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 market is projected to reach USD 8.5 billion by the end of 2028.
A significant growth rate is expected on the global boric acid market as a result of the rising demand in energy saving equipment. Boric acid is used as a commercial and residential building insulation in energy-efficient applications. Boric acid is also advantageous to the fact that it is used in the production of oil and wind energy. The decline in the unoccupied rate and stable employment has increased residential and commercial construction activity in the US.
In terms of region the global market is divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa. The increased demand in building and automotive applications for glass and fiberglass has led to the growth of the boric acid market in countries like China and India of the Asian-Pacific region. Asia Pacific is projected to account for more than 50% share over the foreseeable future.
In terms of application the global market is segmented into Fiberglass Industry, Building and Construction, Ceramics, Pharmaceuticals, Others. Ceramics and fiber glass is projected to account for a major market revenue share over the foreseeable future.
Key players include Minera Santa Rita S.R.L., Gujarat Boron Derivatives, Organic Industries Pvt. Ltd., QUIBORAX S.A., Russian Bor Concern OJSC, TOMIYAMA PURE CHEMICAL INDUSTRIES, LTD., U.S. Borax, Eti Maden, Avantor Performance Materials, LLC, 3M Company.
Key segments across Boric Acid market
- Application Overview, 2019-2028, (USD Billion)
- Fiberglass Industry
- Building and Construction
- Regional Overview, 2019-2028, (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Central & South America
- Middle East & Africa
- Saudi Arabia