Boric Acid Market Size

Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

Boric acid is a boron salt that is used in the manufacture of glass and in the manufacture of some other products. The present market for boric acid is estimated to reach $1.23 billion in 2024, and is expected to reach $1.87 billion by 2032. This represents a CAGR of 5.37%. The main reason for this increase is the growing demand for boric acid in the manufacture of glass, pharmaceuticals, and agriculture. The need for more sustainable and efficient products is also driving the growth of boric acid, as it is used in the agriculture and glass industries. Technological advancements and innovations in the manufacturing processes are also contributing to the growth of the market. In addition, research and development efforts to improve the quality and application of boric acid are leading to the launch of new products and strategic alliances. Major players such as Rio Tinto and Eti Maden are exploring various collaborations to increase their market share and product portfolios. These efforts not only increase the competitiveness of these companies but also help them meet the changing needs of their end users, which further strengthens the market outlook.

Regional Market Size

Regional Deep Dive

Boric acid is used in many industries, including agriculture, pharmaceuticals, glassmaking, and others. Each region has its own unique characteristics influenced by local demand, regulations and economic conditions. The market is growing, and this is largely due to the growing awareness of boric acid as an organic pesticide and its importance for sustainable agriculture. In addition, the development of new applications and the introduction of new production methods are expected to further increase the potential for the market.

Europe

• In Europe, the Boric Acid market is largely influenced by strict regulations concerning the use of chemicals. The REACH regulation, which regulates the formulation and safety of chemicals, is a key factor in this respect.
• Innovations in the glass and ceramics industries, particularly in countries like Germany and Italy, are driving demand for high-purity boric acid, as manufacturers seek to enhance product quality and performance.

Asia Pacific

• The Asia-Pacific region is experiencing rapid industrialization, particularly in countries like China and India, which is boosting the demand for boric acid in glass manufacturing and agriculture.
• Government initiatives aimed at improving agricultural productivity through the use of micronutrients are propelling the adoption of boric acid as a key ingredient in fertilizers, thus expanding its market footprint.

Latin America

• Latin America is witnessing a rise in the use of boric acid in agriculture, particularly in Brazil and Argentina, where it is recognized for its role in enhancing crop yields and soil health.
• The region's regulatory environment is becoming more favorable for the use of boric acid in pest control, with local governments promoting sustainable agricultural practices to combat food security challenges.

North America

• The North American Boric Acid market is witnessing a surge in demand due to the growing emphasis on eco-friendly pest control solutions, with companies like U.S. Borax leading the charge in sustainable practices.
• Recent regulatory changes, such as the Environmental Protection Agency's (EPA) initiatives to promote safer agricultural chemicals, are encouraging the use of boric acid in various applications, thereby expanding its market presence.

Middle East And Africa

• In the Middle East and Africa, the Boric Acid market is being shaped by the growing construction sector, particularly in the UAE, where boric acid is used in insulation materials and glass production.
• The region's unique climatic conditions are driving the need for effective pest control solutions, leading to increased interest in boric acid as a safe and effective alternative for agricultural applications.

Did You Know?

“Boric acid is not only used in agriculture and pest control but also has applications in the production of fiberglass, which is essential for the manufacturing of boats, insulation, and automotive parts.” — Boric Acid: A Versatile Compound, American Borate Company

Segmental Market Size

Boric acid is in a good position, its demand being assured by its many uses in agriculture, medicine and industry. The need for effective insecticides in agriculture, the encouragement given to 'green' products and the growing use of boron compounds in the manufacture of glass and ceramics are the main factors driving the market. These factors all highlight the role played by this sector in the economy and ensure its importance. The use of boric acid is now at a mature stage, with companies such as Borax Argentina and U.S. Borax being the leaders in terms of both production and innovation. The most important uses are as an insecticide in agriculture, as an antiseptic and as a flux in smelting. Boric acid is a product with a future, whose demand will be stimulated by the need for effective insecticides in agriculture and the encouragement given to 'green' products. Boric acid will also be kept in demand by the development of new applications in the field of nanotechnology.

Future Outlook

From 2024 to 2032, the Boric Acid market is expected to grow at a CAGR of 5.37%. This growth is mainly driven by the rising demand from various industries, such as glass, agriculture, pharmaceuticals, and others. Boric acid is widely used in the glass industry, which is expected to increase the use of boric acid in the agricultural sector. The use of boric acid in the agricultural sector is expected to increase significantly, with the penetration rate reaching over 30% in the major markets by 2032. The technological and policy drivers will also play an important role in the development of the Boric Acid market. The innovation of production processes aimed at reducing the energy consumption and reducing the impact on the environment is also expected to be driven by the stricter regulations and the green economy. The use of boric acid in the pesticide industry will also increase due to the growing demand for eco-friendly pesticides. The increasing concern for the environment and the green economy are expected to drive the market towards more natural and less toxic alternatives. Boric acid is expected to be the preferred choice in various applications. Boric acid is expected to continue to grow with strong demand and a favourable policy environment.