December 17, 2024 08:11 ET | Source: Research and Markets Research and Markets
Dublin, Dec. 17, 2024 (GLOBE NEWSWIRE) -- The "Boric Acid Market: Analysis By Purity, By Grade, By End User, By Region Size and Trends and Forecast up to 2029" report has been added to ResearchAndMarkets.com's offering. The global boric acid market value stood at US$1 billion in 2023, and is expected to reach US$1.38 billion by 2029. The market is expected to grow at a CAGR of 5.42% over the projected period of 2024-2029. The expanding product applications across various industries, growing demand in agriculture and construction sectors, increasing use in high-tech applications, and the bolstering pharmaceutical and healthcare sectors are some of the major factors propelling the market growth. In addition, rapid industrialization, growing consumer preference for environmentally friendly products, increasing global recognition of boric acid's antiseptic and anti-inflammatory properties, rise in demand for the renewable energy industry, increasing use of boron in fibreglass insulation, growing awareness about the benefits of boric acid in skin care products and eye drops, and increasing adoption of sustainable agriculture practices will continue to boost the growth of global boric acid market in the forecasted period. Methasteron
Market Segmentation Analysis: By Region:
Asia Pacific is the largest and fastest growing region of global boric acid market owing to rapid urbanization and population growth, a strong regional consumer base of borates, rapid industrialization and agricultural activities in countries such as China, India, and Japan, an increasing adoption rate of boric acid in construction sector, the region's extensive industrial operations, high boric acid production and consumption rates in countries like China, positively growing electronics industry and expanding usage of fiberglass in automotive and pharmaceutical industries. Asia Pacific boric market is divided into five regions on the basis of geographical operations, namely, China, Japan, India, South Korea, and rest of Asia Pacific, where the China boric acid market accounted for largest revenue share owing to region's access boron reserves, booming chemical industry, growing demand for high-quality borosilicate glass in manufacturing sector, rapidly growing healthcare sector, fast-paced urbanization and infrastructure development in the region, large population and growing consumer base, strong logistics and supply chain infrastructure, and country's dominance in glass and ceramics production. North America boric acid market has been positively growing over the years, as a result of fast urbanization, robust chemical industry, strong consumer preference for eco-friendly & sustainable products, increase in demand for boric acid in the pharmaceutical and cosmetic industries, region's diverse agricultural landscape with strong focus on high-value crops, increased consumer focus on personal care, and well-established industrial foundation and use of cutting-edge technology across various end user industries. By Exports: The boric acid market exports trade value for countries like the US, Chile, Netherlands, and Argentina increased from 2021 to 2023, owing to increased demand from end user industries operating at full capacity following pandemic restrictions, positive economic growth in key markets, reduced trade restrictions in the post-COVID period, increased boric acid prices, and increased global investments in renewable energy. Also, as global trade began recovering, many countries diversified their raw materials suppliers for boric acid, increasing export opportunities for countries like the US, Chile, Netherlands, and Argentina. However, as a result of fluctuating boron prices, China and European Union experienced a fall in export trade value during the period 2021-2023. Also, market uncertainty and elevated interest rates influenced the continued decline in the German construction industry, resulting in a reduced purchasing activity and downsizing by construction businesses. This resulted in a reduced demand for boric acid during the period. The fluctuations in pricing & demand underscored the dynamic nature of the boric acid market in Europe. By Imports: The boric acid market imports trade value for countries like China, Brazil, Japan, Germany, and European Union, increased from 2021 to 2023, owing to increasing micronutrient demand in fertilizers in countries like China and Brazil with large agricultural sectors, higher consumer spending, increasing consumer awareness of hygiene and pest control after the pandemic, and escalating demand from the downstream industries i.e. pharmaceuticals, fiberglass, agriculture and construction sectors. However, the US, Japan, Germany, and European Union, experienced a fall in Boric acid imports quantity during the period 2021-2023. Boric price faced a decline in the European market primarily driven by the low consumption and ample stock holding by the domestic players. This resulted in lower imports from the major exporters like Turkey and US. Also, red sea crisis forced Turkey to slow down its calcium borate export to the major consumers Asian pacific countries like China and Taiwan. Market Dynamics:
Growth Drivers: The global boric acid market has been rapidly growing over the past few years, due to factors such as increasing availability of boron, rapidly expanding construction industry, increasing use in healthcare and pharmaceutical sector, surge in demand for insulating materials, rapidly growing glass and textile industry, etc. The rising availability of boron, a key raw material for producing boric acid, has improved the supply chain for manufacturers. With stable and abundant supply of boron, producers are scaling up boric acid production to meet the rising demand across various industries, including glass manufacturing, agriculture, and electronics, boosting the growth of global boric acid market. In addition, boric acid's fire retardant properties make it an indispensable component in a wide range of insulating materials, especially in areas with strict fire safety codes. Therefore, growing need for fire-resistant insulation products, and ongoing development of advanced insulation technologies will continue to boost the growth of global boric acid market in the forecasted period. Challenges: However, the global boric acid market growth would be negatively impacted by various challenges such as, fluctuating raw material prices, stringent government regulations, etc. The cost of raw materials used in boric acid manufacturing can be unpredictable, depending on factors such as mining activities, geopolitical difficulties, and market demand. Fluctuations in the cost of these minerals, often driven by changes in international trade policies, availability, and mining costs, directly affects the stability of boric acid pricing, as when the prices of boron minerals rises, the cost of producing boric acid also increases, potentially decreasing its competitiveness compared to alternative products. Trends: The global boric acid market is projected to grow at a fast pace during the forecasted period, owing to, emerging applications in personal care and cosmetics industry, growing focus on use of environmentally friendly materials, emerging applications in end user industries, consumption of boric acid in eco-friendly pest control, etc. Boric acid is a naturally occurring, non-toxic mineral compound with a relatively low environmental impact compared to many synthetic chemicals. As a result, increasing number of industries, particularly, agriculture, personal care, and construction industries, are shifting towards the use of eco friendly boric acid in products such as insulation materials, wood preservatives, and fertilizers. Also, boric acid is largely used as a pH regulator in many cosmetic products like toners, cleansers, and masks. The compound's ability to act as a pH adjuster and preservative largely contributes to its popularity in cosmetics formulation, as a stable pH is crucial for maintaining the effectiveness of skincare products and preventing skin irritation. In addition, boric acid exhibit mild exfoliating properties that help remove dead skin cells and improve skin texture. Competitive Landscape: The global boric acid market is partially consolidated, with majority of regional and domestic players catering to the global demand. The key players of the market are:
The market exhibits high concentration, with a few key players dominating the majority of market share because of their strong brand presence and extensive distribution networks. Companies are focusing on product innovation, expanding their product portfolios, and strategic collaborations to gain a competitive edge in the market. For instance, in march 2023, Rio Tinto (U.S. Borax) announced the launch of Optibor BQ, a highly pure, powder-grade orthoboric acid (H3BO3), specifically designed for use in batteries and capacitors. Similarly, in 2024, Monistat launched feminine cleansing wipes with boric acid that are gentle, fragrance-free and removes odor and discharge without irritating sensitive skin. The wipes are plant-based and contain a unique pH-balanced complex that matches a healthy pH based upon the natural range of a woman's external intimate area. Moreover, in 2023, pH-D Feminine Health announced the launch of the Boric Acid Vaginal Moisturizing Gel to its existing portfolio of holistic feminine health products available exclusively at Walgreens nationwide. Key Attributes:
Key Topics Covered: 1. Executive Summary 2. Introduction 3. Global Market Analysis 3.1 Global Boric Acid Market Analysis 3.2 Global Boric Acid Market Purity Analysis 3.3 Global Boric Acid Market Grade Analysis 3.4 Global Boric Acid Market End User Analysis 3.5 Global Boric Acid Market Exports Analysis 3.6 Global Boric Acid Market Imports Analysis 4. Regional Market Analysis 5. Impact of COVID-19 6. Market Dynamics 6.1 Growth Drivers 6.1.1 Increasing Availability of Boron 6.1.2 Rapidly Expanding Construction Industry 6.1.3 Increasing Use in Healthcare and Pharmaceutical Sector 6.1.4 Surge in Demand for Insulating Materials 6.1.5 Rapidly Growing Glass and Textile Industry 6.2 Challenges 6.2.1 Fluctuating Raw Material Prices 6.2.2 Stringent Government Regulations 6.3 Market Trends 6.3.1 Emerging Applications in Personal Care and Cosmetics Industry 6.3.2 Growing Focus on Use of Environmentally Friendly Materials 6.3.3 Emerging Applications in End User Industries 6.3.4 Consumption of Boric Acid in Eco-friendly Pest Control 7. Competitive Landscape 8. Company Profiles
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