The global boric acid market size was valued at US$ 670 million in 2020 and expected to reach USD 1,117 million by 2030, growing at a CAGR of 5.8% during the forecast period 2021 to 2030.
Crucial factors accountable for market growth are:
Key market Insights:
Boric acid possesses exceptional finishing property owing to which it is widely used in range of applications in the commercial sector. Construction, agriculture, glass, pharmaceutical, chemical, textile among other industries worldwide adopts boric acid frequently. Boric acid is widely used in the agricultural chemicals as well as in the coal-fired power plants. Also, it is used in the manufacturing of glass and ceramics. Moreover boric acid is widely used in the existing along with emerging therapeutic applications. It is used as an antiseptic as it also has anti-fungal and anti-bacterial properties. It is clinically proven that the boric acid is used in the treatment of vaginal yeast infections owing to its anti-bacterial properties. Boric acid is used in the external applications including vaginal remedies, eye disinfectants, anti-aging preparations, contact lens solutions, powders of the baby and others. It also helps in the treatment of the ear infection in both animals and humans. Use of boric acid in such a huge no.’s of applications is encouraging many players to increase their production capacity. Also, increased demand for the low cost and highly efficient products is a challenge in front of major key players operating in the target market.
COVID-19 Impact on Global Boric Acid Market
Outburst of COVID-19 has impacted on most of the key markets across the globe. COVID-19 is have adverse impact on the boric acid market. Asia Pacific is the biggest market for the boric acid, but to the spread of coronavirus and lockdown situations in China, India, Japan has led to reduced supply and demand for the boric acid. Due to COVID-19, supply chain disruption, fluctuations in the raw material supply, insufficient man power in the manufacturing facility and low demand form the end use costumers hampered target industry growth in the developed as well as emerging economies worldwide. However, COVID-19 situation is resolving slowly and most of the industries are started their facilities at full capacity.
Future of Global Boric Acid Market
Key companies of the global industry such as 3M and EtiMaden are aiming towards business growth by adopting strategies such as capacity expansion, innovative product launches and heavy investments in the production in their facilities that is expected to flourish the global boric acid market growth in the near future. This trend is expected to continue and will augment growth of the global boric acid industry in the next 10 years. Further, increasing end use applications of boric acid and rising medical, construction as well as ceramic industry are boosting growth of the boric acid industry in the coming years.
Industrial Grade Segment Is Projected To Dominate the Grade Segment of Boric Acid Market Revenue
On the basis of grade segment the target industry is segregated as industrial and pharmaceutical grade boric acid. The industrial grade boric acid segment is expected to dominate in terms of revenue over the forecast time frame and expected to continue its growth in the near future. The growth of the industrial segment is owing to rising demand for the industrial grade boric acid in the glass, textile, and construction activities worldwide. However, the pharmaceutical grade boric acid segment will expand at a substantial CAGR during the forecast time-frame owing to its increasing applications in the medical sector in the globe.
Glass Segment Is Projected To Dominate the End-use Segment of Boric Acid Market Revenue
On the basis of end-use segment the global market is segregated into agriculture, glass, medical, ceramic, and among others. Glass end-use segment is expected to dominate in terms of revenue over the forecast time frame. The growth is attributed to growing adoption of boric acids in the glass industry for the various applications. Also, boric acid is used as a raw material in the manufacturing of the glass which is driving demand of the segment. Ceramic segment will expand at a significant CAGR during the forecast time-frame.
Asia Pacific is estimated to be the Largest Market for Boric Acid
The research report covers key trends and prospects of boric acid products across different geographical regions including North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. Geographically, boric acid market is conquered by Asia Pacific owing to increasing demand from construction and glass industries for the end-use applications especially in the India, China, and Japan of the region. North America is expected to register the fast growth rate, on account of increasing huge investment by key market players and growing adoption of the boric acid in the medical and ceramic industries of the region. The growth of the boric acid industry in the countries of the North America is attributed to growing adoption of the boric acid due growth in the construction activities and growing agricultural activities in the countries of the North America. Also, increasing usage of the boric acid in the commercial industries for the various end use applications is driving growth of the industry in rest of the world.
Top Players contending in the Market:
The companies focusing on research and development are expected to lead the global boric acid market. Leading competitors contending in global boric acid market are as follows:
For the better understanding the recent situation of the global boric acid market and for most policies of the country, Precedence Research forecast the future evolution of the boric acid industry. This research study offers qualitative and measureable insights on boric acid market and valuation of market size and development trends for global market segments.
Key Market Developments:
Major Market Segments Covered:
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