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Boric Acid Market Size, Share & Trends Analysis Report By Grade (Industrial, Pharmaceutical, and Others), By End-use (Construction, Agriculture, Automotive, Electronics, Pharmaceutical & Healthcare, and Others), By Regional Outlook and Forecast, 2023 - 2030

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    Report

  • 264 Pages
  • February 2024
  • Region: Global
  • Marqual IT Solutions Pvt. Ltd (KBV Research)
  • ID: 5943416
The Global Boric Acid Market size is expected to reach $1.5 billion by 2030, rising at a market growth of 5.3% CAGR during the forecast period. In the year 2022, the market attained a volume of 809.6 kilo tonnes, experiencing a growth of 4.5% (2019-2022).

Boron, an essential micronutrient, is supplied to plants as boric acid. Boron soil deficiency can lead to reduced crop yields and inferior crop quality. Using boric acid in fertilizers helps address this deficiency, promoting healthy plant growth and optimizing agricultural productivity. Consequently, the agriculture segment would generate approximately 14.27% share of the market by 2030. Boron, supplied through boric acid, plays a crucial role in the reproductive processes of plants, including flower and seed development. Adequate boron levels contribute to improved pollination and fertilization, leading to more successful crop reproduction.



Agricultural expansion often involves cultivating land that may have varying soil conditions. Boric acid enhances soil health and fertility by correcting boron deficiencies. This contributes to creating an optimal environment for plant growth and nutrient absorption. Precision farming emphasizes efficient resource use. The precise application of boric acid in line with crop needs improves nutrient use efficiency, reducing the potential for overuse of fertilizers and minimizing environmental impact. Therefore, the market is expanding significantly due to the agricultural expansion and precision farming. Moreover, Boric acid has been studied for its potential to improve the mechanical properties of biodegradable materials. Its inclusion in bioplastics can enhance material strength and durability, making them more practical for various applications while maintaining environmental sustainability. Boric acid has been explored for its potential use in biodegradable agricultural films. Thus, boric acid's role in sustainable material formulations aligns with corporate sustainability initiatives, driving market growth.

However, Fluctuating boron prices directly influence the production costs of boric acid. Abrupt and unpredictable changes in boron prices create challenges for producers in managing and stabilizing their production costs, impacting overall profitability. The volatility in boron prices can lead to uncertainty in setting product prices for boric acid. Producers may struggle to establish stable pricing structures, which can affect their competitiveness in the market and lead to challenges in attracting customers. Producers that adapt quickly to price changes may gain a competitive advantage, while others may face challenges in maintaining market growth.

By Application Analysis

Based on grades, the market is classified into pharmaceutical, industrial, and others. The pharmaceutical segment acquired a substantial revenue share in the market in 2022. Boric acid is commonly used to formulate ophthalmic solutions and eye drops. Its mild antiseptic properties make it suitable for treating eye infections and irritations, driving its adoption in producing pharmaceutical-grade eye care products. In dermatology, boric acid is incorporated into skincare products and topical medications due to its antiseptic and soothing properties. It plays a role in formulations to treat skin conditions like dermatitis, eczema, and fungal infections. Boric acid has been utilized in the treatment of certain vaginal infections. Suppositories containing pharmaceutical-grade boric acid address conditions such as bacterial vaginosis and recurrent yeast infections.



By End User Analysis

By end-use, the market is categorized into automotive, construction, agriculture, pharmaceutical & healthcare, electronics, and others. In 2022, the construction segment held the highest revenue share in the market. Boric acid is used in wood treatment to protect against decay and insect infestation. Treated wood exhibits increased resistance to fungi, termites, and other wood-boring insects, prolonging the lifespan of wooden structures and components. The construction segment’s increasing focus on sustainability has led to the exploration of boric acid in developing bio-based and biodegradable materials. This aligns with the industry’s commitment to reducing environmental impact and promoting eco-friendly construction practices.

By Regional Analysis

Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region acquired a significant revenue share in the market. The North American agricultural sector recognizes the importance of boron in addressing soil deficiencies, improving crop yields, and enhancing overall agricultural productivity. The emphasis on fire safety in North America, particularly in industries like textiles and electronics, drives the increased adoption of boric acid for its flame-retardant properties. The industrial sector in North America utilizes boric acid for various applications, including corrosion inhibition in metalworking, production of ceramics and glass, and as a flux in soldering processes.

List of Key Companies Profiled

  • Rio Tinto PLC (Rio Tinto Internationals Holdings Limited)
  • Rose Mill Co.
  • Speed International India Pvt Ltd.
  • Avantor, Inc.
  • 3M Company
  • Minera Santa Rita S.R.L
  • Quiborax S.A.
  • Gujarat Boron Derivatives Pvt. Ltd
  • Eti Maden
  • BASF SE

Market Report Segmentation

By Grade (Volume, Killo Tonnes, USD Billion, 2019-2030)
  • Industrial
  • Pharmaceutical
  • Others
By End User (Volume, kilo Tonnes, USD Billion, 2019-2030)
  • Construction
  • Agriculture
  • Automotive
  • Electronics
  • Pharmaceutical & Healthcare
  • Others
By Geography (Volume, Kilo Tonnes, USD Billion, 2019-2030)
  • North America
  • US
  • Canada
  • Mexico
  • Rest of North America
  • Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
  • LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Table of Contents

Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Global Boric Acid Market, by Grade
1.4.2 Global Boric Acid Market, by End-Use
1.4.3 Global Boric Acid Market, by Geography
1.5 Methodology for the research
Chapter 2. Market at a Glance
2.1 Key Highlights
Chapter 3. Market Overview
3.1 Introduction
3.1.1 Overview
3.1.1.1 Market Composition and Scenario
3.2 Key Factors Impacting the Market
3.2.1 Market Drivers
3.2.2 Market Opportunities
3.2.3 Market Restraints
3.2.4 Market Challenges
3.3 Porter’s Five Forces Analysis
Chapter 4. Global Boric Acid Market by Grade
4.1 Global Industrial Market by Region
4.2 Global Pharmaceutical Market by Region
4.3 Global Others Market by Region
Chapter 5. Global Boric Acid Market by End-use
5.1 Global Construction Market by Region
5.2 Global Agriculture Market by Region
5.3 Global Automotive Market by Region
5.4 Global Electronics Market by Region
5.5 Global Pharmaceutical & Healthcare Market by Region
5.6 Global Others Market by Region
Chapter 6. Global Boric Acid Market by Region
6.1 North America Boric Acid Market
6.1.1 North America Boric Acid Market by Grade
6.1.1.1 North America Industrial Market by Country
6.1.1.2 North America Pharmaceutical Market by Country
6.1.1.3 North America Others Market by Country
6.1.2 North America Boric Acid Market by End-use
6.1.2.1 North America Construction Market by Country
6.1.2.2 North America Agriculture Market by Country
6.1.2.3 North America Automotive Market by Country
6.1.2.4 North America Electronics Market by Country
6.1.2.5 North America Pharmaceutical & Healthcare Market by Country
6.1.2.6 North America Others Market by Country
6.1.3 North America Boric Acid Market by Country
6.1.3.1 US Boric Acid Market
6.1.3.1.1 US Boric Acid Market by Grade
6.1.3.1.2 US Boric Acid Market by End-use
6.1.3.2 Canada Boric Acid Market
6.1.3.2.1 Canada Boric Acid Market by Grade
6.1.3.2.2 Canada Boric Acid Market by End-use
6.1.3.3 Mexico Boric Acid Market
6.1.3.3.1 Mexico Boric Acid Market by Grade
6.1.3.3.2 Mexico Boric Acid Market by End-use
6.1.3.4 Rest of North America Boric Acid Market
6.1.3.4.1 Rest of North America Boric Acid Market by Grade
6.1.3.4.2 Rest of North America Boric Acid Market by End-use
6.2 Europe Boric Acid Market
6.2.1 Europe Boric Acid Market by Grade
6.2.1.1 Europe Industrial Market by Country
6.2.1.2 Europe Pharmaceutical Market by Country
6.2.1.3 Europe Others Market by Country
6.2.2 Europe Boric Acid Market by End-use
6.2.2.1 Europe Construction Market by Country
6.2.2.2 Europe Agriculture Market by Country
6.2.2.3 Europe Automotive Market by Country
6.2.2.4 Europe Electronics Market by Country
6.2.2.5 Europe Pharmaceutical & Healthcare Market by Country
6.2.2.6 Europe Others Market by Country
6.2.3 Europe Boric Acid Market by Country
6.2.3.1 Germany Boric Acid Market
6.2.3.1.1 Germany Boric Acid Market by Grade
6.2.3.1.2 Germany Boric Acid Market by End-use
6.2.3.2 UK Boric Acid Market
6.2.3.2.1 UK Boric Acid Market by Grade
6.2.3.2.2 UK Boric Acid Market by End-use
6.2.3.3 France Boric Acid Market
6.2.3.3.1 France Boric Acid Market by Grade
6.2.3.3.2 France Boric Acid Market by End-use
6.2.3.4 Russia Boric Acid Market
6.2.3.4.1 Russia Boric Acid Market by Grade
6.2.3.4.2 Russia Boric Acid Market by End-use
6.2.3.5 Spain Boric Acid Market
6.2.3.5.1 Spain Boric Acid Market by Grade
6.2.3.5.2 Spain Boric Acid Market by End-use
6.2.3.6 Italy Boric Acid Market
6.2.3.6.1 Italy Boric Acid Market by Grade
6.2.3.6.2 Italy Boric Acid Market by End-use
6.2.3.7 Rest of Europe Boric Acid Market
6.2.3.7.1 Rest of Europe Boric Acid Market by Grade
6.2.3.7.2 Rest of Europe Boric Acid Market by End-use
6.3 Asia Pacific Boric Acid Market
6.3.1 Asia Pacific Boric Acid Market by Grade
6.3.1.1 Asia Pacific Industrial Market by Country
6.3.1.2 Asia Pacific Pharmaceutical Market by Country
6.3.1.3 Asia Pacific Others Market by Country
6.3.2 Asia Pacific Boric Acid Market by End-use
6.3.2.1 Asia Pacific Construction Market by Country
6.3.2.2 Asia Pacific Agriculture Market by Country
6.3.2.3 Asia Pacific Automotive Market by Country
6.3.2.4 Asia Pacific Electronics Market by Country
6.3.2.5 Asia Pacific Pharmaceutical & Healthcare Market by Country
6.3.2.6 Asia Pacific Others Market by Country
6.3.3 Asia Pacific Boric Acid Market by Country
6.3.3.1 China Boric Acid Market
6.3.3.1.1 China Boric Acid Market by Grade
6.3.3.1.2 China Boric Acid Market by End-use
6.3.3.2 Japan Boric Acid Market
6.3.3.2.1 Japan Boric Acid Market by Grade
6.3.3.2.2 Japan Boric Acid Market by End-use
6.3.3.3 India Boric Acid Market
6.3.3.3.1 India Boric Acid Market by Grade
6.3.3.3.2 India Boric Acid Market by End-use
6.3.3.4 South Korea Boric Acid Market
6.3.3.4.1 South Korea Boric Acid Market by Grade
6.3.3.4.2 South Korea Boric Acid Market by End-use
6.3.3.5 Singapore Boric Acid Market
6.3.3.5.1 Singapore Boric Acid Market by Grade
6.3.3.5.2 Singapore Boric Acid Market by End-use
6.3.3.6 Malaysia Boric Acid Market
6.3.3.6.1 Malaysia Boric Acid Market by Grade
6.3.3.6.2 Malaysia Boric Acid Market by End-use
6.3.3.7 Rest of Asia Pacific Boric Acid Market
6.3.3.7.1 Rest of Asia Pacific Boric Acid Market by Grade
6.3.3.7.2 Rest of Asia Pacific Boric Acid Market by End-use
6.4 LAMEA Boric Acid Market
6.4.1 LAMEA Boric Acid Market by Grade
6.4.1.1 LAMEA Industrial Market by Country
6.4.1.2 LAMEA Pharmaceutical Market by Country
6.4.1.3 LAMEA Others Market by Country
6.4.2 LAMEA Boric Acid Market by End-use
6.4.2.1 LAMEA Construction Market by Country
6.4.2.2 LAMEA Agriculture Market by Country
6.4.2.3 LAMEA Automotive Market by Country
6.4.2.4 LAMEA Electronics Market by Country
6.4.2.5 LAMEA Pharmaceutical & Healthcare Market by Country
6.4.2.6 LAMEA Others Market by Country
6.4.3 LAMEA Boric Acid Market by Country
6.4.3.1 Brazil Boric Acid Market
6.4.3.1.1 Brazil Boric Acid Market by Grade
6.4.3.1.2 Brazil Boric Acid Market by End-use
6.4.3.2 Argentina Boric Acid Market
6.4.3.2.1 Argentina Boric Acid Market by Grade
6.4.3.2.2 Argentina Boric Acid Market by End-use
6.4.3.3 UAE Boric Acid Market
6.4.3.3.1 UAE Boric Acid Market by Grade
6.4.3.3.2 UAE Boric Acid Market by End-use
6.4.3.4 Saudi Arabia Boric Acid Market
6.4.3.4.1 Saudi Arabia Boric Acid Market by Grade
6.4.3.4.2 Saudi Arabia Boric Acid Market by End-use
6.4.3.5 South Africa Boric Acid Market
6.4.3.5.1 South Africa Boric Acid Market by Grade
6.4.3.5.2 South Africa Boric Acid Market by End-use
6.4.3.6 Nigeria Boric Acid Market
6.4.3.6.1 Nigeria Boric Acid Market by Grade
6.4.3.6.2 Nigeria Boric Acid Market by End-use
6.4.3.7 Rest of LAMEA Boric Acid Market
6.4.3.7.1 Rest of LAMEA Boric Acid Market by Grade
6.4.3.7.2 Rest of LAMEA Boric Acid Market by End-use
Chapter 7. Company Profiles
7.1 Rio Tinto PLC (Rio Tinto International Holdings Limited)
7.1.1 Company Overview
7.1.2 Financial Analysis
7.1.3 Segmental and Regional Analysis
7.1.4 Research & Development Expenses
7.1.5 SWOT Analysis
7.2 ROSE MILL CO.
7.2.1 Company Overview
7.2.2 SWOT Analysis
7.3 Minera Santa Rita S.R.L.
7.3.1 Company Overview
7.3.2 SWOT Analysis
7.4 Speed International India Pvt. Ltd.
7.4.1 Company Overview
7.4.2 SWOT Analysis
7.5 Quiborax S.A.
7.5.1 Company Overview
7.5.2 SWOT Analysis
7.6 Gujarat Boron Derivatives Pvt. Ltd.
7.6.1 Company Overview
7.6.2 SWOT Analysis
7.7 Eti Maden
7.7.1 Company Overview
7.7.2 SWOT Analysis
7.8 3M Company
7.8.1 Company Overview
7.8.2 Financial Analysis
7.8.3 Segmental and Regional Analysis
7.8.4 Research & Development Expense
7.8.5 SWOT Analysis
7.9 BASF SE
7.9.1 Company Overview
7.9.2 Financial Analysis
7.9.3 Segmental and Regional Analysis
7.9.4 Research & Development Expense
7.9.5 SWOT Analysis
7.10. Avantor, Inc.
7.10.1 Company Overview
7.10.2 Financial Analysis
7.10.3 Regional Analysis
7.10.4 SWOT Analysis
Chapter 8. Winning Imperatives of Boric Acid Market

Companies Mentioned

  • Rio Tinto PLC (Rio Tinto Internationals Holdings Limited)
  • Rose Mill Co.
  • Speed International India Pvt Ltd.
  • Avantor, Inc.
  • 3M Company
  • Minera Santa Rita S.R.L
  • Quiborax S.A.
  • Gujarat Boron Derivatives Pvt. Ltd
  • Eti Maden
  • BASF SE

Methodology

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