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Boric Acid Market Revenue to Grow at 5.3% CAGR | To Upsurge Based on Growing Chemical and Materials Industry

  215 announces the publication of its most recently generated research report titled, “Global Boric Acid Market by Grade (Industrial Grade And Pharmaceutical Grade), By End-Use (Glass, Ceramic, Agriculture, Medical, and Other End-Uses), and by Region – Global Forecast to 2029”, which offers a holistic view of the global boric acid market through systematic segmentation that covers every aspect of the target market.

The Global Boric Acid Market is projected to be US$ 654.4 Mn in 2019 to reach US$ 1,092.6 Mn by 2029 at a CAGR of 5.3%.

Boric acid (H3BO3) is a boron compound that is a colorless, water-soluble, salt-like white powder. It is also known as boracic acid, hydrogen borate, and orthoboric acid. Boric acid is a low-toxic, non-volatile mineral with insecticidal, fungicidal, and herbicidal properties. It is widely used as an antiseptic, flame retardant, insecticide, lubricant, neutron absorber, or precursor to other chemical compounds. It is used as a liquid (applied as a spray or aerosol), wettable powder, emulsifiable concentrate, granule, powders, dust, pellets, tablets, paste, bait, or crystalline rod depending upon the circumstances and target pest.

Increasing demand for boric acid in glass and ceramics is a key factor driving growth of the global boric acid market, owing to its usage in various end-use industries. Boric acid is widely used in the manufacturing of monofilament fiberglass, usually known as textile fiberglass to reinforce plastics in various applications such as boats, industrial piping, computer circuit boards, etc. It is also used in the production of glass made for LCD flat panel displays. Boric acid is used in medicine as an antiseptic for minor cuts or burns and is sometimes used in dressings and salves, such as boracic lint.

It is also used as an eyewash in a very dilute solution. Additionally, it can be used as an antibacterial compound for acne treatment and prevention of athlete’s foot. This is another factor expected to augment the growth of the target market in the near future.

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Boric acid, also known as hydrogen borate, orthoboric acid, and boracic acid, is a weak, monobasic Lewis acid of boron. However, some of its behaviors towards some chemical reactions suggest it to be tribasic acid in the Brønsted sense as well.

However, in light of the recent COVID-19 outbreak, the manufacturing and supply-chain operations of key industry players have been either temporarily shut down or are functioning with a minimal workforce. This is expected to have a negative impact on this global market in the near future.

Nonetheless, the growing need to incorporate more energy-efficient and cost-effective products in the manufacturing of various goods, as well as the increasing number of new applications in various end-use industries are complementary factors that are anticipated to continue to augment revenue growth of the global boric acid market.

Key industry players of the global boric acid market are 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, American Borate Company, Minera Santa Rita S.R.L. (MSR), among others.

Updated : 2022-01-20 05:12 GMT+08:00