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The boric acid market is estimated to grow by USD 242.34 million at a CAGR of 5.78% between 2022 and 2027. Our report includes historic market data from 2017 to 2021. The increase in demand from developing countries is fueled by rapid urbanization and industrialization, leading to higher consumption of products and services across sectors. The growing demand for energy-efficient buildings is driven by regulatory requirements, cost savings, and environmental concerns, leading to increased adoption of energy-efficient technologies and materials. The increase in demand from the glass industry is driven by various factors, including the construction sector's growth, automotive industry requirements, and innovations in glass technology.
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This report extensively covers market segmentation by application (glass and ceramics, agriculture, detergents, and others), end-user (industrial and household), and geography (APAC, North America, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges.
The market share growth by the glass and ceramics segment will be significant during the forecast period. The glass and ceramics segment was valued at USD 409.92 million in 2017 and continue to grow until 2027. Boron, in the form of boric acid, offers better flux and chemical resistance to glass. The growing use of boric acid in borosilicate glass, textile fiberglass, and insulation fiberglass (IFG) is expected to drive the growth of the market.
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In reinforcement fiberglass (RFG) and IFG, the use of boric acid improves the fiberizing efficiency and fluxing capabilities of the batch. The increase in the demand for energy-efficient buildings is expected to drive the demand for boric acid during the forecast period. Boric acid is also used in the production of tableware, tiles, and sanitary ware. The increase in the demand for boric acid in tile glazes like floor, wall, and clay roof tiles is expected to boost the growth of the market during the forecast period.
APAC is projected to contribute 52% by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The growing demand for boric acid from the glass and ceramics, agriculture, cosmetics, and personal care industries is expected to drive the regional market's growth. Boric acid controls the pH and hence is used in the formulation of a broad range of cosmetics and personal care products like lotions, creams, and hair and skincare products. Additionally, the increase in the number of infrastructural projects and construction activities in countries like India, China, Japan, Singapore, Thailand, Indonesia, and the Philippines is expected to drive the demand for boric acid, mostly owing to its application for producing glass and ceramics.
Key Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
The market is experiencing growth driven by its versatile applications. In the construction segment, it is used in insulating materials due to its chemical properties that inhibit molds, fungi, and insects. In the pharmaceutical and healthcare segment, it serves as an antiseptic agent. Major players like Inkabor, Avantor Performance Materials, and Societa Chimica Larderello (SCL) are prominent in the market, sourcing boric acid from Russian Bor and Searles Valley Reserves. Its uses span medical, ceramic, and laboratory applications, available in liquid and powder forms. However, challenges such as pesticides and industrialization impacting algae and spiders need consideration. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increase in demand from developing countries is notably driving market growth. Market growth is significantly propelled by the surge in demand from developing nations, notably witnessed in countries such as China, India, Brazil, Mexico, the Philippines, and Indonesia. Over the next five years, the demand for boric acid is anticipated to escalate in these regions. To capitalize on this trend, numerous boric acid manufacturers are relocating their production facilities to these areas, leveraging advantages like reduced transportation expenses, ample land availability, cost-effective labor, convenient access to raw materials, and lenient government regulations. These favorable conditions are poised to fuel the demand for boric acid in both the construction and pharmaceutical sectors throughout the forecast period.
The development of boron-based nano-lubrication additives is the primary trend in the market. Lubricants reduce the wear and tear of machines and help increase performance. The global lubricant industry needs high-performing and low-cost additives to meet environmental safety and performance specifications. Borax, boric acid, and other boron compounds are used for the production of boron-based nano-lubrication additives. The boron-based nano-lubrication additives help in the reduction of energy consumption, fuel use, and carbon dioxide emissions. Furthermore, the raw materials used for boron-based nano-lubrication additives are nontoxic, naturally occurring, inexpensive, and abundant. In addition, the growing innovation and product development for the commercialization of boron-based nano-lubrication additives will foster the growth of the market.
Major Market Challenge
Stringent regulations and policies is the major challenge impeding market growth. The vigilant regulations from regulatory agencies like the Environmental Protection Agency (EPA) and Registration, Evaluation, Authorization and Restriction of Chemicals (REACH) on the use of boric acid for various industrial applications, like agriculture, pharmaceutical, and cosmetics, will hinder the growth of the market.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The Chemical Co. - The company offers boric acid in the form of granular, and powder. They offer an extensive range of chemicals such as acids, CASE (Coatings, Adhesives, Sealants, Elastomers), food additives, solvents, and oilfields among others.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The market caters to various commercial applications such as preservatives in packed food items and borate salt products in sewage systems. It is utilized in agriculture for both food crops and non-food crops, available in industrial and pharmaceutical grades. The market's growth is influenced by factors like per capita income and the Asia-Pacific region's economic dynamics. Its antimicrobial properties find use in ophthalmic and dermal products. Companies like U.S. Borax and Sociedad Industrial Tierra lead in production. The compound's cleaning properties make it valuable in the textile industry, fire stations, and consumer electronics. As an essential component in glazed ceramics and construction, its demand is also significant in energy-saving techniques and coal-fired power plants. Regulatory factors such as pesticide policies and import restrictions impact the market, particularly for small and medium-sized businesses.
The market serves various industries, providing industrial-grade boric acid for applications in ophthalmic products, agriculture, and fertility treatments. It plays a role in reducing CO2 emissions through its use in vacuum technology and is essential in agrarian economies for food products and beverages. In the oil and gas sector, it is utilized for its viscosity properties. Despite its carcinogenic potential, boric acid is widely used in the construction industry and laboratory settings. Its effectiveness against mites makes it valuable in various applications.
The global boric acid market serves various sectors, including residential and industrial applications. Industrial-grade boric acid finds extensive use among agriculturists, particularly in the formulation of borate and boron products. With Precedence Research indicating steady growth, the market caters to diverse industries, including food and beverages, owing to its multifaceted properties. In residential settings, boric acid is utilized in various applications, ranging from household cleaners to pest control products. However, it's crucial to note that excessive exposure to boric acid, classified as a carcinogenic substance in certain forms, necessitates careful handling and adherence to safety protocols.
In the industrial sphere, boric acid plays a pivotal role in meeting energy requirements and facilitating the production of borate products essential for numerous industrial processes. Its versatility extends to applications in sectors such as pharmaceuticals, ceramics, and metallurgy, underscoring its significance in global manufacturing. As awareness of sustainable practices grows, agriculturists increasingly rely on boric acid-based solutions to enhance crop yields and address soil deficiencies. The market's expansion is further propelled by ongoing research and development initiatives aimed at unlocking innovative uses and refining production techniques, ensuring the continued relevance of boric acid across diverse industries.
Boric Acid Market Scope |
|
Report Coverage |
Details |
Page number |
160 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.78% |
Market growth 2023-2027 |
USD 242.34 million |
Market structure |
Fragmented |
YoY growth (%) |
5.33 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 52% |
Key countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., American Borate Co., Avantor Inc., Eti Maden isletmeleri Genel Mudurlugu, Gujarat Boron Derivatives Pvt. Ltd., Hemadri Chemicals, Indo Borax and Chemicals Ltd., Innova Corporate India, Minera Santa Rita Srl, Organic Industries Pvt. Ltd., Orocobre Ltd., Quiborax, Rio Tinto Ltd., SCL Italia Spa, Sociedad Quimica y Minera de Chile SA, The Chemical Co., The Dharamsi Morarji Chemical Co. Ltd., Tokyo Chemical Industry Co. Ltd., and Tomiyama Pure Chemical Industries Ltd. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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