Boric Acid Market 2023 Worldwide Industry Analysis, Future Demand and Forecast till 2030

Boric Acid Market Synopsis

The 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.

Boric acid is a boron-containing chemical that occurs naturally. It is an odorless, weak, monobasic acid. It is available as white powder or colorless crystals that are soluble in water. Both bacterial and fungal infections can be treated with its antibiotic qualities. Boric acid is used in both industrial and household applications. It is used to manufacture textile fiber glasses, soldering operations, and lubricants. It is also used as an insecticide, antiseptic, antibacterial compound, flame retardant, and to treat boron deficiencies in plants.

Competitive Landscape

The high competition among the players have encouraged the players to produce advanced materials which could be unique in the market and have multiple applications. The various technologies and processes used are different from different companies. Thus, mergers, acquisitions, and product development between various companies help them to develop new and innovative techniques and processes with better efficiency and higher performance. The players operating in the global boric acid market are adopting various strategies such as expansion, mergers & acquisitions, alliances, joint ventures, and expansion to maintain their position and increase their geographic presence. The expansion was the most widely employed growth strategy amongst many market players to capture maximum 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 enhance their services. 3 M, Avantor Inc, BASF SE, U. S. Borax and Eti Maden are the major companies in the market at 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.

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Segmentation

By Application

• Industrial: Boric acid is used widely around the world in the pharmaceutical and cosmetic sectors, as a dietary supplement, as a flame retardant, in the production of glass and fiberglass, and as a preservative for wood to keep insects and fungi at away. It is also used in the agriculture industry as an insecticide to control termites, fleas, cockroaches, etc. Boric acid has many industrial applications, including the creation of heat-resistant glass (because of its possible flame-retardant qualities) and LCD panels, the hardening of steel, and electroplating procedures.
• Household: Boric acid can be found in a variety of products, including hand soaps, fertilizers, and detergents. It’s found in apples, bananas, almonds, and even beer, and it’s also used as an eye wash. However, one of the most common applications of boric acid is cockroach control. When cockroaches encounter boric acid powder or dust, it sticks to them. They consume it later when cleaning themselves, and it serves as a pesticide. Mice and ants are two other pests that are damaged by boric acid toxicity.

By End-Use

• Tiles: Boric acid is mostly utilized to enhance the luster of tiles, which are employed as raw materials in ceramic products. It is primarily used in tile glaze manufacturing. When fired in a kiln, frits made of a vitreous substance are fused to a ceramic material to create glazes, which are used as coatings. A glaze can strengthen and/or waterproof a ceramic object in addition to serving as a colorant or decorative appliqué.
• Ceramics: Boric acid is required for the molecular structure of advanced ceramics such as boron carbide, boron nitride, titanium diboride, and zirconium diboride. Ceramic refers to any of the hard, brittle, heat-resistant, and corrosion-resistant ceramics produced by moulding and burning an inorganic, non-metallic substance, such as clay, at high temperatures.
• Fiberglass: Lowering surface tension is thought to be one of the reasons for the empirical performance improvements that support the continued and relatively high usage of boric acid Growth Projections in fiberglass compositions. Fiberglass is less brittle, robust, and lightweight. The best feature of fiberglass is its versatility in intricate shape moulding. Glass fibre serves as the reinforcement in fiberglass, a type of fibre-reinforced plastic.
• Flame Retardants: To prevent fires from starting or to slow the development of fire and give more time for escape, flammable materials can be treated with a range of chemicals known as flame retardants. Electronics, building and construction supplies, furniture, transportation, and electronics are the four main industries that use them.
• Agriculture: Insecticides, acaricides, algaecides, herbicides, fungicides, and wood preservatives all contain boric acid as active agents. As a naturally occurring form of the element boron, boric acid can be found in water, plants, soil, rocks, and other living things. A unique fertilizer is a boric acid. Even in small doses, it is a considerable nutritious source.
• Wood Preservation: Boric acid has numerous advantages, including the fact that it is inexpensive, odorless, colorless, and non-flammable. They are also water-soluble, allowing them to be injected into the wood by traditional procedures such as dipping-diffusion or vacuum-pressure treatments.
• Pharmaceuticals: Boric acid is a typical antiseptic used to treat minor cuts and burns. This substance can also be found in medical dressings and salves. Very weak amounts of boric acid can be used as an eyewash. Boric acid, because of its antibacterial properties, can also be used to treat acne in humans. It can also be powdered and sprinkled into socks and shoes to prevent the athlete’s foot (tinea pedis). Homeopathic medications for treating vaginal discharge and irritation frequently contain boric acid.
• Cosmetics: Boric Acid are utilised in the formulation of a wide range of product types in the cosmetics and personal care industry, including creams and lotions, bath, hair, and skin products. Boric acid is used in cosmetics as a biocide, a pH adjuster, a buffering agent, an emulsion stabilizer, and a viscosity regulator. They are also used in water as antiseptics, softeners, and neutralizers. It serves as a buffering agent in infant goods like talc.
• Others: Boric acid is frequently used in deodorant powders for shoes because of its antifungal properties. It is preferable to use it in this situation dissolved in water at a ratio of half a glass of borax to half a liter of water. After applying the combination, let it work for a while, and then thoroughly rinse with water and a cloth.

By Region

• North America: In North America, market is primarily driven by the growth of the pharmaceutical, ceramics, and key manufacturing industries also availability of low-cost raw materials and labor, coupled with the increased spending power, is a major driver for the market in this region.
• Europe: The European agriculture industry accounts for largest of total regional Boric Acid demand and its downturn has hit hard. Germany has led the European agricultural market, and it is expected to continue to do so throughout the projected period.
• Asia-Pacific: 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 agriculture sector, especially in emerging economies such as China, India, Japan, Indonesia, and South Korea.

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