The global Boric Acid market is expected to develop USD 1,169.89 Million by 2030, at a compound annual increase in price (CAGR) of 5.8% throughout the forecast period.
.jpg "The Global Boric Acid Market 2020-2030 (USD Million)")
Global boric acid market accounted for a market revenue of USD 6.62 billion in the year 2019 and is projected to grow at a CAGR of more than 4% over the forecast period. A key factor driving the global boric acid market is the increase in demand for boric acid from developing countries. In developing countries, demand for boric acid is growing, owing to factors such as low transport costs and easy access to land and labour, as well as the change in processing units to those areas.
Rising population and purchasing power in emerging economies are driving rising investments in the glass manufacturing, cosmetics and construction industries. A main factor in the global boric acid market is the increasing demand from the renewable energy sector. Renewable energy, such as solar energy, has risen quickly as a result of falling prices and a promise of a more carbon-controlled future for solar technology.
Boric Acid Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2030 |
| Study Period | 2018-2030 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2030 | USD 1,169.89 Million |
| Growth Rate | CAGR of 5.8 % during 2020-2030 |
| Segment Covered | By End Use, By Application, Region. |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | 3M (US), Avantor Inc (US), BASF SE (Germany), Borax (US), Eti Maden (US), Gujarat Boron Derivatives (India), Minera Santa Rita (Argentina), Russian Bor Concern OJSC (Russia), and Borax Morarji Ltd (India), and Tomiyama Pure Chemical Industries Ltd (Japan) |
Key Segment Of The Boric Acid Market
By End Use (USD Million)
• Tiles
• Ceramics
• Fiberglass
• Flame Retardants
• Agriculture
• Wood Preservation
• Pharmaceuticals
• Cosmetics
By Application (USD Million)
• Industrial
• Household
Regional Overview (USD Million)
North America
• US
• Canada
Europe
• Germany
• France
• UK
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
South America
• Mexico
• Brazil
• Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
The boric acid market is growing at a CAGR of 5.8 % over the forecast period.
The major contenders in the global market are 3M (US), Avantor Inc (US), BASF SE (Germany), Borax (US), Eti Maden (US), Gujarat Boron Derivatives (India), Minera Santa Rita (Argentina), Russian Bor Concern OJSC (Russia), and Borax Morarji Ltd (India), and Tomiyama Pure Chemical Industries Ltd (Japan)
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Boric acid has a broad range of different uses in the medical field as antiseptic and as a pH buffer for swimming pools. It is also used in producing lubricants for ceramic and metal surfaces with oils. The rising demand for boric acid is expected to drive the growth of the boric acid market in energy efficient devices such as residential and commercial buildings. Macroeconomic factors, such as growing income and jobs per capita, and rapid industrialization, are possibly contributing to business growth.
In terms of application the global boric acid market is segmented into Fiberglass Industry, Building and Construction, Ceramics, Pharmaceuticals, Others. Among which fiberglass and ceramic industry is projected to show major growth over the forecast period.
In terms of geography, the global Boric Acid is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa. Asia Pacific is projected to lead the global market owing to advancement in the technology and presence of key industrial players.
Key players include Minera Santa Rita S.R.L., Gujarat Boron Derivatives, Eti Maden, Avantor Performance Materials, LLC, 3M Company, Organic Industries Pvt. Ltd., QUIBORAX S.A., Russian Bor Concern OJSC, TOMIYAMA PURE CHEMICAL INDUSTRIES, LTD., U.S. Borax