Boric Acid Market Soars with Rising Demand from Industrial and Agricultural Sectors, Expected to Grow with Increased Use in Renewable Energy

Boric Acid Market

The boric acid market sales 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.

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.

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.

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.

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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.

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.

Old Source: Boric Acid Market to Receive Overwhelming Hike USD 1,409 Million in Revenues by 2032 | Says FMI Analyst

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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