The Boric acid also known as hydrogen borate, orthoboracic acid, and boracic acid is odorless, white, weak monobasic acid. It has a crystalline structure usually available as a water-soluble powder form. The global boric acid market is expected to have significant growth rate, attributed to growing energy saving appliances market.
Asia-Pacific except Japan has substantial growth in the global boric acid market, attributed to the growing demand for energy due to rapidly growing population in the region, especially in China and India.
It is estimated that the global boric acid market will grow from US$ 840.7 million in 2022 to US$ 1,409 million in 2032, at a CAGR of 5.3%.
Global Boric Acid Market Dynamics:
The growth of the global boric acid market is driven by growing demand for boric acid in energy saving appliances such as insulation of residential and commercial buildings. Macroeconomic factors such as rising per capita income and employment rate as well as the rapid rate of industrialization driving the global boric acid market.
Growing demand for fiberglass, growing energy needs, rising awareness of energy conservation methods, and rapid rate of urbanization also fueling the demand of global boric acid market. Utilization of boric acid in energy generation from oil trending the global boric acid market.
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Some other factors trending the global boric acid market include high demand for electronic devices, glazed ceramics, and LCD televisions. The company providing the boric acid have significantly high opportunity in regions such as Asia-Pacific, Middle East & Africa, and Latin America attributed to the significantly growing industrial economy.
The boric acid market also has a significant opportunity in the North America and Western Europe region, attributed to growing construction industry in the region.
Global Boric Acid Market Segmentation:
The global boric acid market is segmented on the basis of end-user, application, distribution channel, and region. On the basis of end-user, the boric acid market is segmented as tiles, ceramic and fiberglass, agriculture, wood preservation, pharmaceuticals, and cosmetics.
Among the end-user segment, manufacturers of ceramic and tiles and fiberglass segment contribute for the significant revenue share over the forecast period in the global boric acid market.
On the basis of application, the global boric acid market is segmented as industrial/commercial and household, wherein industrial/commercial have significant revenue share and are expected to have substantial growth rate. On the basis of a distribution channel, the boric acid market is segmented as wholesale, e-Commerce, and retail shop.
Retail shop segment is further fragmented as hypermarket/supermarket, independent shop, and convenient shop. Among the distribution channel segment, wholesale segment contributes for the significant revenue share over the forecast period in the global boric acid market.
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Global Boric Acid Market Regional Outlook:
Based on the geographies, the global boric acid market is fragmented into seven regions — North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific except Japan, Japan, and the Middle East & Africa.
Among the regions, North America accounts for a significant share of the global boric acid market in terms of value, attributed to rising employment rate and rising disposable income. Western Europe revenue share is followed by North America region in the global boric acid market, whereas the growth of the boric acid market is relatively low than other regions.
The Asia-Pacific except Japan region accounts for significantly high volume share in the global boric acid market with significant growth rate, owing to the rapid growth of construction industry in the region particularly in countries such as India and China. Eastern Europe and Japan also accounts for significant value share in the global boric acid market.
The developing economy such as Middle East Africa and Latin America have a substantial growth in the global boric acid market, owing to the increasing durability, demand for lightweight, strength, higher thermal efficiency, eco-friendly insulation products over the forecast period. Overall, the outlook for the global boric acid market will have a positive growth over the forecast period.
Key Segments Profiled in the Boric Acid Market Survey
- Tiles, Ceramic, and Fiberglass Manufacturers
- Flame Retardants
- Wood Preservation
By Distribution Channel:
- Retail Shop
- Independent Shop
- Convenient Shop
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Global Boric Acid Market Player:
Few players in the global boric acid market include Borax, Tomiyama Pure Chemical Industries, 3M, Sociedad Industrial Tierra, Avantor Performance Materials, Societa Chimica Larderello (SCL), BASF, Russian Bor, Searles Valley Reserves, Eti Maden, Minera Santa Rita (MSR), Gujarat Boron Derivatives, and Quiborax.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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