The global boric acid market is expected to grow from US$ 840.7 million in 2022 to US$ 1,409 million in 2022 Year 2032 will grow at a CAGR of 5.3% over the forecast period. Increasing demand for electricity, increased awareness of energy-saving techniques and the rapid pace of urbanization are driving the demand for boric acid.
In addition, increasing investment in the glassmaking, cosmetics, and construction industries will be driven by the growing population and purchasing power of emerging economies. Boric acid also known as hydrogen borate, orthoboric acid, and boracic acid is odorless, white, weak monobasic acid. It has a crystalline structure usually available in a water-soluble powder form.
The global boric acid market is expected to have a significant growth rate, attributed to the growing energy-saving appliances market. Asia-Pacific except Japan has substantial growth in the global boric acid market, attributed to the growing demand for energy due to the rapidly growing population in the region, especially in China and India.
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Global Boric Acid Market Dynamics:
The growth of the global boric acid market is driven by growing demand for boric acid in energy-saving appliances such as insulation of residential and commercial buildings. Macroeconomic factors such as rising per capita income and employment rate as well as the rapid rate of industrialization drive the global boric acid market.
Growing demand for fiberglass, growing energy needs, rising awareness of energy conservation methods, and rapid rate of urbanization also fuel the demand for the global boric acid market. Utilization of boric acid in energy generation from oil trending in the global boric acid market.
Some other factors trending in the global boric acid market include high demand for electronic devices, glazed ceramics, and LCD televisions. The company providing boric acid has significantly high opportunities in regions such as Asia-Pacific, Middle East & Africa, and Latin America attributed to the significantly growing industrial economy.
The boric acid market also has a significant opportunity in the North America and Western Europe region, attributed to the growing construction industry in the region.
Global Boric Acid Market Segmentation:
The global boric acid market is segmented on the basis of end-user, application, distribution channel, and region. On the basis of end-user, the boric acid market is segmented as tiles, ceramic and fiberglass, agriculture, wood preservation, pharmaceuticals, and cosmetics.
Among the end-user segment, manufacturers of ceramic and tiles and fiberglass segment contribute to a significant revenue share over the forecast period in the global boric acid market.
On the basis of application, the global boric acid market is segmented as industrial/commercial and household, wherein industrial/commercial has a significant revenue share and is expected to have a substantial growth rate. On the basis of a distribution channel, the boric acid market is segmented as wholesale, e-Commerce, and retail shop.
The retail shop segment is further fragmented into a hypermarket/supermarket, an independent shop, and a convenience shop. Among the distribution channel segment, the wholesale segment contributes to a significant revenue share over the forecast period in the global boric acid market.
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Global Boric Acid Market Player:
A few players in the global boric acid market include Borax, Tomiyama Pure Chemical Industries, 3M, Sociedad Industrial Tierra, Avantor Performance Materials, Societa Chimica Larderello (SCL), BASF, Russian Bor, Searles Valley Reserves, Eti Maden, Minera Santa Rita (MSR), Gujarat Boron Derivatives, and Quiborax.
Key Segments Profiled in the Boric Acid Market Survey
By End-User:
- Tiles, Ceramic, and Fiberglass Manufacturers
- Flame Retardants
- Agriculture
- Wood Preservation
- Pharmaceuticals
- Cosmetics
By Application:
- Industrial/Commercial
- Household
By Distribution Channel:
- Wholesale
- E-Commerce
- Retail Shop
- Hypermarket/Supermarket
- Independent Shop
- Convenient Shop
Global Boric Acid Market Regional Outlook:
Based on the geographies, the global boric acid market is fragmented into seven regions — North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific except Japan, Japan, and the Middle East & Africa.
Among the regions, North America accounts for a significant share of the global boric acid market in terms of value, attributed to the rising employment rate and rising disposable income. Western Europe’s revenue share is followed by the North American region in the global boric acid market, whereas the growth of the boric acid market is relatively low than other regions.
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The Asia-Pacific except Japan region accounts for a significantly high volume share in the global boric acid market with a significant growth rate, owing to the rapid growth of the construction industry in the region particularly in countries such as India and China. Eastern Europe and Japan also account for a significant value share in the global boric acid market.
The developing economy such as Middle East Africa and Latin America have substantial growth in the global boric acid market, owing to the increased durability, and demand for lightweight, strong, higher thermal efficiency, and eco-friendly insulation products over the forecast period. Overall, the outlook for the global boric acid market will have positive growth over the forecast period.
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