“Global Boric Acid Market, by Grade (Industrial Grade, Pharmaceutical Grade), By End-Use (Glass, Ceramic, Agriculture, Medical, Other End-Uses), as well as by Region – Global Forecast 2020 to 2029.”, which offers a comprehensive view of the global boric acid market through systematic segmentation, covering every aspect of this target market. The 5-year (2020–2025) cumulative revenue of this market is projected to be over USD $879.5 Mn, and is estimated to increase moderately over the latter part of the forecast period.
Boric acid, also known as hydrogen borate, is a weak, monobasic Lewis acid of boron. However, some of its behavior towards some chemical reactions suggest it to be a tribasic acid in the Brønsted sense as well. It is often used as an antiseptic, flame retardant, insecticide, neutron absorber, or as a precursor to other chemical compounds.
Due the numerous favorable finishing properties of boric acid, it is increasing being used for a host of assorted applications among a wide range of end-use industries such as plastics, textiles, glass, and ceramic sectors, among others. The steady growth being experienced by these various end-use industries is expected to subsequently increase the demand for products from the boric acid sector. This is a primary factor that is anticipated to continue to augment revenue growth for this global industry over the next decade. Additionally, the increasing use of boric acid in the construction industry is also a factor that is slated to have a profound influence on the revenue growth of the boric acid market. This can be attributed to the fact that the construction industry is also expected to experience exponential growth due to ever-increasing populations that are spiking given levels of industrialization and urbanization across the world. Furthermore, the steady increase in disposable incomes of individuals on a global-scale is another major factor that is slated to supplement additional market growth opportunities in the coming years. These aforementioned factors are some of the most crucial elements that are anticipated to play a critical role in edging the projected revenue of this industry to USD $1,092.6 Mn by 2030, at a CAGR of 5.7%.
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