ID: MRFR/CnM/5825-CR | 140 Pages | Published By Anshula Mandaokar on November 2022
Boric Acid Market is projected to be worth USD 1530.2 million by 2030, registering a CAGR of 6.1% during the forecast period (2022- 2030).
2022 - 2030
The global boric acid market is projected to register healthy growth during the forecast period, 2022–2030. The market was valued at USD 873.9 million in 2020 and is projected to register a CAGR of 6.1% to reach USD 1530.2 million by the end of 2030. In terms of volume, the market was sized at 1,216.2 kilotons in 2021 and is likely to exhibit a CAGR of 4.9% to reach 1,855.3 kilotons by the end of 2030.
The global boric acid market is prominently influenced by the global demand for insulation materials drives the boric acid market with an increase in demand for residential and commercial applications. The boric acid market has also expanded because of the rise in building and construction brought on by macroeconomic variables such as an increase in per capita income. Additionally, the market growth has been significantly helped by the rising demand for boric acid in fiberglass insulation, and this trend is anticipated to last in the upcoming years. Opportunities for growth in the boric acid market are probably provided by the expanding demand for boron and borate products in the oil and gas industry as viscosity and pH modifiers.
COVID-19 Impact on the Boric Acid Market:
The outbreak has significantly impacted the chemicals & materials supply chains, international trade, and manufacturing operations worldwide. Boric Acid production declined amidst the COVID-19 pandemic as market players had to shut production facilities or operate the facilities below the optimal production capacities to avoid the spread of the novel coronavirus. Additionally, the lack of availability of raw materials owing to supply disruptions due to border and trade restrictions have impacted boric acid production. However, some large market players have continued operations at their production facilities. Furthermore, the declining prices of raw materials and low demand from the end-use industries have resulted in surplus stocks and, thus, reduced production.
The primary raw materials used to manufacture boric acid are borax (Sodium Tetraborate), Sulphuric acid, boron trihalides, and diborane. The outbreak caused a huge impact on the supply of raw materials. The global COVID crisis badly hit the chemical industry, which affected the price margins of raw materials and end products. Thus, the outbreak has resulted in the disruption of the supply-demand of raw materials, which affected the production of chemicals to a huge extent.
The manufacturers cannot run down their products to the application industries due to a reduction in logistics. The manufacturers are providing products to local areas. With the ease of lockdown across many regions, companies are developing more secure and hygienic ways to deliver products. On the other hand, the suppliers are back to business, and distribution channels have re-opened. The sales & distribution channel comprises distributors, retailers, wholesalers, and e-commerce merchants who have signed long-term agreements with the manufacturer to ensure the final product's availability at different locations as and when required.
The global boric acid market has been segmented into five main regions North America, Europe, Asia-pacific, Latin America and Middle East & Africa. Asia-Pacific accounted for the largest share of the global boric acid market in 2021. This can be attributed to the increased demand for the product in the pharmaceutical sector, especially in emerging economies such as China, India, Japan, Indonesia, and South Korea. Moreover, the growth of the industrial sector and the need for increasing the efficiency of machines are likely to fuel the growth of the boric acid market during the forecast period. North America and Europe are the other substantial markets for boric acid. North America being the second-largest region in boric acid market, the demand for boric acid is expected to increase in the coming years. North America accounted third largest share of the global boric acid market in 2021. The major countries in Europe contributing to market growth are Germany, the UK, France, and Italy. Lastly, the markets in the Middle East & Africa and Latin America are estimated to witness significant growth during the forecast period owing to technological advancements and the increasing demand for automobiles in these regions.
The global boric acid market is characterized by the presence of many global, regional, and local vendors. The market is highly competitive with all the players competing to gain maximum market share. The growing agrochemical industry boosting the sales of pesticide and fungicide is the key driver of the market. The vendors compete based on cost, product quality, and mainly on availability of the products according to the geographies. It is crucial for the vendors to provide cost-effective and high-quality boric acid to compete in the market. The competitive scenario is fragmented between the tier-1, tier-2, and tier-3 companies, while tier-1 and tier-2 companies in the market hold over 60% the global market share.
The growth of the market players is dependent on market and economic conditions, government regulations, and industrial development. Thus, the players should focus on expanding the production capacity to meet the demand and enhancing their services. 3 M, Avantor Inc, BASF SE, U. S. Borax and Eti Maden are the major companies in the market at the present that are competing in terms of quality, price, and availability. These players are primarily focusing on the development of boric acid. Although the international players are dominating the market, regional and local players with small market shares also have a moderate presence. The international players with presence across the globe, with established manufacturing units or sales offices have strengthened their presence across major regions such as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Some of the key developments include:
The boric acid market is segmented by additive application, end-use industry and region in the report. In terms of insights, this report has focused on various levels of analysis such as market dynamics, value chain analysis, Porter's five forces, competitive landscape, and company profiles—all of which comprise and discuss views on the global boric acid emerging and fast-growing segments, regions, and countries.
Objectives of the Study
|Market Size||2030: 1530.2 million|
|CAGR||6.1% CAGR (2022-2030)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Application and End-Use industry|
|Geographies Covered||North America, Europe, Asia-Pacific, South America, Middle East & Africa|
|Key Vendors||3 M, Avantor Inc, BASF SE, U. S. Borax and Eti Maden|
|Key Market Opportunities||Rising demand from the fiberglass industry|
|Key Market Drivers||Growing infrastructure owing to an increase in demand for boric acid|
The global boric acid market would register a growth of 6.1%.
Pharmaceuticals industry, will play a crucial role in taking the boric acid market ahead
Potential health issues