The global boric acid market size is anticipated to increase from US$ 840.7 million in 2022 to US$ 1,409 million by 2032, exhibiting a CAGR of 5.3% during the forecast period. The exponential growth is attributed to certain factors that are given below:
Higher demand for boric acid from the FMCG industry along with its application as an antiseptic agent has led the market growth.
New vendor companies providing boric acid in different types such as liquid and powder to serve different industries is another strategy that fuels the sales of boric acid in new regions.
Once tested in the laboratory, boric acid is used as an important ingredient in pesticides used against spiders, mites, algae, molds, fungi, and other insects. This expands the boric acid market size.
The boric acid market is primarily driven by the global need for insulating materials, due to the growing demand for residential and commercial applications
While its use as an active preservative in packed food items is known, boric acid and borate salt products are used on a variety of sites including sewage systems and other food &non-food crops
The expansion of buildings and construction as a result of macroeconomic variables, including an increase in per capita income, has contributed to the growth of the boric acid industry.
Boric acid has mild antimicrobial and antiseptic properties, putting it in a prominent position in manufacturing ophthalmic and dermal products. Agriculturists may apply boric acid as an effective pesticide in different forms to enhance fertility.
Regional Analysis
Asia Pacific holds the highest market share due to the higher industrialization and urbanization while presence of highly agrarian economies like India in the region has also fueled the sales of boric acid. Countries like India, China, and other Asian countries have started implementing new pesticide policies that involve the moderate use of boric acid to enhance the fertility rate by saving the crop from inspects and other organisms. Developed countries like US, and Canada also have seen an increase in the adoption of boric acid in their food products while food and beverages research has explained its taste-enhancing qualities that anticipate its steady growth in the future.
Increased energy requirements, more awareness of energy-saving techniques, and the quickening pace of urbanization are driving up demand for boric acid. Additionally, growing investments in the glass manufacturing, cosmetics, and building industries are being driven by rising populations and spending power in emerging economies.
The boric acid market is primarily driven by the global need for insulating materials, due to the growing demand for residential and commercial applications. Additionally, the expansion of building and construction as a result of macroeconomic variables, including an increase in per capita income, has contributed to the growth of the boric acid industry.
Borate and boron products are increasingly being used in the oil and gas sector to modify viscosity and pH. This could open up growth opportunities for the boric acid market. Furthermore, the increase in demand for consumer electronics and glazed ceramics is projected to boost the demand for boric acid.
Numerous End-Use Industries Emerge as a Revenue Channel
Increased Use in Construction Industry: Demand for boric acid is surging in numerous commercial applications, as it is heavily used in the construction industry.
Increased Use in Other Industries: The market is expanding due to the rising demand for boric acid as an energy-efficient molecule and its use in laboratory settings. The boric acid market is expanding due to its application in the oil and gas industry as a pH and viscosity modifier. The expanding demand from the agriculture, pharmaceutical, and cosmetics industries are a few additional factors driving the boric acid market expansion.
Lead to Carbon Control Future: The rising demand from the renewable energy industry is a significant element in the global boric acid market. Since prices have dropped and a more carbon-constrained future for solar technology has been promised, the demand for renewable energy sources has increased quickly.
The publisher has been monitoring the boric acid market and it is poised to grow by 321.10 thousand MT during 2021-2025, progressing at a CAGR of 4.68% during the forecast period. Our report on the boric acid market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
Amid the COVID-19 crisis, the global market for Boric acid estimated at US$1.3 Billion in the year 2020, is projected to reach a revised size of US$1.9 Billion by 2027, growing at a CAGR of 6.3% over the analysis period 2020-2027.
Fiberglass, one of the segments analyzed in the report, is projected to record a 6.6% CAGR and reach US$642.5 Million by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Borosilicate Glass segment is readjusted to a revised 6.4% CAGR for the next 7-year period.
The U.S. Market is Estimated at $341 Million, While China is Forecast to Grow at 9.6% CAGR
The Boric acid market in the U.S. is estimated at US$341 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$414.8 Million by the year 2027 trailing a CAGR of 9.6% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.4% and 5.6% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 4% CAGR.
Ceramics Segment to Record 5.9% CAGR
In the global Ceramics segment, USA, Canada, Japan, China and Europe will drive the 5.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$141.3 Million in the year 2020 will reach a projected size of US$204.1 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$261.6 Million by the year 2027, while Latin America will expand at a 7.1% CAGR through the analysis period.
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