Global Boric Acid Market Size, Share, and COVID-19 Impact Analysis, By Grade (Pharmaceutical, Industrial and Others), By End Use (Tiles, Ceramics, Fiberglass, Flame Retardants, Agriculture, Wood Preservation, Pharmaceuticals, Cosmetics), By Distribution Channel (Wholesale & Retail, and E-Commerce), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033

Industry: Chemicals & Materials

RELEASE DATE Mar 2024
REPORT ID SI3915
PAGES 200
REPORT FORMAT PathSoft

Global Boric Acid Market Insights Forecasts to 2033.

  • The Global Boric Acid Market Size was Valued at USD 0.9 Billion in 2023.
  • The Market Size is Growing at a CAGR of 6.57% from 2023 to 2033.
  • The Worldwide Boric Acid Market Size is Expected to Reach USD 1.7 Billion by 2033.
  • Europe is expected to Grow the fastest during the forecast period.

 

Global Boric Acid Market

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The Global Boric Acid Market Size is Anticipated to Exceed USD 0.9 Billion by 2033, Growing at a CAGR of 6.57% from 2023 to 2033.  

 

Market Overview

Boric acid is a white crystalline substance, often found in a colorless, odorless crystal form. It is also known as orthoboric acid, derived from the naturally occurring element boron that exists in rocks, soil, plants, and water. The aqueous solution of boric acid forms a mildly acidic solution used as a buffering agent that is used to maintain pH within a relatively narrow range. It has a strong bactericidal effect and is used as an ingredient in antiseptic ointments and creams. Boric acid and its sodium salts can be used to control a wide variety of pests as it has insecticidal properties killing insects, spiders, mites, algae, molds, fungi, and weeds in pest control of crops. The widespread application of boric acid makes it a versatile and unique compound typically used in diverse industrial, medical, and household applications. As a flame retardant, boric acid helps to extinguish fire by forming an impenetrable glass coating that traps volatile pyrolysis products, hinders oxygen diffusion prevents propagation of exothermic combustion reactions. Boric acid is also used in talc and other baby products giving bacteriostatic and buffering effects. It is also used as a preservative in eye creams, liquid powders, after-shave liquids, and skin fresheners. The adoption of new manufacturing ways for the production of high-quality products propels the market growth of boric acid.     

 

Report Coverage

This research report categorizes the market for the global boric acid market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global boric acid market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global boric acid market.

 

Global Boric Acid Market Report Coverage

Report CoverageDetails
Base Year:2023
Market Size in 2023:USD 0.9 Billion
Forecast Period:2023 - 2033
Forecast Period CAGR 2023 - 2033 :6.57%
2033 Value Projection:USD 1.7 Billion
Historical Data for:2019 - 2022
No. of Pages:200
Tables, Charts & Figures:110
Segments covered:By Grade, By End Use, By Distribution Channel, By Region.
Companies covered:: Borax Inc., 3M, BASF, Gujarat Boron Concern OJSC, Nippon Denko Co. Ltd., Tokyo Chemical Industries Ltd., Southern Agricultural Insecticides Inc., Quiborax SA, Nirma Limited, Avantor, ETI Maden, Toiyama Pure Chemical, Italian SPA, Avantor Performance Materials, Minera Santa Rita, and Others
Pitfalls & Challenges:COVID-19 Empact, Challenge, Future, Growth, & Analysis

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Driving Factors

The preservative properties of boric acid are used to control wood decay and pest and fungal attacks, which in turn propels the market demand for boric acid as a wood preserving agent in the construction and furniture industries in the coming year. The changing consumer preference towards the usage of natural and sustainable over synthetic ones in beauty and personal care products increasing the popularity of boric acid as a pH adjuster and preservative ingredient. Further, growing initiatives by government and agricultural organizations for promoting environmentally friendly practices for pest control, plant growth promotion, and soil fertility enhancement. As boric acid is a natural and low-toxicity solution compared to traditional chemical fertilizers and pesticides promoting demand for boric acid in the agriculture sector for sustainable agricultural methods. 

 

Restraining Factors

The rising competition due to the increasing number of key market players, impeding overall industry dynamics. In addition, the availability of boric acid substitutes having the same functionality as boric acid but in an affordable range attracts customers against traditional boric acid. Furthermore, the requirement of high initial investment and infrastructure limitations for the development and installation of boric acid solutions are considered to be significant barriers to market growth, hence restraining the boric acid market.

 

Market Segmentation

The Global Boric Acid Market share is classified into grade, end-use, and distribution channel.

 

  • The industrial segment is expected to hold the largest share of the global boric acid market during the forecast period.   

Based on the grade, the global boric acid market is divided into pharmaceutical, industrial, and others. Among these, the industrial segment is expected to hold the largest share of the global boric acid market during the forecast period. The growing demand for industrial-grade boric acid in glass, textile, ceramics, metallurgy, and construction activities and the growing industrial segment thriving the market demand for boric acid globally. There is an increasing demand for high-quality industrial-grade boric acid in various manufacturing processes due to its versatility. 

 

  • The fiberglass segment is expected to grow at the fastest pace in the global Boric Acid market during the forecast period.    

Based on the end-use, the global boric acid market is divided into tiles, ceramics, fiberglass, flame retardants, agriculture, wood preservation, pharmaceuticals, and cosmetics. Among these, the fiberglass segment is expected to grow at the fastest pace in the global boric acid market during the forecast period. Boric acid is used as a raw material in the glass production industry to reduce the melting point of the materials in order to improve flow characteristics during production. Thus expanding the growth of the glass industry enhances the use of boric acids, which in turn boosts the boric acid market in the fiberglass segment.   

 

  • The wholesale & retail segment is expected to grow at the greatest pace in the global boric acid market during the forecast period.

Based on the distribution channel, the global boric acid market is divided into wholesale, e-commerce, retail stores, supermarkets and hypermarkets, independent stores, and others. Among these, the wholesale segment is expected to grow at the greatest pace in the global boric acid market during the forecast period. The growing bulk purchase of boric acid due to its widespread application driving the boric acid market in the wholesale segment. In addition, it is considered a more convenient and affordable means to procure boric acid for manufacturing processes in large scale industries. The demand of boric acid in various industries including agriculture, pharmaceuticals, and construction, promote the wholesale distribution of boric acid.   

 

Regional Segment Analysis of the Global Boric Acid Market

  • North America (U.S., Canada, Mexico) 
  • Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan, India, Rest of APAC)
  • South America (Brazil and the Rest of South America) 
  • The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

North America is anticipated to hold the largest share of the global boric acid market over the predicted timeframe.

 

Global Boric Acid Market

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North America is anticipated to hold the largest share of the global boric acid market over the predicted timeframe. The growing urbanization and population led to increasing construction-related activities like textile fiberglass likely to propel the usage of boric acid resulting in an escalating boric acid market. The enormous extension of farming of fruit, winter vegetables, cotton, and tobacco in the region especially in subtropical and warm temperate areas of the US and northern Mexico enhances the market demand for boric acid. The increasing application of fiberglass in automotive, construction activities, and pharmaceuticals has been driving the boric acid market in the region. In addition, the growing cosmetics industry is the other key factor for the growing boric acid market in the region.

 

Europe is expected to grow at the fastest pace in the global boric acid market during the forecast period. The rising development of technology and automobile demand in the area led to an increasing boric acid market.  The rising construction and agriculture industries in the region are fueling the growth of the boric acid market in this region. The substantial demand for UK-based cars has benefited the UK automotive sector, resulting in enhancing the regional market’s expansion in the coming years.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global boric acid along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

  • Borax Inc.
  • 3M
  • BASF
  • Gujarat Boron Concern OJSC
  • Nippon Denko Co. Ltd.
  • Tokyo Chemical Industries Ltd.
  • Southern Agricultural Insecticides Inc.
  • Quiborax SA
  • Nirma Limited
  • Avantor
  • ETI Maden
  • Toiyama Pure Chemical
  • Italian SPA
  • Avantor Performance Materials
  • Minera Santa Rita
  • Others

 

Key Target Audience

  • Market Players
  • Investors
  • End-users
  • Government Authorities 
  • Consulting And Research Firm
  • Venture capitalists
  • Value-Added Resellers (VARs)

 

Recent Developments

  • In September 2022, Indo Borax installed a new manufacturing plant at Pithampur for manufacturing Boric Acid derivatives and related products.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Boric Acid Market based on the below-mentioned segments: 

 

Global Boric Acid Market, By Grade

  • Pharmaceutical
  • Industrial
  • Others

 

Global Boric Acid Market, By End Use

  • Tiles
  • Ceramics
  • Fiberglass
  • Flame Retardants
  • Agriculture
  • Wood Preservation
  • Pharmaceuticals
  • Cosmetics

 

Global Boric Acid Market, By Distribution Channel

  • Wholesale
  • E-Commerce
  • Retail Stores
  • Supermarkets And Hypermarkets
  • Independent Stores
  • Others

 

Global Boric Acid Market, By Region

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • Uk
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Qatar
    • South Africa
    • Rest of the Middle East & Africa

Frequently Asked Questions (FAQ)

  • 1. Which are the key companies that are currently operating within the market?
    Borax Inc., 3M, BASF, Gujarat Boron Concern OJSC, Nippon Denko Co. Ltd., Tokyo Chemical Industries Ltd., Southern Agricultural Insecticides Inc., Quiborax SA, Nirma Limited, Avantor, ETI Maden, Toiyama Pure Chemical, Italian SPA, Avantor Performance Materials, Minera Santa Rita, and Others.
  • 2. What is the size of the global boric acid market?
    The Global Boric Acid Market is expected to grow from USD 0.9 Billion in 2023 to USD 1.7 Billion by 2033, at a CAGR of 6.57% during the forecast period 2023-2033.
  • 3. Which region is holding the largest share of the market?
    North America is anticipated to hold the largest share of the global boric acid market over the predicted timeframe.

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