Boric Acid Market Revenue to Record Robust Growth in the Years After the End of COVID 19 Crisis

Boric acid was used for many years as an antiseptic for the treatment of various diseases. It was also used as an oxidizing agent in laboratories. However, it is not known to have any disinfectant properties and is primarily used as an antiseptic. When administered in a simple mouthwash, the product has very few antiseptic characteristics but does possess some oxidizing activity and hence its use in the cosmetic industry. The major purpose for the use of borax was to neutralize the effects of hydrocyanic acid (which reacts with certain metals) and prevent the accumulation of mercury and other toxic heavy metals in the bloodstream.
Rapid urbanization coupled with the increasing per capita income of the consumer is driving the market growth of the boric acid.

Growing demand for boric acid from energy-saving applications and as insulation material in the construction industry is also projected to foster market growth. Increasing use of boric acid for the generation of energy is further projected to propel the growth of boric acid market. thus a high demand for energy due to the growing population will favor the market growth. According to the United Nation, the world’s population is expected to increase by 2 billion persons in the next 30 years, from 7.7 billion in 2019 to 9.7 billion in 2050.

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The Asia Pacific is expected to gain significant growth over the forecast period and this is attributed to the strong presence of the chemical developers in the region. China is one of the largest producers of chemicals. According to the Cefic Facts & Figures 2020, with €1,198 billion in 2018, China is still the largest chemical producer in the world, contributing 35.8% of global chemical sales in 2018.

Key Developments:

1. In August 2020, US Pharmaceutical Corporation®, the probiotic and nutritional supplement company, launches Hylafem® pH vaginal suppositories, a unique, patented, homeopathic suppository product consists of boric acid which efficaciously tackles recurring women’s vaginal health issues.

2. In December 2019, pioneer Ltd has signed its first binding offtake agreement for the supply of 105,000 tonnes of boric acid per annum for five years. This represents over half the expected boric acid annual production from Rhyolite Ridge.

3. In December 2020, Ioneer USA Corporation, an emerging lithium-boron supplier, and Dragonfly Energy announced the completion of a Memorandum of Understanding (MOU) that outlines how the two Nevada-based companies plan to work together to strengthen the domestic battery supply chain from critical materials to the next generation lithium technologies.

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Key players operating in the global boric acid market include 3M, Avantor Performance Materials, BASF SE, U.S. Borax, Eti Maden, Gujarat Boron Derivatives, Minera Santa Rita (MSR), Quiborax, Russian Bor, and Tomiyama Pure Chemicals Industries, Babcock International Group, and others.

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This release was published on openPR.