Global Boric Acid Market Overview
Global Boric Acid Market Size was valued at USD 1.1 Billion in 2022. The Boric Acid industry is projected to grow from USD 1.16 Billion in 2023 to USD 1.87 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.10% during the forecast period (2023 - 2032). The increase in demand for residential and commercial applications and the demand for insulating materials globally are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Boric Acid Market Trends
- Growing use in the industrial sector is driving the market growth
The market CAGR for boric acid is being driven by the rising use in the industrial sector. Boric acids are used in various sectors, primarily in commercial and domestic settings. It produces lubricants, textile fiber glasses, and soldering processes. Additionally, it is utilized as a flame retardant, antimicrobial, antibacterial substance, pesticide, and to alleviate boron deficiency in plants. The boric acid market is expanding more quickly due to rising urbanization and per capita income. The usage of fiberglass in construction and building has increased due to expanding construction operations in developing nations like China and India. The market for boric acid 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 reasons driving the expansion of this market. It preserves wood against fungi attacks and cures plant boron deficits.
Borates expand its market by giving the glass the mechanical strength it needs and its resistance to thermal shock, chemicals, and water. More than 55% of the world's borates are used to produce glass, mostly made of borosilicate and fiberglass. An extremely significant amount, 354,000 Mt of borax pent hydrate and 211,000 Mt of boric acid are required to meet the growth in demand for refined borates. Between 2020 and 2022, the trade in borax pentahydrate and decahydrate increased by 40%, from 1,371 Kilo Metric Tonnes (KMT) in 2020 to 1,781 KMT in 2022. Asia continues to be the world's largest regional consumer of borates, making up more than 60% of total global consumption, with Rio Tinto Borates in the US (30%) and ETI MADEN in Turkey (>50%) accounting for almost 70% of the entire global market share. Borates are a key component of ceramic and enamel glazes used for millennia to attach glazes or enamels and increase their longevity. Borates are becoming more widely recognized as a necessary component of ceramic tile bodies, enabling manufacturers to use a wider variety of clays, increasing productivity and using less energy during production.
Rising investments in the glass manufacturing, cosmetics, and building sectors are driven by rising population and spending power in emerging economies. The rising demand from the renewable energy industry is a significant element in the global market for boric acid. Since prices have dropped and a more carbon-constrained future for solar technology has been promised, the demand for renewable energy sources like solar energy has increased quickly. The boric acid industry is fragmented, which benefits the suppliers who make glasses and makes it possible to use both organic and inorganic growth techniques to gain an advantage over rivals. Thus, driving the Boric Acid market revenue.
Boric Acid Market Segment Insights
Boric Acid End Use Insights
Based on end use, the global Boric Acid market segmentation includes tiles, ceramics, fiberglass, flame retardants, agriculture, wood preservation, pharmaceuticals, and cosmetics. The fiberglass segment dominated the market, accounting for 35% of market revenue. The expansion is ascribed to the glass industry's expanding use of boric acids in various applications. Additionally, the production of glass uses boric acid as a raw material, which boosts demand in the sector. The rising demand from the renewable energy industry is a significant element in the global market for boric acid. Since prices have dropped and a more carbon-constrained future for solar technology has been promised, the demand for renewable energy sources like solar energy has increased quickly. The boric acid industry is fragmented, which benefits the suppliers who make glasses and makes it possible to use both organic and inorganic growth techniques to gain an advantage over rivals.
Boric Acid Application Insights
Based on application, the global Boric Acid market segmentation includes industrial and household. The industrial category generated the most income (70.4%). The global demand for industrial-grade boric acid in the glass, textile, and construction industries is driving the expansion of the industrial segment. Numerous players are increasing their production capacities due to the widespread use of boric acid in many applications. Major key competitors in the target market face a challenge from the rising demand for low-cost, high-efficiency products.
Figure 1: Global Boric Acid Market, by Application, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Boric Acid Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American Boric Acid market area will dominate this market; the region is experiencing fast urbanization and population growth. This has led to a surge in construction-related activities, which call for producing textile fiberglass using boric acid. The expanding agriculture sector also drives the demand for boric acid in this area. In the anticipated time frame, it is anticipated to maintain its supremacy.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, China, Spain, Japan, India, Australia, South Korea, and Brazil.
Figure 2: GLOBAL BORIC ACID MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Boric Acid market accounts for the second-largest market share because of the development of technology and the rising demand for automobiles in these areas. Further, the German Boric Acid market held the largest market share, and The European region's market for boric acid with the quickest rate of growth was the UK market.
The Asia-Pacific Boric Acid Market is expected to grow at the fastest CAGR from 2023 to 2032. The market in this region has been driven by the expanding usage of fiberglass in the automotive, construction, and pharmaceutical industries. The expanding cosmetics sector has also been a significant factor in expanding the boric acid market in this area. Moreover, China's Boric Acid market held the largest market share, and In the Asia-Pacific region, the market for boric acid in India expanded at the quickest rate.
Boric Acid Key Market Players & Competitive Insights
Leading market companies are extensively spending R&D on increasing their product lines, which will help the Boric Acid market grow even more. Important market developments include new product releases, contractual agreements, acquisitions and mergers, greater investments, and collaboration with other organizations. The Boric Acid industry must produce cost-effective merchandise to flourish and thrive in a more competitive and increasing market climate.
Manufacturing locally to reduce operating costs is an effective business strategy manufacturers use in the worldwide Boric Acid industry to serve clients and expand the market sector. The Boric Acid industry has provided some of the most important benefits recently. Major players in the Boric Acid market, including 3M, and others, are attempting to increase market demand by investing in research and development operations.
American multinational company 3M, formerly the Minnesota Mining and Manufacturing Company, is active in the manufacturing, consumer goods, healthcare, and worker safety sectors. The company manufactures more than 60,000 products under various brands, including laminates, passive fire protection, personal protective equipment, window films, paint protection films, dental and orthodontic products, electrical and electronic connecting and insulating materials, medical products, car care products, electronic circuits, optical films, and electronic circuits. Its headquarters are in Maplewood, a Saint Paul, Minnesota suburb. In May 2019, a definitive agreement will see 3M acquire Acelity Inc. and its KCI subsidiaries from a group of investors made up of funds advised by Apax-Partners controlled affiliates of the Canada Pension Plan Investment Board and the Public Sector Pension Investment Board for approximately $6.7 billion, including the assumption of debt.
FMC Corporation is a global agricultural sciences firm dedicated to assisting growers in producing food, fiber, feed, and fuel for a growing global population while adjusting to a changing climate. With the help of FMC's cutting-edge crop protection solutions, including crop nutrition, digital, biologicals, and precision agriculture, crop consultants, producers, and turf and pest management specialists can tackle their most difficult problems economically and sustainably. FMC is dedicated to finding innovative herbicides, insecticides, fungicide active ingredients, product formulations, and cutting-edge technologies that are consistently better for the environment. FMC has around 6,400 people across more than 100 locations globally. In September 2022, An agricultural sciences business, FMC India, announced the addition of three new products to its portfolio to help Indian farmers increase yields by using high-quality food and a better soil profile.
Key Companies in the Boric Acid market include
- BASF SE
- ETI Maden
- Gujarat Boron Concern OJSC
- Borax Moraji Ltd.
- Toiyama Pure Chemical
- Nippon Denko Co. Ltd.
- Southern Agricultural Insecticides Inc,
- Quiborax SA
- American Borate Company
- Tokyo Chemical Industries Ltd.
- Italia SPA
Boric Acid Industry Developments
May 2018: Global Geoscience, an Australian mining developer, reported on Tuesday that the Rhyolite Ridge lithium/boron project in Nevada had yielded premium-quality boric acid by employing standard industrial procedures.
Boric Acid Market Segmentation
Boric Acid End User Outlook
- Flame Retardants
- Wood Preservation
Boric Acid Application Outlook
Boric Acid Regional Outlook
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Latin America
Market Size 2022
USD 1.1 Billion
Market Size 2023
USD 1.16 Billion
Market Size 2032
USD 1.87 Billion
Compound Annual Growth Rate (CAGR)
Market Forecast Period
Market Forecast Units
Value (USD Billion)
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Application, Application, and Region
North America, Europe, Asia Pacific, and the Rest of the World
The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled
3 M, Avantor Inc, BASF SE, U. S. Borax and Eti Maden
Key Market Opportunities
Rising demand from the fiberglass industry
Key Market Dynamics
Growing infrastructure owing to an increase in demand for boric acid
Boric Acid Market Highlights:
Frequently Asked Questions (FAQ) :
The global Boric Acid market size was valued at USD 1.1 Billion in 2022.
The global market is projected to grow at a CAGR of 6.10% during the forecast period, 2023-2032.
North America had the largest share in the Boric Acid Market
The key players in the market are 3 M, Avantor Inc, BASF SE, U. S. Borax and Eti Maden.
The fiberglass dominated the Boric Acid Market in 2022.
The Industrial had the largest share in the global market.
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