Boric acid is experiencing significant growth due to its widespread use in various industries, including oil, lubricants, textile fibers, glass, and welding. It is also used in agriculture as a flame retardant, antibacterial substance, and pesticide.
The boric acid market is projected to reach USD 1,438.1 million by 2034, growing at a 5.4% CAGR. In 2024, the industry size stands at USD 851.7 million, driven by factors like rapid industrialization and increased construction activities.
Research centers are exploring ways to make boric acid more eco-friendly, particularly in agriculture and water management. The industry is also focusing on renewable energy sources like solar energy, which is gaining popularity due to its low cost. The demand for energy-efficient elements and borosilicate glass is also increasing, particularly in the construction sector.
The demand for boric acid is rising in various industries due to its diverse applications in agriculture, industrial manufacturing, pharmaceuticals, wood preservation, and personal care. Its role in controlling fungal and bacterial infections in crops, formulating various products in personal care, and contributing to the glass-making process in construction contribute to its market expansion.
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Strict regulations and price fluctuations for boron minerals hinder boric acid growth. These regulations affect the handling and usage of boric acid, increasing production costs and transportation. Safety protocols also limit its use in consumer products. The fluctuating cost of boron minerals in boric acid formulations further restricts its competitiveness and industry growth.
Asia Pacific is expected to rule the market due to industrialization and construction growth in emerging economies. North America is expected to experience significant growth due to increased demand in pharmaceutical and cosmetic industries.
“The boric acid sector is experiencing significant growth due to the growing popularity of organic and sustainable agriculture practices. Additionally, its applications in energy storage, advanced materials, and electronics contribute to this growth. Furthermore, its potential in emerging markets is driven by economic development, industrialization, and increasing demand in multiple sectors.” Say an FMI analyst.
Key Takeaways from the Boric Acid Market
- Boric acid serves as a versatile compound utilized in both the oil and gas industry as well as agriculture. It is expected to achieve a forecasted CAGR of 3.3% within Canada’s market.
- Spain is directing its focus towards innovative applications of boric acid, anticipating a projected CAGR of 4% until 2034 within its market. This compound finds primary use in Spain’s glass, textile, and cosmetic industries.
- In India, the market is poised for an 8% CAGR, driven by rapid urbanization and population expansion, particularly in the construction and pharmaceutical sectors.
Competitive Landscape of the Boric Acid Market
High-profile industries are investing heavily in research and development to expand the boric acid industry. They are partnering with small-scale companies and making strategic investments while formulating local products to cut costs and target a wider customer base. This strategy enables the expansion of sales and consumer base for key players in the boric acid sector. The industry is expected to see lucrative growth opportunities in the coming years.
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Recent Development
Borax introduced Optibor@ BQ in 2023, a high-quality powder-grade boric acid product designed to meet its exceptional purity and particle size requirements.
Leading Boric Acid Brands
- 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
- Quiborax
Key Segmentation of Market Report
By End User:
End users present in this industry are tiles, ceramic, and fiberglass manufacturers, flame retardants, agriculture, wood preservation, pharmaceuticals, and cosmetics.
By Application:
Boric acid finds application in industrial/commercial and household sector.
By Distribution Channel:
Boric acid is distributed through wholesale, eCommerce, retail shop, hypermarket/supermarket, independent shop, and convenient shop.
By Region:
Regional analysis of the industry include top performing countries of North America, Latin America, the Asia Pacific, Middle East and Africa, and Europe.
Related Links:
https://studylib.net/doc/27512743/magnesium-chloride-industry-size–share–demand-and-growth-…
https://penzu.com/journals/28471436/100275678
https://party.biz/blogs/181731/363036/magnesium-chloride-industry-size-share-growth-by-2031
https://www.bloggalot.com/business-post/magnesium-chloride-industry-size–share–demand—growth-by-2031
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