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Boric Acid Market Report by Purity (<99%, ≥99%), Application (Flame Retardants, Ceramics & Fiberglass, Wood Preservatives, Nutritional Supplements, Pest Control, and Others), Distribution Channel (Wholesale, E-Commerce, Retail Stores, Supermarkets and Hypermarkets, Independent Stores, and Others), End User (Pharmaceuticals, Agricultural, Chemical Processing, Building & Construction, Nuclear, and Others), and Region 2024-2032
Report Format: PDF+Excel | Report ID: SR112024A6705
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Global Boric Acid Market:
The global boric acid market size reached US$ 893.2 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,379.7 Million by 2032, exhibiting a growth rate (CAGR) of 4.8% during 2024-2032. The increasing use of boric acid in fertilizers to enhance crop yields and improve soil health is stimulating the market growth.
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Report Attribute
|
Key Statistics
|
|---|---|
|
Base Year
|
2023 |
|
Forecast Years
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2024-2032 |
|
Historical Years
|
2018-2023
|
|
Market Size in 2023
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US$ 893.2 Million |
|
Market Forecast in 2032
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US$ 1,379.7 Million |
| Market Growth Rate (2024-2032) | 4.8% |
Boric Acid Market Analysis:
- Major Market Drivers: The growing demand for boric acid in the production of glass and ceramics is positively impacting the market.
- Key Market Trends: The rising application of boric acid in industrial cleaning products and flame retardants is acting as a growth-inducing factor.
- Competitive Landscape: Some of the major market companies include 3M Company, Avantor Inc., Eti Maden, Gujarat Boron Derivatives Pvt. Ltd., Indo Borax & Chemicals Limited, Minera Santa Rita S.R.L., Organic Industries Pvt. Ltd., Quiborax SA, SCL Italia S.p.A., Singhania International Limited, Sociedad Industrial Tierra S.A., The Chemical Company, Tomiyama Pure Chemical Industries Ltd., and U.S. Borax Inc. (Rio Tinto plc)., among many others.
- Geographical Trends: Asia Pacific exhibits a clear dominance in the global boric acid market. Strong product demand in agriculture, ceramics, and glass industries, and particularly in rapidly growing economies like China and India, are augmenting the market in the region.
- Challenges and Opportunities: The fluctuating raw material prices are hindering the market. However, securing stable supply chains and exploring cost-efficient production methods will continue to strengthen the market over the forecasted period.
Boric Acid Market Trends:
Expanding Feminine Hygiene Applications
Boric acid is gaining recognition in the feminine hygiene market due to its pH-balancing properties. In addition, it helps in addressing odor, itchiness, and discharge, thereby making it an effective solution for intimate health. Moreover, its incorporation into everyday products is driving its demand within this growing personal care sector. For instance, in April 2024, Monistat introduced Boric Acid Feminine Cleansing Wipes, featuring a plant-based, fragrance-free formula with a pH-balanced boric acid complex. These wipes gently remove odor and discharge, promoting intimate health through daily use, and are now available for purchase on Amazon.
Increasing Demand in Clean Energy
Boric acid is significant in the clean energy industry, particularly in materials needed for energy storage and production. In contrast, its usage in sectors, like electric transportation, highlights its importance in supporting sustainable technologies, thereby making it a vital component for industries focused on reducing environmental impact. For instance, in January 2024, 5E Advanced Materials confirmed early success at its 5E Boron Americas Complex, with boric acid head grade surpassing 5.0%. The company operates four wells, extracting boric acid and lithium, aiming to support industries like clean energy and electric transportation.
Rising Use in Pharmaceutical Formulations
The pharmaceutical industry is increasingly utilizing boric acid in treatments for various health conditions. Moreover, it’s suitable for addressing bacterial imbalances and infections, thereby encouraging its adoption in medical formulations. This expanding use in health-related products is driving growth within this sector. For instance, in September 2024, O Positiv launched URO Boric Acid Suppository, formulated with boric acid, lactic acid, and aloe vera. This product provides relief from vaginal odor, itchiness, and discharge, supporting vaginal health by addressing bacterial imbalances.
Global Boric Acid Industry Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the market, along with the boric acid market forecast at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on purity, application, distribution channel, and end user.
Breakup by Purity:
- <99%
- ≥99%
≥99% currently holds the largest boric acid market value
The report has provided a detailed breakup and analysis of the market based on the purity. This includes <99% and ≥99%. According to the report, ≥99% represented the largest market segmentation.
Boric acid with a purity of ≥99% is widely used in various industries, including pharmaceuticals, agriculture, and glass manufacturing. For example, 3M offers high-purity boric acid for electronics, ensuring minimal impurities for specialized applications.
Breakup by Application:
- Flame Retardants
- Ceramics & Fiberglass
- Wood Preservatives
- Nutritional Supplements
- Pest Control
- Others
Ceramics & fiberglass currently holds the largest boric acid market demand
The report has provided a detailed breakup and analysis of the market based on the application. This includes flame retardants, ceramics & fiberglass, wood preservatives, nutritional supplements, pest control, and others. According to the report, ceramics & fiberglass represented the largest market segmentation.
Boric acid is used in the production of ceramics and fiberglass to enhance heat resistance and durability. For example, Owens Corning, a composite material company, integrates boric acid in fiberglass manufacturing for improved insulation performance as it acts as a flux in ceramic glazes.
Breakup by Distribution Channel:
- Wholesale
- E-Commerce
- Retail Stores
- Supermarkets and Hypermarkets
- Independent Stores
- Others
Wholesale currently holds the largest boric acid market statistics
The report has provided a detailed breakup and analysis of the market based on the distribution channel. This includes wholesale, e-commerce, retail stores, supermarkets and hypermarkets, independent stores, and others. According to the report, wholesale represented the largest market segmentation.
Wholesale distribution of boric acid involves large-scale transactions between manufacturers and industrial buyers or resellers. For instance, companies like Rio Tinto distribute boric acid in bulk quantities to sectors, such as agriculture, glass, and ceramics, worldwide.
Breakup by End User:
- Pharmaceuticals
- Agricultural
- Chemical Processing
- Building & Construction
- Nuclear
- Others
Pharmaceuticals currently hold the largest boric acid market revenue
The report has provided a detailed breakup and analysis of the market based on the end user. This includes pharmaceuticals, agricultural, chemical processing, building and construction, nuclear, and others. According to the report, pharmaceuticals represented the largest market segmentation.
In pharmaceuticals, boric acid is used as an antiseptic and a preservative, as it helps to treat minor infections, eye conditions, and fungal infections. For example, Optrex launched eye drops containing boric acid for soothing eye irritation.
Breakup by Region:
- North America
- United States
- Canada
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Asia Pacific currently dominates the boric acid market outlook
The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa. According to the report, Asia Pacific accounted for the largest market share.
According to the boric acid market overview, Asia Pacific exhibits a clear dominance in the market due to its strong demand in agriculture, ceramics, and glass industries, particularly in China and India. For instance, Gujarat Borosil expanded production of borosilicate glass, a key application of boric acid, driven by solar panel manufacturing. Moreover, the region's growing infrastructural and construction activities further bolster the demand for boric acid in cement and insulation materials. Consequently, these factors mark the region’s significant presence in the global market.
Competitive Landscape:
The boric acid market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major market companies have also been provided. Some of the key players in the market include:
- 3M Company
- Avantor Inc.
- Eti Maden
- Gujarat Boron Derivatives Pvt. Ltd.
- Indo Borax & Chemicals Limited
- Minera Santa Rita S.R.L.
- Organic Industries Pvt. Ltd.
- Quiborax SA
- SCL Italia S.p.A.
- Singhania International Limited
- Sociedad Industrial Tierra S.A.
- The Chemical Company
- Tomiyama Pure Chemical Industries Ltd.
- U.S. Borax Inc. (Rio Tinto plc)
(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
Boric Acid Market Recent Developments:
- September 2024: O Positiv launched URO Boric Acid Suppository, formulated with boric acid, lactic acid, and aloe. This product provides relief from vaginal odor, itchiness, and discharge, supporting vaginal health by addressing bacterial imbalances.
- April 2024: Monistat introduced Boric Acid Feminine Cleansing Wipes, featuring a plant-based, fragrance-free formula with a pH-balanced boric acid complex.
- January 2024: 5E Advanced Materials confirmed early success at its 5E Boron Americas Complex, with boric acid head grade surpassing 5.0%. The company operates four wells, extracting boric acid and lithium, aiming to support industries like clean energy and electric transportation.
Boric Acid Market Report Scope:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Units | US$ Million |
| Scope of the Report | Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
|
| Purities Covered | <99%, ≥99% |
| Applications Covered | Flame Retardants, Ceramics and Fiberglass, Wood Preservatives, Nutritional Supplements, Pest Control, Others |
| Distribution Channels Covered | Wholesale, E-Commerce, Retail Stores, Supermarkets and Hypermarkets, Independent Stores, Others |
| End Users Covered | Pharmaceuticals, Agricultural, Chemical Processing, Building and Construction, Nuclear, Others |
| Regions Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | 3M Company, Avantor Inc., Eti Maden, Gujarat Boron Derivatives Pvt. Ltd., Indo Borax & Chemicals Limited, Minera Santa Rita S.R.L., Organic Industries Pvt. Ltd., Quiborax SA, SCL Italia S.p.A., Singhania International Limited, Sociedad Industrial Tierra S.A., The Chemical Company, Tomiyama Pure Chemical Industries Ltd., U.S. Borax Inc. (Rio Tinto plc), etc. |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 3899 Five User License: US$ 4899 Corporate License: US$ 5899 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Benefits for Stakeholders:
- IMARC's industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the boric acid market from 2018-2032.
- The research report provides the latest information on the market drivers, challenges, and opportunities in the global boric acid market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the boric acid industry and its attractiveness.
- The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.
The global boric acid market was valued at US$ 893.2 Million in 2023.
We expect the global boric acid market to exhibit a CAGR of 4.8% during 2024-2032.
The rising utilization of boric acid in the manufacturing of glass, ceramics, and enamel, owing to its ability to act as a flux, is primarily driving the global boric acid market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary halt in numerous production activities for boric acid.
Based on the purity, the global boric acid market has been segmented into <99% and ≥99%, where ≥99% currently exhibits a clear dominance in the market.
Based on the application, the global boric acid market can be categorized into flame retardants, ceramics & fiberglass, wood preservatives, nutritional supplements, pest control, and others. Currently, ceramics & fiberglass accounts for the majority of the global market share.
Based on the distribution channel, the global boric acid market has been segregated into wholesale, e-commerce, retail stores, supermarkets and hypermarkets, independent stores, and others. Among these, wholesale currently holds the largest market share.
Based on the end user, the global boric acid market can be bifurcated into pharmaceuticals, agricultural, chemical processing, building & construction, nuclear, and others. Currently, pharmaceuticals exhibit a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where Asia Pacific currently dominates the global market.
Some of the major players in the global boric acid market include 3M Company, Avantor Inc., Eti Maden, Gujarat Boron Derivatives Pvt. Ltd., Indo Borax & Chemicals Limited, Minera Santa Rita S.R.L., Organic Industries Pvt. Ltd., Quiborax SA, SCL Italia S.p.A., Singhania International Limited, Sociedad Industrial Tierra S.A., The Chemical Company, Tomiyama Pure Chemical Industries Ltd., U.S. Borax Inc. (Rio Tinto plc), etc.
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