Boric Acid Market Size
Market Outlook:
Base Year Value (2023)
USD 750.01 Million
CAGR (2024-2032)
4.2%
Forecast Year Value (2032)
USD 1.09 Billion
Historical Data Period
2019-2023
Largest Region
Asia Pacific
Forecast Period
2024-2032
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Market Dynamics:
Growth Drivers & Opportunity:Boric acid market is expected to witness substantial growth due to increasing demand from end-use industries such as construction, ceramics, and pharmaceuticals. The growing construction industry, especially in emerging economies, is driving the demand for boric acid as it is widely used in the production of fiberglass, insulation materials, and wood preservatives. Additionally, the expanding pharmaceutical sector is creating new growth opportunities for boric acid as it is used in the manufacturing of eye drops, antiseptics, and other medicinal products. Furthermore, the rising demand for boric acid in the ceramics industry for glazes and enamels is further fueling market growth.
Industry
Report Scope
| Report Coverage | Details |
|---|---|
| Segments Covered | Grade, End-use |
| Regions Covered | • North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA) |
| Company Profiled | NIPPON DENKO CO. LTD, 3M, Minera Santa Rita S.R.L., Southern Agricultural Insecticides, Quiborax S.A., American Borate Company, EtiMaden, Promega, Rio Tinto Group |
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Despite the positive growth prospects, the boric acid market is facing certain restraints that could hinder its growth trajectory. A primary hindrance is the stringent regulations imposed by various governments regarding the usage of boric acid in consumer products, which is impacting the overall market demand. Additionally, the fluctuating prices of raw materials such as boron ore are posing a challenge for market players in terms of cost management and pricing strategies. These restraints could potentially slow down the growth of the boric acid market in the coming years.
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