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UЅD $1,092.6 Мn by 2030|Boric Acid Market Growth Due To Booming Of Construction Industry

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Overview:

Boric acid, also known as hydrogen borate, is a weak, monobasic Lewis acid of boron. However, some of its behavior towards some chemical reactions suggest it to be a tribasic acid in the Brønsted sense as well. It is often used as an antiseptic, flame retardant, insecticide, neutron absorber, or as a precursor to other chemical compounds.

The Global Boric Acid Market was valued at UЅD $686.1 Мn in 2020, and is projected to achieve a valuation of UЅD $1,092.6 Мn by 2030, at a САGR of 5.7%. The 5-year (2020–2025) cumulative revenue of this market is projected to be over USD $879.5 Mn, and is estimated to increase moderately over the latter part of the forecast period.

Dynamics:

Robust levels of industrialization and urbanization across the world is leading to higher volumes of manufacturing, of which boric acid is a major end-user of, due to its several finishing properties. This is one of many primary factors that are expected to have a significant impact on the revenue growth of the global boric acid market over the next 10 years. Moreover, the booming construction industry as a result of the aforementioned reasons, is another factor that is slated to have a major influence on the economic growth of this global industry over the foreseeable future.

Furthermore, the ongoing expansion of the glass, plastics and textile industries, for which boric acid is used due to its brilliant finishing properties, is another factor that is also slated to have a profound effect on the market growth of the global boric acid industry over the next decade.

However, in light of the recent COVID-19 outbreak, the operations of numerous industries have either been temporarily halted or are functioning with a minimal workforce due to enforced lockdowns and imposed restrictions by respective governing bodies. The global boric acid market is no different, and this is expected to have a significantly negative impact on the revenue growth of this industry in the coming years. Additionally, the various side-effects that are caused as a result of physical contact with boric acid is also another factor that may result in its decreased adoption, thereby, potentially impeding on the revenue growth of this global industry in the near future.

Nonetheless, the growing demand for boric acid by the oil & gas industries is a factor that is anticipated to play a pivotal role in the revenue growth of the global boric acid market over the next decade.

Segmentation of the global boric acid market is as follows:

In terms of grade, the industrial grade segment accounted for the maximum number of revenue shares of the global boric acid market in 2020, and is expected to continue doing so over the forecast period. The pharmaceutical grade segment is also anticipated to index a high CAGR over the next 10 years.

With regards to end-user, the glass segment accounted for the highest number of revenue shares of the global boric acid market in 2020, and is anticipated to register the highest CAGR over the next decade. The ceramics segment is also expected to register considerable revenue growth in the years to come.

Regional Segmentation and Analysis:

Markets in the Asia Pacific region accounted for the maximum number of revenue shares of the global boric acid market in 2020, and they are expected to index the highest CAGR over the remainder of this forecast period. The markets in North America and Europe accounted for the second-, and the third-most number of revenue shares in 2020, and are anticipated to continue doing so over the next 10 years.

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Global Boric Acid Market: Competitive Analysis

The research report on the Global Boric Acid Market includes profiles of major companies such as Rio Tinto Group (U.S. Borax Inc.), 3M, EtiMaden, Nirma Limited (Searles Valley Minerals Inc.), NIPPON DENKO CO. LTD., Promega Corporation, Southern Agricultural Insecticides Inc., Quiborax S.A., American Borate Company, Minera Santa Rita S.R.L. (MSR)

The Global Boric Acid Market: Global Industry, Size, Share, Growth, Trends, and Forecast, 2021–2030 report has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the growth prospects of the Global Boric Acid Market for 2021–2030.