Boric Acid Market to Exceed Valuation of USD 940 Million by 2032
Market Overview: The global boric acid market witnessed a size of USD 605 million in 2022, with expectations to reach USD 940 million by 2032. During the forecast period, a steady revenue Compound Annual Growth Rate (CAGR) of 7.2% is anticipated. The growing demand for boric acid across diverse industries, including agriculture, ceramics, pharmaceuticals, and others, is a significant driver of this market's revenue expansion.
Agriculture Sector: Boric acid finds its primary use in
agriculture, a substantial consumer of this compound. Its utilization is
projected to rise due to the increasing demand for agricultural products driven
by the growing global population. Furthermore, its role as a pesticide in
agriculture contributes to market growth.
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Ceramics Industry: In the ceramics sector, boric acid serves
as a flux to enhance the strength and durability of ceramics. The increasing
demand for ceramic products like tiles, sanitary ware, and tableware is
expected to drive its usage in this industry.
Pharmaceutical Applications: Boric acid is employed as an
antiseptic, disinfectant, and preservative in the pharmaceutical sector. The
growing demand for pharmaceutical products, particularly in developing nations,
is expected to boost market revenue. It is also used in ophthalmic solutions
and ear drops.
Other Applications: Boric acid finds use in various other
industries such as nuclear power plants, wood preservation, and textiles, aside
from agriculture, ceramics, and pharmaceuticals. The rising need for nuclear
power plants due to the global push for clean energy is expected to drive
demand. Additionally, it is used to protect wood from insects and fungi.
Moreover, the availability of alternatives and fluctuations
in raw material costs may restrain market growth. Alternatives like Borax,
boron oxide, and boron nitride could limit revenue growth. Additionally,
changes in the cost of raw materials for boric acid production could impact the
market to some extent.
Key Market Insights:
- In
2022, boric acid powder dominated the market due to its versatility and
extensive usage in various sectors, such as personal care, healthcare, and
agriculture.
- The
granular segment is expected to experience the fastest revenue growth
during the forecast period, driven by its versatility in applications like
glass, ceramics, flame retardants, and agriculture.
- Liquid
boric acid is anticipated to have moderate growth, particularly in the oil
and gas industry for corrosion inhibition and pH stabilization in drilling
fluids.
Applications:
- The
industrial sector accounted for the largest revenue share in 2022, driven
by its use in glass manufacturing, ceramics, flame retardants, and wood
preservation.
- The
medical sector is projected to witness the fastest revenue growth due to
applications like vaginal suppositories, ocular drops, and wound
treatment.
- Agriculture
is also expected to experience substantial growth, with boric acid used as
a micronutrient and in pest control.
- Other
applications include food preservation, textile manufacturing, and
personal care products, where boric acid is used for its antibacterial and
antifungal properties.
Regional Market:
- The
Asia Pacific region is anticipated to contribute significantly to global
boric acid market revenue growth during the forecast period. Rapid
industrialization and a growing population are driving demand in sectors
such as ceramics, glass, agriculture, and pharmaceuticals.
- North
America is expected to experience the fastest growth, driven by demand
from pharmaceuticals, agriculture, and automotive industries, along with
increasing awareness of boric acid's advantages.
- Europe's
boric acid market is projected to grow steadily, supported by increased
usage in glass and ceramics, insecticides in agriculture, and flame
retardants in construction.
Competitive Landscape: The boric acid market is dominated by
key players continually engaged in strategic developments to expand their
market share. Some major players include 3M Company, Borax Inc., Eti Maden,
Gujarat Boron Derivatives Pvt. Ltd., Minera Santa Rita SRL, Russian Bor,
Quiborax, Searles Valley Minerals, and Sociedad Industrial Tierra S.A.
Strategic Developments:
- Major
players are focusing on strategic moves such as mergers, acquisitions,
partnerships, and collaborations to strengthen their market position and
expand their product portfolios.
- New
product launches are also common among market leaders to meet changing
customer needs and maintain a competitive edge.
Segments Covered in the Report: The report segments the
global boric acid market based on form, application, and region. Key segments
include:
- Form:
Powder, Granular, Liquid
- Application:
Industrial, Medical, Agriculture, Others
- Region:
North America, Europe, Asia Pacific, Latin America, Middle East &
Africa
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