Enjoy complimentary customisation on priority with our Enterprise License!
The boric acid market size is forecast to increase by USD 262.8 million at a CAGR of 5.9% between 2023 and 2028. The market is witnessing significant growth due to the versatile properties of this chemical compound, which make it a sought-after ingredient in various industries. Hydrogen borate, a derivative of boric acid, is gaining popularity as a soil amendment, particularly in agriculture applications. In the pharmaceuticals sector, boric acid is used as a preservative and an antiseptic. The renewable energy sector is also driving market growth, as boric acid is a crucial component in nuclear reactors as a neutron moderator and coolant. Additionally, boric acid finds extensive applications in ceramics and textiles industries, further fueling market expansion. However, stringent regulations and policies regarding the handling and disposal of boric acid are posing challenges to market growth. Despite these challenges, the market is expected to continue its upward trajectory, driven by the increasing demand from developing countries and the expanding applications in various industries.
The market plays a crucial role across various industries, including pharmaceuticals, ceramics, and textiles, highlighting its versatility in applications. As the construction and glass industries experience growth, boric acid is valued for its flame-retardant properties and corrosion inhibition. Environmental concerns and health concerns have prompted the development of biodegradable products, aligning with corporate sustainability initiatives. In agriculture, boric acid addresses soil deficiency, promoting plant growth while mitigating environmental impact. However, fluctuating boron prices pose challenges for manufacturers. Additionally, domestic tariffs can influence market dynamics. As sectors continue to expand, the demand for boric acid will likely rise, reflecting its importance in enhancing product performance and sustainability across multiple applications.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The glass and ceramics segment is estimated to witness significant growth during the forecast period. Boric acid, a micronutrient, plays a crucial role in various industries due to its unique properties. In the realm of glass production, it functions as an effective fluxing agent, lowering the viscosity, melting point, and thermal expanding coefficient, thereby enhancing transparency, heat resistance, breakage index, and brightness. The burgeoning applications of boron trioxide in borosilicate glass, textile fiberglass, and industrial fiberglass (IFG) are projected to fuel the expansion of The market. In the realm of fiberglass production, boric acid improves fiberizing efficiency and enhances the fluxing capabilities of the batch. The escalating demand for energy-efficient structures is anticipated to boost the demand for boric acid during the forecast period.
Further, the integration of advanced materials across various industries is driving significant growth and innovation. In pharmaceuticals applications, novel ceramics are enhancing drug delivery systems, while textiles are being engineered for better biocompatibility and antimicrobial properties, including antiseptics that improve patient outcomes. Agricultural activities benefit from smart textiles applications, and automotive that utilize lightweight ceramics for improved efficiency and performance. The construction applications sector is experiencing a boom, leveraging advanced materials for sustainable building solutions, and the electronics industry is rapidly evolving with the use of ceramics applications for capacitors and insulators. This cross-industry synergy is propelling growth in the construction, glassindustry growth, and textile industry growth, as they adapt to increasing demands for durability, functionality, and sustainability.
Get a glance at the market share of various segments Request Free Sample
The glass and ceramics segment accounted for USD 430.00 million in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 54% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
For more insights on the market share of various regions Request Free Sample
Boric acid is a micronutrient fertilizer and multifunctional compound with significant applications in various industries, including glass and ceramics, agriculture, cosmetics, and personal care. In the glass and ceramics sector, boric acid functions as a fluxing agent, enhancing the melting point and improving the quality of the final product. In agriculture, it serves as a vital component in the production of fertilizers and pesticides, contributing to sustainable farming practices. Moreover, boric acid finds extensive use in the cosmetics and personal care industry as an ingredient in ointments, eye drops, and various other skincare and hair care products due to its antimicrobial and antifungal properties.
Further, the increasing number of infrastructure projects and construction activities in countries like India, China, Japan, Singapore, Thailand, Indonesia, and the Philippines is driving the demand for boric acid in the production of fiberglass and flame retardants. For instance, in China, the government's plan to build ten industrial parks in the Guangdong-Hong Kong-Macao Greater Bay Area under the one town with one thematic industry policy is expected to boost the demand for boric acid during the forecast period. In the agriculture sector, the shift towards sustainable farming practices is expected to increase the adoption of boric acid as a micronutrient fertilizer. Additionally, its use as an insecticide is gaining popularity due to its low toxicity and high efficacy.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increase in demand from developing countries is the key driver of the market. Boric acid, a chemical compound with versatile properties, is experiencing rising demand in various industries, particularly in developing countries such as China, India, Brazil, Mexico, the Philippines, and Indonesia. The expansion of population and increasing disposable income in these regions, coupled with growing purchasing power, are driving investments in the construction, glass manufacturing, and cosmetics industries.
Consequently, the demand for boric acid in these sectors is expected to pour in the next five years. Boric acid's utilization in agriculture as a soil amendment and its applications in the pharmaceuticals, ceramics, and textiles industries further boost its market growth. companies are relocating their manufacturing units to these regions due to factors like low transportation costs, easy land availability, affordable labor, and accessible raw materials, as well as less stringent regulations and policies.
Growing demand from renewable energy sector is the upcoming trend in the market. Boric acid, a chemical compound with the formula H3BO3, possesses versatile properties that make it a valuable component in various industries. Hydrogen borate, a derivative of boric acid, is extensively used as a soil amendment to improve soil structure and fertility in agriculture applications. In pharmaceuticals, boric acid serves as an antiseptic and an antifungal agent. In ceramics, it functions as a fluxing agent, enhancing the workability and strength of the final product. In textiles, it acts as a flame retardant and a softening agent. The increasing adoption of boric acid in these diverse industries is driven by the growing demand for sustainable and eco-friendly solutions.
The global market for boric acid is expected to expand significantly due to the rising trend of renewable energy, particularly solar energy. The solar thermal heating industry utilizes boric acid in the production of heat-resistant borosilicate glass, which is used in solar collectors to capture solar energy. With the declining cost of solar technologies and the growing focus on reducing carbon emissions, the solar energy market is experiencing strong growth, leading to an increased demand for boric acid.
Stringent regulations and policies is a key challenge affecting the market growth. Boric acid, a chemical compound with the formula H3BO3, is known for its versatile properties and is extensively used in various industries, including agriculture, pharmaceuticals, ceramics, and textiles. However, the application of boric acid is subject to stringent regulations by regulatory bodies such as the Environmental Protection Agency (EPA) and Registration, Evaluation, Authorization and Restriction of Chemicals (REACH). In the European Union, boric acid and its derivatives like boric acid, tetraborates, and borates, are listed in Annex III by the European Commission. In agriculture, boric acid is used as a fungicide and insecticide. In pharmaceuticals, it is used as a medication for various conditions, including urinary tract infections, and as an antiseptic.
In ceramics, it is used as a flux and a borosilicate glass former. In textiles, it is used as a flame retardant and a softener. However, the use of boric acid is restricted in certain applications due to regulatory restrictions. For instance, it cannot be used in cosmetics products intended for children under three years old, and the concentration of borates in cosmetics used for skin peeling should not exceed 1%. These regulations will continue to impact the growth of the market.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
3M Co. - The company provides high-quality boric acid products, including the renowned 3M 10B Enriched Boric Acid. B.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Boric acid, a chemical compound with the formula H3BO3, is known for its versatile properties and wide range of applications. In agriculture, boric acid functions as a micronutrient fertilizer, contributing to soil amendment and improving nutrient absorption in crops. It also plays a crucial role in precision farming by enhancing crop yields and agricultural productivity. In the pharmaceutical industry, boric acid is used in various applications, including the production of ointments and eye drops. Its antiseptic and anti-inflammatory properties make it an essential ingredient in these products. Boric acid is also a valuable component in the ceramics industry, acting as a fluxing agent during the manufacturing process. It improves the thermal shock resistance of borosilicate glass, making it ideal for use in the construction industry and in the production of fiberglass.
Moreover, boric acid is used as a flame retardant in various applications, including wood treatment and in the production of flame-retardant materials. It also serves as a corrosion inhibitor and is used in soldering processes. With the growing concerns regarding health and environmental sustainability, the demand for biodegradable materials, bioplastics, and sustainable practices is increasing. Boric acid is being explored as a potential solution in this regard, with applications in the production of biodegradable materials and sustainable materials. Despite its widespread use, the boron market is subject to fluctuating prices and production costs, which can impact profitability. Regulations governing the use of boric acid in various industries, including agriculture, pharmaceuticals, and ceramics, also play a significant role in market dynamics.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
177 |
|
Base year |
2023 |
|
Historic period |
2018-2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 5.9% |
|
Market growth 2024-2028 |
USD 262.8 million |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
5.5 |
|
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
|
Performing market contribution |
APAC at 54% |
|
Key countries |
China, US, Japan, Germany, and India |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
3M Co., American Borate Co., Avantor Inc., Eti Maden isletmeleri Genel Mudurlugu, Gujarat Boron Derivatives Pvt. Ltd., Hemadri Chemicals, Indo Borox and Chemicals Ltd., Innova Corporate India, Minera Santa Rita Srl, Organic Industries Pvt. Ltd., Orocobre Ltd., Quiborax, Rio Tinto Ltd., SCL Italia Spa, SQM S.A., The Chemical Co., The Dharamsi Morarji Chemical Co. Ltd., Tokyo Chemical Industry Co., Ltd., and Tomiyama Pure Chemical Industries Ltd. |
|
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
|
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Get the report (PDF) sent to your email within minutes.
Complimentary full Excel data with your report purchase.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
