Boric Acid Market Size, Growth Trends and Forecast 2026-2032 (CAGR 5.6%)

Allied Market Research has published a comprehensive report titled "Boric Acid Market by Grade and End-Use Industry: Global Opportunity Analysis and Industry Forecast, 2022-2032." According to the study, the global boric acid market was valued at $1.0 billion in 2022 and is projected to reach $1.8 billion by 2032, growing at a CAGR of 5.6% from 2023 to 2032.

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Key Growth Drivers:

The boric acid market is gaining steady momentum due to:

- Rising utilization across industrial applications, including glass, ceramics, detergents, and metalworking

- Growing demand from commercial and residential construction, particularly for flame-retardant and insulation materials

However, stringent environmental and health regulations related to boron compounds pose a restraint to market expansion. On the upside, increasing demand from the fiberglass industry is expected to unlock lucrative growth opportunities during the forecast period.

Market Snapshot:

- Base Year: 2022
- Forecast Period: 2023-2032
- Market Size (2022): $1.0 Billion
- Market Size (2032): $1.8 Billion
- CAGR: 5.6%
- Report Pages: 250
- Segments Covered: Grade, End-Use Industry, Region

Impact of the Russia-Ukraine War:

- Geopolitical tensions between Russia and Ukraine have introduced uncertainty into global commodity markets. Disruptions in production, logistics, or trade routes could lead to supply chain imbalances and price volatility in the boric acid market. Trade sanctions and economic instability may also influence demand from key end-use industries, encouraging some manufacturers to explore alternative materials if supply becomes inconsistent or cost-prohibitive.

Segment Insights:

Industrial Grade Leads; Pharmaceutical Grade Grows Fastest

- Industrial-grade boric acid accounted for over two-fifths of global revenue in 2022 and is expected to maintain its dominance. Its widespread use in glass, ceramics, detergents, flame-retardant textiles, plastics, corrosion inhibitors, and nuclear power plants underscores its industrial significance and cost efficiency.

- Pharmaceutical-grade boric acid is projected to register the highest CAGR of 5.9% through 2032, driven by its high purity standards and medical applications. It is extensively used in ophthalmic solutions, skin ointments, ear drops, and antifungal formulations, particularly in eye and dermatological treatments.

Construction Dominates End-Use; Healthcare Shows Strong Momentum

- The construction sector led the market in 2022, contributing more than one-fourth of total revenue, and is expected to remain dominant by 2032. Boric acid is widely used as a flame retardant, corrosion inhibitor, wood preservative, and cement additive, enhancing safety and durability in buildings.

- The pharmaceutical and healthcare segment is anticipated to grow at the fastest CAGR of 6.0%, supported by rising demand for antiseptic, antibacterial, pH-regulating, and preservative applications in medicines and healthcare formulations.

Regional Outlook: Asia-Pacific at the Forefront

- The Asia-Pacific region held the largest market share in 2022, accounting for over two-fifths of global revenue, and is expected to maintain its leadership through 2032. Rapid industrialization, expanding construction activity, and strong demand from glass, ceramics, electronics, and agriculture sectors are driving growth. China and India remain key contributors, supported by infrastructure investments and a robust manufacturing ecosystem.

Competitive Landscape:-

Key players operating in the global boric acid market include:

- BASF SE
- 3M
- Gujarat Boron Derivatives Pvt. Ltd.
- Speed International
- Minera Santa Rita
- Quiborax
- U.S. Borax
- Eti Maden
- Junsei Chemical Co., Ltd.
- Rose Mill Co.

These companies are actively pursuing product innovations, expansions, collaborations, joint ventures, and strategic agreements to strengthen their market presence and gain a competitive edge across regions.

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