Certified Global Research Member
Isomar fd.webp Wcrc 57.webp
Key Questions Answered
  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
Why Choose Market Research Future?
  • Vigorous research methodologies for specific market.
  • Knowledge partners across the globe
  • Large network of partner consultants.
  • Ever-increasing/ Escalating data base with quarterly monitoring of various markets
  • Trusted by fortune 500 companies/startups/ universities/organizations
  • Large database of 5000+ markets reports.
  • Effective and prompt pre- and post-sales support.

Boric Acid Market Analysis

ID: MRFR//5825-CR | 140 Pages | Author: Anshula Mandaokar| November 2022

The demand for boric acid is experiencing a significant upswing, fueled by its applications in energy-saving initiatives, particularly in the insulation of commercial and residential buildings. The market is riding on the wave of escalating construction activities, propelled by factors such as declining unemployment rates and stable income levels, leading to increased consumer spending. This surge in demand for boric acid is poised to drive market growth substantially throughout the forecast period. One of the primary sectors contributing to the heightened demand for boric acid is the global construction market. Projections indicate substantial growth, with an expected increase from USD 6.4 trillion in 2020 to a staggering USD 14.4 trillion by 2030. Notably, sub-Saharan Africa is anticipated to experience the highest regional growth in construction, closely followed by emerging Asia. The growth dynamics are particularly influenced by the construction activities in four key countries – China, India, the United States, and Indonesia, collectively accounting for 58.3% of the anticipated global construction growth. The housing construction sector is expected to spearhead the near-term recovery, playing a pivotal role in driving the overall construction market. Simultaneously, medium-term outlooks point towards infrastructure spending as a key growth driver. The ongoing trend of urbanization is expected to further fuel growth in emerging markets. Projections suggest that global population growth will lead to approximately 2.5 billion people migrating to urban areas by 2050, with almost 90% of this shift occurring in Asia and Africa. A critical aspect influencing global infrastructure development is the reliance on public spending. The ability of governments to finance spending becomes a determining factor for investment in infrastructure projects. Despite potential challenges, the prospect of long-term stable and index-linked returns from infrastructure projects remains attractive, aligning well with the needs of large superannuation funds. The demand for boric acid is intricately tied to the global construction landscape, where energy-saving applications, particularly in insulation, are driving substantial market growth. The anticipated surge in construction activities, especially in emerging markets, underlines the pivotal role of boric acid in meeting the needs of this dynamic industry. As the construction sector continues to expand, propelled by factors like urbanization and increasing consumer spending, the demand for boric acid is expected to witness a sustained and robust upward trajectory, contributing significantly to the market's overall expansion during the forecast period.

Covered Aspects:

Report Attribute/Metric Details
Segment Outlook Application, Application, and Region

Global Boric Acid Market Overview

Global Boric Acid Market Size was valued at USD 1.16 Billion in 2023. The Boric Acid industry is projected to grow from USD 1.23 Billion in 2024 to USD 1.87 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.37% during the forecast period (2024 - 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.                Global Boric Acid Market

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)                    Global Boric Acid Market, by Application, 2022 & 2032

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.


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

  • 3M

  • Avantor


  • Borax

  • 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

  • Tiles

  • Ceramics

  • Fiberglass

  • Flame Retardants

  • Agriculture

  • Wood Preservation

  • Pharmaceuticals

  • Cosmetics

Boric Acid Application Outlook

  • Industrial

  • Household

Boric Acid Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Leading companies partner with us for data-driven Insights
client_1 client_2 client_3 client_4 client_5 client_6 client_7 client_8 client_9 client_10
Kindly complete the form below to receive a free sample of this Report
Please fill in Business Email for Quick Response

We do not share your information with anyone. However, we may send you emails based on your report interest from time to time. You may contact us at any time to opt-out.

Purchase Option
Single User $ 4,950
Multiuser License $ 5,950
Enterprise User $ 7,250
Compare Licenses
Tailored for You
  • Dedicated Research on any specifics segment or region.
  • Focused Research on specific players in the market.
  • Custom Report based only on your requirements.
  • Flexibility to add or subtract any chapter in the study.
  • Historic data from 2014 and forecasts outlook till 2040.
  • Flexibility of providing data/insights in formats (PDF, PPT, Excel).
  • Provide cross segmentation in applicable scenario/markets.