Global Boric Acid Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Boric Acid Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Boric acid is a weak and monobasic form of boron, majorly used as a flame retardant, and in antiseptic and pest control applications. It consists of colorless form of crystals or white powder, which dissolves easily in water.

Market Overview:

The latest research study on the global Boric Acid market finds that the global Boric Acid market reached a value of USD 1195.57 million in 2022. It’s expected that the market will achieve USD 1627.99 million by 2028, exhibiting a CAGR of 5.28% during the forecast period.

Drivers

With the rapid development of emerging economies, the demand for boric acid in these areas will increase significantly. As new technologies are introduced, regional productivity and output will increase rapidly.

Limitations

Boric acid can be used as an insecticide, disinfectant and flame retardant. This is quite safe, but it may not be very effective. It can be absorbed and destroyed by the mucous membranes; it is also harmful to the kidneys and liver.

According to European regulations, the use of boric acid in personal care products is limited and is classified as a carcinogenic compound by European regulations.

Opportunities

Developing economies such as China, India, South America, and Southeast Asia are pushing for demand for boric acid. Factors such as raw material supply, land and cheap labor, low transportation costs, and less stringent government regulations and policies have led several players in the market to transfer their manufacturing centers to these countries.

The increase in demand for boric acid in fiberglass insulation has mainly contributed to market growth. As a viscosity and Ph modifier, the demand for borate and boron products in the oil and gas industry continues to grow.

Region Overview:

China had the highest growth rate of all regions.

Company Overview:

Borax is one of the major players operating in the Boric Acid market, holding a share of 24.90% in 2022.

American Borax is part of Rio Tinto and is a global leader in the supply and science of natural minerals for borate-boron and other elements. It provides 30% of the world's refined borate demand.

Eti Maden supplies refined products of boron and boron products to domestic and international markets through its global logistics business.

Segmentation Overview:

Among different product types, Industrial Grade segment is anticipated to contribute the largest market share in 2027.

Application Overview:

By application, the Glass segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Boric Acid market covered in Chapter 3:

Minera Santa Rita SRL
Hongyi Fine Chemical Zibo Penger Chemical
Quiborax
Mining Chemical Company Russian Bor
Xingpeng Compound Fertilizer
Shougang Boron Iron
Etimaden
Kuandian Dongfang Chemical
Searles Valley Minerals
Fengcheng Chemical
Inkabor
Borax
3M
Tianbang Chemical

In Chapter 4 and Chapter 14.2, on the basis of types, the Boric Acid market from 2018 to 2029 is primarily split into:

Industrial Grade
Pharmaceutical Grade
Nuclear Power Grade
Electronic Grade
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Boric Acid market from 2018 to 2029 covers:

Glass
Ceramics
Nuclear Power
Pharmaceutical
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)