The global boric acid market size reached US$ 845 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,178 Million by 2028, exhibiting a growth rate (CAGR) of 5.5% during 2023-2028. The increasing product utilization in the pharmaceutical industry, the widespread product adoption for manufacturing fiberglass, and extensive research and development (R&D) activities represent some of the key factors driving the market.
Boric acid B(OH)3 is a colorless or white crystalline compound that occurs naturally or is produced artificially from borax. It is also known as acidum boricum, hydrogen borate, boracic acid, and orthoboric acid. It is soluble in water and does not have any characteristic odor. Boric acid yields various borate anions and salts and can react with alcohols to form borate esters. It is widely used in many chemical products as an antiseptic, insecticide, flame retardant, neutron absorber, or precursor. It is also used to manufacture cosmetics, cement, pottery, enamels, glazes, and artificial gems and in tanning, printing, dyeing, painting, and photography. It is a weak acid that exhibits antiviral, antifungal, and antiseptic properties. As a result, boric acid finds extensive applications across the pharmaceuticals, agricultural, chemical processing, building and construction industries.
Boric Acid Market Trends:
The increasing product demand in the pharmaceutical industry across the globe is one of the key factors driving the market growth. Boric acid is used in treating vaginal yeast infections and ear infections in animals and humans due to its antibacterial and antifungal properties. In line with this, the widespread product utilization for external applications, including eye disinfectants, contact lens solutions, anti-aging preparations, and baby powders, is acting as another growth-inducing factor. Moreover, the increasing application of boric acid in agricultural chemicals as well as in coal-fired power plants, as it is an essential ingredient in pesticides used against spiders, mites, and algae, is favoring the market growth. Apart from this, the introduction of new advanced methods that helps in producing boric acid without any harmful waste material and offers an alternative process to commercial production methods is providing an impetus to the market growth. Additionally, the increasing product utilization in manufacturing fiberglass and specialty glass, as it offers chemical and heat resistance, transparency, and brightness to glass and assists in reducing melting point, viscosity, and increasing breakage index, is facilitating the market growth. Furthermore, the widespread product adoption as a nutritional supplement and fortifying agent in processed food is positively influencing the market growth. Other factors, including significant growth in the construction industry, increasing agricultural activities and extensive research and development (R&D) activities, are anticipated to drive the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global boric acid market, along with forecasts at the global, regional, and country level from 2023-2028. Our report has categorized the market based on purity, application, distribution channel, and end user.
The report has provided a detailed breakup and analysis of the boric acid market based on purity. This includes <99% and ≥99%. According to the report, ≥99% represented the largest segment.
- Flame Retardants
- Ceramics & Fiberglass
- Wood Preservatives
- Nutritional Supplements
- Pest Control
The report has provided a detailed breakup and analysis of the boric acid market based on the application. This includes flame retardants, ceramics and fiberglass, wood preservatives, nutritional supplements, pest control, and others. According to the report, ceramics and fiberglass represented the largest segment.
Distribution Channel Insights:
- Retail Stores
- Supermarkets and Hypermarkets
- Independent Stores
The report has provided a detailed breakup and analysis of the boric acid market based on the distribution channel. This includes wholesale, e-commerce, retail stores, supermarkets and hypermarkets, independent stores, and others. According to the report, wholesale represented the largest segment.
End User Insights:
- Chemical Processing
- Building & Construction
The report has provided a detailed breakup and analysis of the boric acid market based on the end user. This includes pharmaceuticals, agricultural, chemical processing, building and construction, nuclear, and others. According to the report, pharmaceuticals represented the largest segment.
- North America
- Asia Pacific
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets that include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest market for boric acid. Some of the factors driving the Asia Pacific boric acid market included significant growth in the construction industry, rising applications of fiberglass, and extensive research and development (R&D) activities.
The report has also provided a comprehensive analysis of the competitive landscape in the global boric acid market. Detailed profiles of all major companies have also been provided. Some of the companies covered include 3M Company, Avantor Inc., Eti Maden, Gujarat Boron Derivatives Pvt. Ltd., Indo Borax & Chemicals Limited, Minera Santa Rita S.R.L., Organic Industries Pvt. Ltd., Quiborax SA, SCL Italia S.p.A., Singhania International Limited, Sociedad Industrial Tierra S.A., The Chemical Company, Tomiyama Pure Chemical Industries Ltd., U.S. Borax Inc. (Rio Tinto plc), etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
|Base Year of the Analysis
| Historical Period
||Purity, Application, Distribution Channel, End User, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||3M Company, Avantor Inc., Eti Maden, Gujarat Boron Derivatives Pvt. Ltd., Indo Borax & Chemicals Limited, Minera Santa Rita S.R.L., Organic Industries Pvt. Ltd., Quiborax SA, SCL Italia S.p.A., Singhania International Limited, Sociedad Industrial Tierra S.A., The Chemical Company, Tomiyama Pure Chemical Industries Ltd., U.S. Borax Inc. (Rio Tinto plc), etc.
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Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the boric acid market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global boric acid market.
- The study maps the leading as well as the fastest growing regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the boric acid industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.