The boric acid market size is anticipated to reach USD 1,438.1 million by 2034 and rise at a market growth rate of 5.4% CAGR during the projected period. In 2024, the industry value stands at USD 851.7 million. The essential factors accountable for expanding revenue include rapid industrialization and increased construction activities across the globe. The excellent chemical properties of boracic acid provide multiple benefits.
The significant demand from industrial areas is a key factor contributing to the growth of the boric acid market. Huge levels of boracic acid are utilized in the commercial and residential sectors. It helps to generate oil, lubricants, textile fibers, glass, and welding formulations.
In the agriculture sector, boracic acid is used for many purposes, like a flame retardant in plants, an antibacterial substance, an antimicrobial, and a pesticide. Research centers conduct several experiments to address environmental concerns. They use different tactics to make it more environmentally friendly and promise pesticide elimination. This is particularly vital for agriculture, environmental preservation, and water management, driving the demand for boracic acid.
The intensifying demand for boric acid in renewable energy sectors is a substantial component backing industry growth. Due to the value getting low of the boric element, industries are focusing on restraining more carbon to develop solar technologies. The demand for renewable energy resources, such as solar energy, is rising rapidly.
For the formulation of personal care products, boracic acid is used under the regulations of both the United States and the European Union. For instance, the EU Cosmetic Regulation of November 27, 2019, added boric acid to the list of substances prohibited in cosmetic products in the EU. However, this category falls under the group of carcinogenic compounds, which acts as a hindrance to the industry's growth.
The significant need for energy-efficient elements is joined with the need for borosilicate glass for several purposes like cookware and laboratory utensils. Eventually, the growth avenues of the sector are expanding industry success. Boracic acid also has a large demand in the construction sector. The rising construction activities in countries like India and China impact the increasing demand for fiberglass in construction and building, surging the sector expansion.
| Attributes | Description |
|---|---|
| Estimated Global Boric Acid Market Size (2024E) | USD 851.7 million |
| Projected Global Boric Acid Market Value (2034F) | USD 1,438.1 million |
| Value-based CAGR (2024 to 2034) | 5.4% |
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Rising Demand for Boric Acid in Multiple Sectors
The increasing demand for boracic acid in various industries stems from its wide range of applications, useful for manufacturing a variety of products. Boracic acid is highly utilized in sectors such as agriculture, industrial manufacturing, pharmaceuticals, wood preservation, and personal care.
The rising popularity of products related to these industries boosts the demand for boracic acid. Boracic acid serves different purposes in each industry; in agriculture, it is especially beneficial for plants as it is utilized to control fungal and bacterial infections in crops. In personal care, it is used to formulate various products. In construction, it is employed in the glass-making process, which is driving the boric acid market expansion.
Strict Regulation and Price Fluctuations for Boron Minerals Hinders Growth
The regulation compliance and restrictions in manufacturing and application significantly impact industry by acting as restraints. Boric acid is well-known as a harmful component. It is subject to strict control by multiple international and regional regulatory figures. These guidelines affect the handling and usage of boracic acid in production applications, leading to increased production and transportation costs.
Safety protocols followed by companies further limit the utilization of boracic acid in consumer products. In the formulation of boracic acid, raw elements like boron minerals are used, and fluctuations in their cost inflict remarkable restrain on the sector. This influences the potential to reduce its competitiveness compared to other alternative options and limits industry growth.
Consumption of Boric Acid in Eco-friendly Pest Control
The growing popularity of organic and sustainable agriculture practices highlights the crucial role of boracic acid as a micronutrient supplement and pest control agent. The increasing demand for eco-friendly agricultural practices creates many opportunities for the boracic acid sector. Boracic acid plays a role in sustainable agriculture by its applications for crops.
Advancements in technologies and new utilization processes have expanded boracic acid's potential applications to sectors like energy storage, advanced materials, and electronics, paving the way for market development. Boric acid is experiencing significant growth in numerous emerging markets worldwide. This is driven by increasing economic development, industrialization, and the rising demand for boracic acid across multiple sectors.
From 2019 to 2023, the boric acid market witnessed expansion at a CAGR of 4%. The increasing applications of boron in fiberglass and specialty glass primarily drove the industry during this period. Boracic acid offers specific benefits to glass, such as chemical and heat resistance, as well as providing transparency and brightness. This surge in the construction sector, as reported by the America Composite Manufacturing Association, has led to heavy utilization of boracic acid in the fiberglass industry.
The Asia Pacific region is also experiencing continuous growth in the sector, with China and India acting as growth engines, particularly in increasing the use of boracic acid for medicinal purposes as an antiseptic. In the coming years, the demand for boric acid is expected to increase across various sectors due to new developments.
The overall sales of boric acid are projected to progress at a CAGR of 5.4% between 2024 and 2024. This growth is driven by the increasing popularity of boracic acid across various sectors, including construction, personal care, and others. Boracic acid acts as a flux in glass manufacturing, a glaze component in ceramics, and a fire retardant in textiles and plastics.
Furthermore, it finds applications in the oil and gas sector as a modifier of pH and viscosity. Due to the expanding population and increased disposable income in emerging economies, industry players are directing investments toward the production of boracic acid required specifically in glass, cosmetics, and building sectors.
Principal Consultant
The section below presents the growth projection of the boric acid market in terms of countries. Details on major countries in various parts of the globe, including North America, Asia Pacific, Europe, and others, are provided. The industry in Canada to lead North America with a CAGR of 3.3% through 2034. In South Asia and the Pacific, India anticipates holding a CAGR of 8% through 2034.
| Countries | CAGR 2024 to 2034 |
|---|---|
| United State | 3% |
| Canada | 3.3% |
| Germany | 2.5% |
| United Kingdom | 2.1% |
| Italy | 3.5% |
| Spain | 4% |
| France | 3.8% |
| China | 6% |
| Japan | 2.3% |
| South Korea | 2.4% |
| India | 8% |
| Australia | 2% |
In Canada, the boric acid market is expected to surge at a CAGR of 3.3% during the forecast period. This compound is comprehensively utilized in the oil and gas industry, where it serves multiple crucial roles. Boracic acid acts as a pH buffer and viscosity modifier in drilling fluids and completion fluids. This contributes to the efficiency of oil and gas procedures. It plays a vital role in maintaining stable fluid properties. Also, it serves as a preventive agent against corrosion, ensuring smooth wellbore operations.
The agricultural sector benefits from boracic acid, using it in pesticide formulations to control pests and weeds. The dual utility of boracic acid in both industries continues to drive its demand robustly in Canada. This reflects its importance and versatility in diverse applications.
The market is expected to record a CAGR of 4% in Spain through 2034. Boracic acid finds extensive industrial applications in the country, with a particular focus on continuous innovation and regulatory compliance in this sector.
Due to its classification as a hazardous chemical, strict government regulations have been implemented regarding its use in manufacturing processes. This poses a significant constraint for industries. Nevertheless, manufacturers are actively investing in research and development to ensure their products comply with regulations.
In Spain, boracic acid is mainly utilized by industries like glass, textiles, and cosmetics. This echoes the country's rapid progressions and the continuing prominence of boracic acid as a valuable ingredient.
The boric acid market is expected to progress at a CAGR of 8% in India throughout the forecast period. This growth is fueled by rapid urbanization and population growth, particularly impacting the construction sector. The demand for boracic acid is rising alongside the increased demand for building materials like fiberglass and tiles, which utilize boracic acid in their manufacturing processes.
The pharmaceutical industry is also experiencing high demand for boracic acid due to its roles as an antiseptic and preservative in liquid medicines and creams. Its cleaning properties also make it valuable in the cosmetic industry, especially as a makeup remover.
The section covers the details of the dominant segments in the boric acid sector. In terms of end users, the segment comprising tiles, ceramics, and fiberglass manufacturers is expected to account for a share of 26.2% in 2024. By applications, the industrial/commercial segment is estimated to hold a share of 63.4% in 2024.
Boric acid is a primary component in the construction sector, used for multiple purposes in construction and building materials. Vendors are focusing on new methods to manufacture high-quality products such as tiles, ceramics, and fiberglass using boracic acid. The fiberglass industry dominates the segmentation of the boric acid market due to its crucial role in fiberglass production, automotive, and construction industries.
| Segment | Tiles, Ceramic, and Fiberglass Manufacturers (End User) |
|---|---|
| Value Share (2024) | 26.2% |
The growth of this sector is driven by the demand for lightweight, durable composite materials. Ceramics use boracic acid for its fluxing properties, while pharmaceuticals value its antiseptic properties for medical preparations. The 'others' category encompasses diverse industrial applications. Fiberglass manufacturing is integral to a multitude of industries, including construction and automotive.
Boric acid is in high demand in the industrial sector due to its wide range of applications. It is utilized in many industries, playing an important role as a key component in several sectors. Industries such as automotive, medical, personal care, and others are gaining consumer trust through growing innovations under governmental compliance.
| Segment | Industrial/Commercial (Application) |
|---|---|
| Value Share (2024) | 63.4% |
Along with the commercial sector, particularly in industrialization, where it finds extensive demand, boracic acid experiences significant enlargement. This growth is due to the global construction sector's reliance on it, surging to bolster the growth of boracic acid consumption. Manufacturers are also implementing various strategies to boost industry development.
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The high-profile industries are investing heavily in research and development sectors to add many products and help expand the industry. They are performing activities like announcing new products, partnering with small-scale companies, and making smart investments. Additionally, another strategic move industries use is formulating products locally to cut down expenses, helping them target a wide range of customers and amplify their sector's part.
Multiple industry players are aiming for both organic and inorganic growth strategies. This action by industries paves the way for the expansion of sales and the consumer base of key players. Hence, boric acid market players are anticipated to have lucrative growth opportunities in the upcoming years.
Industry Update
In 2023, Borax announced Optibor® BQ, a new battery-quality boric acid product with high quality and powder grade, specifically designed to meet the company's exceptional purity and particle size requirements.
End users present in this industry are tiles, ceramic, and fiberglass manufacturers, flame retardants, agriculture, wood preservation, pharmaceuticals, and cosmetics.
Boric acid finds application in industrial/commercial and household sector.
Boric acid is distributed through wholesale, eCommerce, retail shop, hypermarket/supermarket, independent shop, and convenient shop.
Regional analysis of the industry include top performing countries of North America, Latin America, the Asia Pacific, Middle East and Africa, and Europe.
The industry is expected to surge at a CAGR of 5.4% through 2034.
Between 2019 and 2023, the industry developed at a CAGR of 4%.
By 2034, the industry is expected to be worth USD 1,438.1 million.
India is expected to dominate with an 8% CAGR through 2034.
1. Executive Summary
2. Industry Introduction, including Taxonomy and Market Definition
3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments
4. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections
5. Pricing Analysis
6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034
6.1. Grade
6.2. Application
6.3. End-User
6.4. Distribution Channel
7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Grade
7.1. Industrial Grade
7.2. Pharmaceutical Grade
8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Application
8.1. Industrial/Commercial
8.2. Household
9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End-User
9.1. Tiles, Ceramic, and Fiberglass Manufacturers
9.2. Flame Retardants
9.3. Agriculture
9.4. Wood Preservation
9.5. Pharmaceuticals
9.6. Cosmetics
10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Distribution Channel
10.1. Wholesale
10.2. E-Commerce
10.3. Retail Shop
10.4. Hypermarket/Supermarket
10.5. Independent Shop
10.6. Convenient Shop
11. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
11.1. North America
11.2. Latin America
11.3. Western Europe
11.4. South Asia
11.5. East Asia
11.6. Eastern Europe
11.7. Middle East & Africa
12. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
13. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
14. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
15. South Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
16. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
17. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
18. Middle East & Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
19. Sales Forecast 2024 to 2034 by Grade, Application, End-User, and Distribution Channel for 30 Countries
20. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard
21. Company Profile
21.1. Borax
21.2. Tomiyama Pure Chemical Industries
21.3. 3M
21.4. Sociedad Industrial Tierra
21.5. Avantor Performance Materials
21.6. Societa Chimica Larderello (SCL)
21.7. BASF
21.8. QUIBORAX S.A.
21.9. Gujarat Boron Derivatives Pvt. Ltd.
21.10. Eti Maden
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Boric Acid Market
