The global boric acid market is anticipated to witness growth over the forecast period. The market is mainly driven by the rising in per capita income, employment rate, and the rapid rate of industrialization. Besides, increase in energy needs, increase in the awareness of energy conservation methods, and the rapid rate of urbanization fueling the demand of the boric acid market.
“Boric acid” is also called as “hydrogen borate”, or “boracic acid”. It is a weak, monobasic used as an antiseptic, insecticide, flame retardant. It exists in colorless crystals or a white powder that dissolves in water. Boracic acid is odorless. It has a crystalline structure usually available as a water-soluble powder form. The global boric acid market is expected to have significant growth rate, attributed to growing energy saving appliances market. The market is segmented By Application into Industrial/Commercial, Household.
Boric acid is used in energy-saving applications and as insulation of commercial and residential buildings. Another benefit of Boric acid is that it is used in the generation of energy from oil extracts and the wind. In the U.S., it is observed that the reduction in unoccupied rates and stable income levels have increased the construction activities of residential and commercial activities. The “Industrial and commercial” segment has a significant growth rate and it is expected to have a substantial growth rate during the forecast period.
Boric acid market is segmented By End-User into Tiles, Ceramic, and Fiberglass Manufacturers, Flame Retardants, Agriculture, Wood Preservation, Pharmaceuticals, Cosmetics. Among all the End–users, the manufacturers of ceramic and tiles and fiberglass segment are expected to contribute for the significant revenue share over the forecast period of 2014-2025, in the globally boric acid market.
The market is segmented By Distribution Channel into Wholesale, E-Commerce, and Retail Shop: Hypermarket/Supermarket, Independent Shop, and Convenient Shop. The “wholesale” segment contributes to the significant revenue share over the forecast period in the global market.
The market is segmented By Geographical Region into North America, Latin America, Western Europe, Eastern Europe, and Asia Pacific except Japan, Japan, and the Middle East & Africa Among the all regions.
North America holds a significant share of the global boric acid market of value; attributed to rising employment rate and rising disposable income; also increase in the standard of living. The “Asia Pacific except Japan” region accounts for significantly high demand size share in the global market with constant growth rate.
Eastern Europe and Japan also account for significant value share in the global boric acid market.
The Key Players include 3M, Avantor Performance Material, BASF, Borax, Eti Maden, and Gujarat Boron Derivatives.
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