Boric Acid Market: High Yield Strength, Chemical, and Scratch Resistance
- Boric acid is used in various applications such as flame retardants, ceramics and fiberglass, wood preservatives, nutritional supplements, pest control, and others. Boric acid is used in various end-use industries such as pharmaceutical, agricultural, chemical processing, building & construction, and nuclear. Among these, building & construction is estimated to constitute major share of the global boric acid market in the near future.
- Wholesale & retail and e-commerce are the two distribution channels for boric acid. The wholesale & retail segment accounted for substantial share of the global market in 2018. However, rise in trend of online shopping along with discounts and shorter lead time offered by distributors is anticipated to propel the e-commerce segment in the near future.
- Boric acid is available in various forms of purity such as <99% and ≥99%. Demand for ≥99% purity grade boric acid in the pharmaceutical and nuclear industries is projected to increase in the near future. Boric acid is used in nuclear power plants to reduce the probability of thermal fission by absorbing thermal neutrons. The usage of boric acid as antiseptic and antifungal agent in the pharmaceutical industry is anticipated to increase during the forecast period.
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Key Drivers of Boric Acid market
- Increase in demand for boric acid in ceramics and fiberglass, wood preservatives, nutritional supplements, and pest control applications is driving the global boric acid market
- Boric acid is employed as an insecticide and fungicide to treat boron deficiencies in rice and wheat plants. It is predominantly used as preserving agent for timber goods against fungal and insect attack. Boric acid is also used as nutritional supplement and fortifying agent in processed food.
- Rise in demand for boric acid in glass formulations to reduce melting temperatures, increase thermal resistance and mechanical strength, and enhance aqueous and chemical durability is estimated to significantly boost the global boric acid market during the forecast period.
Rise in Demand from Ceramic Composite and from Oil & Gas to Offer Lucrative Opportunities
- Boric acid is necessary in the manufacture of optical lenses, electronic glass, and glass-ceramic composites. Boric oxide is employed in the production of ceramics, as they enhance yield strength and improve scratch and chemical resistance of ceramic wares such as wall and floor tiles, tableware, porcelain, and enameled appliances.
- Boric acid is employed as a binder in steel-smelting furnaces for manufacturing magnesia-based refractory bricks and as stabilizer for dolomite refractory bricks. These factors are expected to provide lucrative opportunities to manufacturers of boric acid.
- Increase in demand for boric acid as viscosity and pH modifier in the oil & gas industry is likely to provide lucrative opportunities to boric acid manufacturers
Restricted Usage in Personal Care Applications Likely to Restrain Market
- Usage of boric acid is restricted in personal care applications. It is classified as a carcinogen under European regulations. This is anticipated to hamper the market during the forecast period.
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Asia Pacific Expected to Hold Leading Share of Global Boric Acid Market
In terms of region, the global boric acid market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific accounted for major share of the global boric acid market in 2018, led by the large presence of glass and ceramic manufacturers in the region.
- The market in Asia Pacific is likely to expand at a rapid pace during the forecast period, due to the rise in industrialization and growth in the construction industry in countries such as China and India.
- Increase in adoption rate of boric acid in the building & construction industry is anticipated to drive the boric acid market in in the region during the forecast period.
- Rise in demand for boric acid as insecticide in the agricultural sector is projected to increase in the near future. Growth in population and the advent of new agricultural techniques are expected to provide an impetus to crop yield in Asia Pacific in the near future.
- Increase in utilization of boric acid in farmlands with an intent to boost the agricultural output is anticipated to drive the boric acid market in in the region during the forecast period.
- North America and Europe also held significant shares of the global market in 2018, owing to increase in demand for boric acid in pharmaceutical and cosmetic industries in these regions.
Key Players in Market:
Key players have been focusing on increasing sales by distributing their products through effective distribution channels such as retail/wholesale stores and e-commerce websites.
Key players operating in the global Boric Acid market include:
- 3M Company
- Avantor Performance Materials, LLC
- Eti Maden
- Gujarat Boron Derivatives
- Minera Santa Rita S.R.L.
- Organic Industries Pvt. Ltd.
- QUIBORAX S.A.
- Russian Bor Concern OJSC
- TOMIYAMA PURE CHEMICAL INDUSTRIES, LTD.
- U.S. Borax.
- Minera Santa Rita (MSR)
- Indo Borax & Chemicals Limited
- AMERICAN BORATE COMPANY
Global Boric Acid Market: Research Scope
Global Boric Acid Market, by Purity
Global Boric Acid Market, by Application
- Flame Retardants
- Ceramics And Fiberglass
- Wood Preservatives
- Nutritional Supplements
- Pest Control
Global Boric Acid Market, by End-use
- Chemical Processing
- Building & Construction
Global Boric Acid Market, by Distribution Channel
- Retail Shop
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
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