Boric Acid Market Latest Trends and Regional Growth Forecast by Types and Applications 2019 Boric Acid Market: High Yield Strength, Chemical, and Scratch Resistance
Boric acid is used in various applications such as flame retardants, ceramics and fiberglass, wood preservatives, nutritional supplements, pest control, and others. Boric acid is used in various end-use industries such as pharmaceutical, agricultural, chemical processing, building & construction, and nuclear. Among these, building & construction is estimated to constitute major share of the global boric acid market in the near future.
Wholesale & retail and e-commerce are the two distribution channels for boric acid. The wholesale & retail segment accounted for substantial share of the global market in 2018. However, rise in trend of online shopping along with discounts and shorter lead time offered by distributors is anticipated to propel the ecommerce segment in the near future.
Boric acid is available in various forms of purity such as <99% and ≥99%. Demand for ≥99% purity grade boric acid in the pharmaceutical and nuclear industries is projected to increase in the near future. Boric acid is used in nuclear power plants to reduce the probability of thermal fission by absorbing thermal neutrons. The usage of boric acid as antiseptic and antifungal agent in the pharmaceutical industry is anticipated to increase during the forecast period.
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Increase in demand for boric acid in ceramics and fiberglass, wood preservatives, nutritional supplements, and pest control applications is driving the global boric acid market
Boric acid is employed as an insecticide and fungicide to treat boron deficiencies in rice and wheat plants. It is predominantly used as preserving agent for timber goods against fungal and insect attack. Boric acid is also used as nutritional supplement and fortifying agent in processed food.
Rise in demand for boric acid in glass formulations to reduce melting temperatures, increase thermal resistance and mechanical strength, and enhance aqueous and chemical durability is estimated to significantly boost the global boric acid market during the forecast period.
Rise in Demand from Ceramic Composite and from Oil & Gas to Offer Lucrative Opportunities
Boric acid is necessary in the manufacture of optical lenses, electronic glass, and glass-ceramic composites. Boric oxide is employed in the production of ceramics, as they enhance yield strength and improve scratch and chemical resistance of ceramic wares such as wall and floor tiles, tableware, porcelain, and enameled appliances.
Boric acid is employed as a binder in steel-smelting furnaces for manufacturing magnesia-based refractory bricks and as stabilizer for dolomite refractory bricks. These factors are expected to provide lucrative opportunities to manufacturers of boric acid.
Increase in demand for boric acid as viscosity and pH modifier in the oil & gas industry is likely to provide lucrative opportunities to boric acid manufacturers
Restricted Usage in Personal Care Applications Likely to Restrain Market
Usage of boric acid is restricted in personal care applications. It is classified as a carcinogen under European regulations. This is anticipated to hamper the market during the forecast period.
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Asia Pacific accounted for major share of the global boric acid market in 2018, led by the large presence of glass and ceramic manufacturers in the region.
The market in Asia Pacific is likely to expand at a rapid pace during the forecast period, due to the rise in industrialization and growth in the construction industry in countries such as China and India.
Increase in adoption rate of boric acid in the building & construction industry is anticipated to drive the boric acid market in in the region during the forecast period.
Rise in demand for boric acid as insecticide in the agricultural sector is projected to increase in the near future. Growth in population and the advent of new agricultural techniques are expected to provide an impetus to crop yield in Asia Pacific in the near future.
Increase in utilization of boric acid in farmlands with an intent to boost the agricultural output is anticipated to drive the boric acid market in in the region during the forecast period.
North America and Europe also held significant shares of the global market in 2018, owing to increase in demand for boric acid in pharmaceutical and cosmetic industries in these regions.
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