Boric Acid Market: Overview
The boric acid market may witness growth in the forecast period of 2019-2029 on the back of use in various applications such as nutritional supplements, pest control, ceramics and fiberglass, flame retardants, wood preservatives, and others. Boric acid is also used in diverse end-use industries such as agriculture, pharmaceutical, building and construction, nuclear, and chemical processing. Factors such as rapid industrialization and towering energy needs may further bring good growth opportunities for the boric acid market.
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Boric acid, also known as boracic acid or hydrogen borate exists in powder or crystalline form. It is odorless and dissolves easily in water. The antiseptic properties of boric acid may help in increasing the growth rate.
This boric acid market report analyzes diverse factors influencing the growth rate. Some major parameters such as key trends, competitive landscape, and the regional outlook of the boric acid market have been thoroughly studied and covered in this report. Market stakeholders can greatly benefit from this deeply scrutinized report on the boric acid market. Furthermore, this report also sees the boric acid market through the lens of the COVID-19 outbreak, thus giving a complete idea of the present market scenario.
Boric Acid Market: Competitive Outlook
The boric acid market is moderately fragmented. The players in the boric acid market are involved in neck-to-neck competition. Mergers, acquisitions, partnerships, joint ventures, and collaborations are always in the process to enable the key players of the boric acid market to cement their base. A strong distribution network is also attributed to great growth across the boric acid market.
Some well-established players in the boric acid market are American Borate Company, Eti Maden, Quiborax S.A., Russian Bor Concern OJSC, Indo Borax and Chemicals Ltd., Gujarat Boron Derivatives, Minera Santa Rita S.R.L., 3M Company, and Tomiyama Pure Chemical Industries Ltd.
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Boric Acid Market: Key Trends
The increasing application of boron in specialty glass and fiberglass may bring growth opportunities for the boric acid market. Benefits such as chemical and heat resistance, increased breakage index, and a reduced melting point will prove to be advantageous for the production of specialty glass and fiberglass.
In addition, research and development activities about the use of boric acid in recovering from various diseases and disorders may turn the tables of growth for the boric acid market. For instance, research indicated that boric acid is an effective second-line treatment for yeast infection. When other antifungal medications do not work in favor of recovering from yeast infection, boric acid is used as an alternative. Such findings may help in expanding the growth base of the boric acid market.
Boric Acid Market: Regional Analysis
The boric acid market is geographically segmented into Latin America, the Middle East and Africa, North America, Asia Pacific, and Europe. Asia Pacific may emerge as the largest growth contributor for the boric acid market during the forecast period. The main factors accounted for the contribution is the considerable rise in construction activities and the rapid industrialization rate in Asia Pacific. Agriculture is the main occupation of India. Insecticides are used on a large scale for protecting the farms. Boric acid is a prime component of producing insecticides. Hence, this aspect may prove to be a growth multiplier for the boric acid market in the region.
North America and Europe may also hold a vital share due to a surge in demand for cosmetics and pharmaceuticals.
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