the growing adoption rate of boric acid in the building and construction sector in the region.
North America is expected to witness significant growth during the forecast period of 2023 to 2030 due to the increase in demand for boric acid in the pharmaceutical and cosmetic industries in this region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends, and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Boric Acid Market Share Analysis
The global boric acid market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width, and breadth, application dominance. The above data points provided are only related to the companies' focus related to the global boric acid market.
Some of the major players operating in the global boric acid market are:
- 3M (U.S.)
- Avantor Inc (U.S.)
- BASF SE(Germany)
- Borax (U.S.)
- Eti Maden (US)
- Gujarat Boron Derivatives (India)
- Minera Santa Rita (Argentina)
- Russian Bor Concern OJSC (Russia
- Borax morarji Ltd (India)
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