Boric Acid Market Opportunities, Business Forecast To 2029

According to Precision Business Insights (PBI), the latest report boric acid market was valued at USD 1,035.1 million in 2022, growing at an 5.7% CAGR from 2023 to 2029. The increased demand from the renewable energy sector for industrial-grade boric acid in the glass, textile, and construction activities across the globe is expected to drive the boric acid market, Moreover, the increased popularity of boric acid in the jewellery industry with denatured alcohol to reduce surface oxidation and thus formation of fire scale on metals during annealing and soldering operations. Furthermore, boric acid is used in some nuclear power plants as a neutron poison to reduce the probability of thermal fission by absorbing some thermal neutrons. Numerous players are increased the production capacities as a result of the widespread use of boric acid in many different applications. Major key competitors operating in the target market face a challenge from the rising demand for low-cost, high-efficiency products.

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The boric acid market is segmented based on Form, End-user, Application, Distribution channel and Geography.
Based on the Form, the market is segmented into the following:
• Powder
• Granular
• Liquid

Based on the End-User, the market is segmented into the following:
• Tiles, Ceramic, and Fiberglass Manufacturers
• Flame Retardants
• Agriculture
• Wood Preservation
• Pharmaceuticals
• Cosmetics

Based on the Application, the market is segmented into the following:
• Industrial/Commercial
• Household

Based on the Distribution channel, the market is segmented into the following:
• Wholesale
• E-Commerce
• Retail Shop
• Hypermarket/Supermarket
• Independent Shop
• Convenient Shop

Based on Geography, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Pharmaceutical Industries are dominating the Boric Acid Market:
Based on End-User, the pharmaceutical industry is anticipated to show a significant growth rate in the market share over the forecast period. Owing to its property to promote the proper acid balance in the vagina is used extensively to treat yeast infections of the vagina and relieve symptoms such as itching and burning. For instance, Nutricost Women launched Nutricost Boric Acid capsules, a vaginal suppository to treat vaginal infections owing to its anti-fungal and anti-bacterial properties. Besides this, a teaspoon of boric acid in distilled water makes a great washer for wounds, minor burns, acne treatment, and rashes. Furthermore, it relieves the itch from insect bites. Boric acid has been shown to shorten the duration of cold sores leading to increased demand for boric acid in the market.

Asia Pacific Leads Boric Acid Market:
The boric acid market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific accounted for a significant share in the boric acid market. The market is expected to grow at a significant CAGR over the forecast years owing to China and India having well-developed healthcare and cosmetic industries. China and India are the top agricultural producers leading to the extensive use of pesticides thus increasing boric acid consumption. China was by far the world's leading agricultural producer with a 2020 annual output valued at $1.56 trillion, $1.5 trillion of which was food, according to the Food and Agriculture Organization (FAO) of the United Nations. The market in this region has been driven by the expanding usage of fiberglass in the automotive, construction, and pharmaceutical industries.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
Boric Acid market further reveals that the key players increasingly adopting strategies such as the launch of newer products, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance,
In February 2022, pH-D Feminine Health launched Holistic Body Wipes, the first wipes to contain boric acid, a powerful yet gentle ingredient to help neutralize odor on any part of the body.
In 2020, Eti Maden acquired Bandirma Boron and Acid Chemicals Industries Inc. The acquisition is aimed at strengthening Eti Maden's position in the global boric acid market.

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Key player's profiles in the boric acid market report are Sociedad Industrial Tierra, 3M, Avantor, BASF SE, Borax, ETI Maden, Gujarat Boron Concern OJSC, Borax Moraji Ltd., Toiyama Pure Chemical, Nippon Denko Co. Ltd., Southern Agricultural Insecticides Inc., Quiborax SA, American Borate Company, Tokyo Chemical Industries Ltd. and Italia SPA

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