Boric Acid Market Expected to Reach $1.8 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Boric Acid Market," The boric acid market was valued at $1.0 billion in 2022, and is estimated to reach $1.8 billion by 2032, growing at a CAGR of 5.6% from 2023 to 2032.

Boric acid, a chemical compound with the formula H3BO3, is a weak, monobasic Lewis acid derived from boron. It exists in the form of colorless, crystalline powder or white granules and dissolves readily in water. It is widely used in various industries, including pharmaceuticals and insecticides, boric acid exhibits antiseptic and antifungal properties. It serves as a buffering agent and is crucial in the production of glass, ceramics, and enamel. In addition, boric acid finds application in medicinal solutions, flame retardants, and as an effective insecticide.

The boric acid market size is expected to witness substantial growth due to its increasing utilization in the industrial sector. As industries seek sustainable and cost-effective solutions, boric acid has emerged as a versatile compound with diverse applications. Its use spans various industries, including manufacturing, agriculture, and pharmaceuticals, owing to its unique properties such as flame retardancy, corrosion resistance, and antifungal characteristics. In the manufacturing sector, boric acid finds applications in the production of glass, ceramics, and detergents.

In addition, it serves as a crucial component in the agriculture industry, acting as a micronutrient in fertilizers. The pharmaceutical sector also leverages boric acid for its antiseptic properties. As these industries continue to expand and prioritize efficient and eco-friendly solutions, the demand for boric acid market analysis is expected to rise, fostering robust market growth in the industrial domain.

The boric acid market growth is expected to face significant challenges due to the imposition of stringent environmental regulations. As global awareness of environmental issues continues to grow, governments are increasingly adopting stringent measures to curb pollution and ensure sustainable practices. Boric acid, commonly used in various industrial applications, may encounter hurdles in compliance with these regulations.

The production and use of boric acid often involve processes that can contribute to environmental degradation, prompting authorities to tighten control over its manufacturing and disposal. This regulatory landscape may necessitate costly modifications to industrial practices, impacting the cost-effectiveness of boric acid production. In addition, companies operating in the market may face increased scrutiny and the need for more environmentally friendly alternatives.

The boric acid market share is expected to capitalize on lucrative opportunities within emerging markets, presenting a promising landscape for growth and expansion. As developing economies undergo industrialization and technological advancements, the demand for boric acid, a versatile compound with applications in various industries, is expected to surge. Boric acid's widespread use in sectors such as agriculture, pharmaceuticals, and ceramics positions it as a key component in emerging market economies aiming to diversify and modernize.

Moreover, the increasing awareness of sustainable and eco-friendly products has further boosted the demand for boric acid, as it aligns with green practices. The rising population and urbanization in these markets contribute to the demand for innovative products, creating a favorable environment for the boric acid industry.

The boric acid market is segmented based on grade, end-use industry, and region. By grade, the market is divided into pharmaceutical grade, industrial grade, and others. Based on the end-use industry, it is categorized into automotive, construction, agriculture, pharmaceutical and healthcare, electronics, and others. region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

Based on the grade, the boric acid market is classified into pharmaceutical grade, industrial grade, and others. Pharmaceutical grade is projected to be the fastest-growing segment and industrial grade has garnered the highest share in the boric acid market.

Based on the end-use industry, the boric acid market is classified into automotive, construction, agriculture, pharmaceutical and healthcare, electronics, and others. Pharmaceutical and healthcare is projected to be the fastest-growing segment and construction has garnered the highest share in the boric acid market. Region-wise, Asia-Pacific is projected to register robust growth during the forecast period.

The major players operating in the global boric acid market are BASF SE, 3M, Gujarat Boron Derivatives Pvt Ltd, Speed International, Minera Santa Rita, Quiborax, U.S. Borax, Eti Maden, Junsei Chemical Co., Ltd., Rose Mill Co.

Other players include Guizhou Jiahe Chemical Industry Co., Ltd., Inkabor, Avantor Performance Materials, Societa Chimica Larderello (SCL), Russian Bor, Searles Valley Reserves, Tomiyama Pure Chemical Industries, Sociedad Industrial Tierra.

Key Findings Of The Study:

• Based on the grade, the pharmaceutical grade segment is expected to grow at a CAGR of 5.9%, in terms of revenue, during the forecast period.
• Depending on the end-use industry, the pharmaceutical and healthcare segment is expected to grow at a CAGR of 6.0%, in terms of revenue, during the forecast period.
• Region-wise, Asia-Pacific garnered a major share in 2022 in terms of revenue.