Global Boric Acid Market - 2020-2027
The global Boric Acid market was worth USD XX billion in 2019 and is forecasted to reach USD XX billion by 2027, growing at a CAGR of XX% during the forecast period (2020-2027).
Boric acid is an odorless, nearly tasteless, and non-flammable compound. It is used as a minor antiseptic, anti-fungal agent, and insecticide for control of cockroaches, termites, fire ants, and fleas. It is also used in the manufacture of glass and fiberglass, halogen light bulbs, laboratory glassware and circuit boards, and in nuclear power plants to slow down the rate of the fission reaction. The basic raw materials used for the manufacture of boric acid are borax and sulfuric acid. The compound is manufactured industrially by reacting borax with mineral acids like hydrochloric acid. It is also obtained as a by-product during the hydrolysis of diborane and boron trihalides. It also gets bio-accumulated, which has a negative impact on the environment.
Rising construction activities and the need for improved energy efficiency will drive the market for fiberglass insulation, thereby propelling the market growth. The growing demand for housing in the US will also fuel the market growth. In addition, the requirement for energy efficiency and improved insulation among consumers promotes the use of insulation fiberglass, which is the largest application segment of boric acid. Insulation fiberglass is used for the thermal lining of residential and commercial buildings. It helps to reduce energy use and carbon dioxide emissions from the built environment. Insulation fiberglass is also used in duct and pipe wrap for refrigeration, heating, ventilation, and air conditioning systems.
In addition, high demand for Borosilicate glass is also driving the market growth. Borosilicate glass is widely used in the production of cookware and laboratory ware owing to its high durability and heat-resistant properties. Borosilicate glass is resistant to heat and chemicals, faces less material stress than regular glass due to its lower thermal expansion coefficient, and is durable than conventional glass.
The report considers the revenue generated from the sale of boric acid in several industries including glass and fiberglass, pharmaceuticals and personal care products, flame retardants, wood preservatives and pest control, nutritional supplements, and other segments. The glass and fiberglass segment includes borosilicate glass, fiberglass, and insulation fiberglass. We expect the growing demand for fiberglass to boost the global demand for boric acid. The use of boric acid for the production of fiberglass accounted for more than 31% of the total fiberglass segment in 2019. The demand for borosilicate glass as it exhibits high temperature resistance properties was also considerable. Growth in the global construction industry and rising demand for higher thermal efficiency, lightweight, strength, durability, and eco-friendly insulation products will propel the market growth. Further, increasing awareness regarding energy conservation is driving the demand for fiberglass insulation.
Based on the region, the global Boric Acid market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. APAC will hold a market share of XX% in 2019. The growing demand for boric acid for household insecticide products and industrial applications are fostering the market growth in the region. The rising demand for boric acid as an antiseptic and wood preservative is expected to fuel the market growth. China, India, Japan, and South Korea are the major markets for boric acid in APAC. Boric acid is also used for application in nuclear power plant, household products, and the textile and chemical industries. China and India are rapidly developing, which has increased the disposable income of consumers and the purchase power parity of the general population. The increase in the number of construction projects and infrastructure development activities has increased the demand for boric acid for use as a flame retardant.
3M, Avantor Performance Materials, BASF, Borax, Eti Maden, and Gujarat Boron Derivatives are the established vendors in the market. Borax functions as the largest boric acid plant in the world. It is located in the US and produces more than XX thousand metric tons of boric acid annually. Borax caters to more than XX% of the global demand for boric acid.