The global Boric Acid market stood at approximately 950 thousand tonnes in 2023 and is anticipated to grow at a CAGR of 5.45% during the forecast period until 2034.
Boric acid, scientifically known as orthoboric acid (H3BO3), is a white crystalline substance renowned for its versatile applications and distinctive qualities. Derived from boron, it serves as a mild, monobasic Lewis acid and is commonly found in the form of odourless, colourless crystals, readily soluble in water to produce a mildly acidic solution, useful as a buffering agent. Additionally, boric acid forms stable complexes with certain metals, acts as a flame retardant, and exhibits insecticidal properties, contributing to its utility in pest control. The multifaceted nature of boric acid underpins its extensive utilization across various industrial, medical, and household domains. In the industrial sector, it acts as a flux in glass production, a fire retardant in textiles and plastics, and a glaze component in ceramics. Within pharmaceuticals, it is present in antiseptic ointments, eye washes, and vaginal suppositories. Agriculture utilizes it as both an insecticide and a micronutrient fertilizer. Additionally, it is employed in wood preservation as well. Notably, boric acid serves as a wood preservative against fungi attacks and helps to rectify boron deficits in plants.
The demand for boric acid is experiencing a notable upsurge across various commercial sectors, particularly in the construction industry where it finds extensive utilization. The significant global expansion of the construction sector, which heavily relies on boric acid, is a key driver fuelling the growth in boric acid consumption. The growing construction activities in developing nations like China and India have led to an increased usage of fiberglass in building and construction. This surge in fiberglass utilization contributes to the expansion of the market for boric acid. Additionally, boric acid finds application in the oil and gas industry as a pH and viscosity modifier, further driving market growth. Moreover, rising demand from sectors such as agriculture, pharmaceuticals, and cosmetics is bolstering the expansion of the boric acid market. Increasing investments in glass manufacturing, cosmetics, and construction sectors are propelled by growing populations and higher disposable incomes in emerging economies. Moreover, the surging demand from the renewable energy sector significantly impacts the global boric acid market. The global Boric Acid market is likely to reach approximately 1660 thousand tonnes in 2034.
Based on region, Asia Pacific region is anticipated to dominate as the largest consumer of Boric Acid globally, primarily driven by several factors. This dominance is projected to be driven by several factors specific to the region. These factors might include the rapid industrialization and economic growth witnessed in many countries within the Asia Pacific region, which leads to increased demand for boric acid across various industries such as agriculture, pharmaceuticals, personal care, and industrial manufacturing. Additionally, factors like population growth, urbanization, and the increasing adoption of energy-saving appliances and insulation materials in commercial and residential buildings further contribute to the high consumption of boric acid in the region. Overall, these combined factors position the Asia Pacific region as the dominant market for boric acid consumption on a global scale.
Based on the end-user industry, the global Boric Acid market is divided into Tiles, Ceramic, and Fiberglass, Flame Retardants, Agriculture, Pharmaceuticals, and Others. Among these, Tiles, Ceramic, and Fiberglass sector is the dominating segment and held about 37% of the global Boric Acid market in 2023 and is anticipated to prevail the similar trend in the upcoming years.
Major players in the Global Boric Acid market are Borax, 3M, Sociedad Industrial Tierra, Avantor Performance Materials, Societa Chimica Larderello (SCL), BASF, Russian Bor, Searles Valley Reserves, Eti Maden, Minera Santa Rita (MSR), EtiMaden, Gujarat Boron Derivatives, Quiborax, Rio Tinto Borates, and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2023
Estimated Year: 2024
Forecast Period: 2025-2034
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Objective of the Study:
• To assess the demand-supply scenario of Boric Acid which covers production, demand and supply of Boric Acid market in the globe.
• To analyse and forecast the market size of Boric Acid
• To classify and forecast Global Boric Acid market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Boric Acid market in the globe.
To extract data for Global Boric Acid market, primary research surveys were conducted with Boric Acid manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Boric Acid market over the coming years.
ChemAnalyst calculated Boric Acid demand across the globe by analyzing the volume of Boric Acid consumed by the end-user industries and the forecast is calculated based on the growth rate of end-use industries. ChemAnalyst sourced these values from industry experts and company representatives and externally validated them by analyzing the historical sales data of respective manufacturers to determine the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Boric Acid manufacturers and other stakeholders
• Organizations, forums and alliances related to Boric Acid distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Boric Acid manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Boric Acid market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2023
950 thousand tonnes
Market size Volume in 2034
1660 thousand tonnes
Growth Rate
CAGR of 5.45% from 2024 to 2034
Base year
2023
Estimated year
2024
Historical Data
2015 – 2022
Forecast period
2025 – 2034
Quantitative units
Demand in thousand tonnes and CAGR from 2024 to 2034
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process, Foreign Trade.
Segments covered
By End-Use: (Tiles, Ceramic, and Fiberglass, Flame Retardants, Agriculture, Pharmaceuticals, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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What was the net market size of Boric Acid in terms of volume in 2023?
Ans:
The global market size of Boric Acid has reached approximately 950 thousand tonnes in 2023.
Q2.
Which industry is the leading end-user industry of Boric Acid?
Ans:
Tiles, Ceramic, and Fiberglass industry is the leading end-user industry of Boric Acid globally.
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