Boric Acid Market Size

Boric Acid Market Growth Projections and Opportunities

The boric acid market around the world is expected to grow a lot from 2022 to 2030. In 2020, it was worth USD 873.9 million, and by 2030, it's predicted to be around USD 1530.2 million. The amount of boric acid used, measured in kilotons, was 1,216.2 in 2021 and is expected to grow to 1,855.3 by 2030. The demand for boric acid is mainly driven by the need for materials that provide insulation, especially for homes and businesses. The market has also expanded because more buildings are being constructed, thanks to an increase in how much money people earn. The use of boric acid in fiberglass insulation is a big reason for this growth, and it's expected to continue in the coming years. There are also new opportunities for the boric acid market in the oil and gas industry, where boron and borate products are needed for various purposes like changing viscosity and pH. The demand for boric acid is expected to go up even more because of its use in making consumer electronics and glazed ceramics. However, there are some restrictions on using boric acid in personal care products in Europe, where it's considered a cancer-causing substance. This might slow down the market's growth. On the positive side, the increasing demand for eco-friendly materials and the use of borosilicate glass in things like cookware and laboratory equipment could create more growth opportunities for the market. Boric acid is being used a lot in the fiberglass industry. It's helping to lower high-temperature viscosity, which is important in making certain materials. Many countries, including China, Germany, and Spain, are trying to switch to using more renewable energy sources. The Global Wind Energy Council predicts that by 2035, over 25% of the world's electricity will come from renewable energy, with a big chunk of that coming from wind. This shift to renewable energy helps reduce carbon dioxide emissions. The government is also making some rules about using boric acid because of safety concerns. In Europe, it's classified as a cancer-causing substance. This might affect the market during the forecast period. The global rules about using boric acid are expected to be a limitation during this time. Each country has its own rules about using boric acid, and this makes it hard for companies to follow all of them. This, in turn, discourages investments in the boric acid market. According to the analysis, the boric acid market is divided based on how it's used, the industries that use it, and the regions where it's used. In terms of use, it's divided into household and industrial applications. The industrial use is more common, making up 64.7% in 2020. It's used in things like fiberglass, cosmetics, pesticides, and pharmaceuticals. For industries, it's used in tiles, ceramics, fiberglass, flame retardants, agriculture, wood preservation, pharmaceuticals, cosmetics, and more. Fiberglass is the biggest industry using boric acid, making up 30.0% in 2021. The biggest market for boric acid in 2021 was in the Asia-Pacific region, making up 36.4% of the market. This is because the industries in this region, like fiberglass, cosmetics, and construction, are growing a lot. India is also a big user of boric acid in agrochemicals, which are used in pesticides and insecticides. In North America, the market is expected to grow by 6.4% to reach USD 430.3 million by 2030.