Boric acid Market Key Players Revenue Forecast: 3M, Avantor Performance Materials, BASF SE, Borax, Eti Maden, Minera Santa Rita Quiborax, Russian Bor and More
The global demand for insulation materials drives the boric acid market with increase in demand for residential and commercial applications. In addition, rise in building and construction owing to increase in macro-economic factors such as increase in per capita income has triggered the growth of the boric acid market. Furthermore, the rise in demand for boric acid in fiberglass insulation has majorly boosted the market growth, and this trend is expected to continue in the coming years.
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The growing demand for borate and boron products in the oil and gas sector as a viscosity and Ph modifier is likely to offer the boric acid market with growth opportunities. Furthermore, increase in demand for consumer electronics and glazed ceramics are projected to boost the demand for boric acid. However, the use of boric acid in personal care items is restricted under the European regulations, which have classified it under the category of a carcinogenic compound and this is likely to hinder the market growth.
However, the increase in demand as an energy efficient compound coupled with the demand for borosilicate glass in cookware and laboratory applications are likely to create potential growth avenues for the market.
The rising demand for glass and fiberglass in construction and automotive applications has resulted in the growth of the boric acid market in Asia Pacific countries such as China and India. In addition, significant demand for boric acid in residential and non-residential applications is driving the market in North America and Europe.
The market for global boric acid is segmented into applications, which include glass and fiberglass, medical, personal care, flame-retardants, wood preservatives, pest control, nutritional supplements, and others. Based on end use, the report includes the fiberglass industry, building & construction, ceramics, pharmaceuticals, and others. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Benefits for Stakeholders
• This report entails the detailed quantitative analysis of current market and estimations from 2014 to 2022 that assist in identifying the prevailing market opportunities to capitalize on the global boric acid market.
• In-depth coverage of the market including drivers, restraints, and opportunities helps professionals to better understand the market behavior.
• Detailed study of the strategies of key leaders, partnerships, and acquisitions in the market is provided.
• Porters Five Forces analysis examines the competitive structure of the market and assists strategists in better decision-making.
• Pinpoint analysis of geographical segments helps to identify opportunities for growth within the market.
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