The Boric Acid Market is primarily driven by its use in various end-use industries such as pharmaceuticals, agriculture, and ceramics. Boric acid is used as an antiseptic and disinfectant in the pharmaceutical industry and as a pesticide in agriculture. In the ceramics industry, boric acid is used as a flux to lower the melting point of glass and improve its resistance to thermal shock. The increasing use of boric acid in personal care products such as cosmetics and soaps is also driving market growth. The market is, however, hindered by factors such as the toxicity of boric acid and the availability of substitutes. The fluctuating prices of boron minerals and the dependence of the market on the mining industry are also significant challenges for the growth of the boric acid market.
Leading Companies in the Boric acid Industry:
1. 3M
3M is a multinational conglomerate founded in 1902 and headquartered in St. Paul, Minnesota, USA. It operates in over 70 countries and is engaged in various industries, including healthcare, transportation, and consumer products. In 2021, 3M launched a new boric acid-based antimicrobial adhesive technology for medical devices.
2. Avantor Performance Materials
Avantor Performance Materials was founded in 2010 and is headquartered in Radnor, Pennsylvania, USA. It operates in over 30 countries and is a leading provider of high-purity materials for the life sciences and advanced technology industries. In 2019, Avantor acquired Ritter GmbH, a German manufacturer of boric acid and borates, to expand its specialty chemical portfolio.
3. BASF SE
BASF SE is a chemical company founded in 1865 and headquartered in Ludwigshafen, Germany. It operates in over 80 countries and is one of the largest chemical companies in the world. In 2021, BASF announced plans to expand its boric acid production capacity in Turkey to meet the growing demand for flame retardants and other applications.
4. U.S. Borax
U.S. Borax was founded in 1872 and is headquartered in Greenwood Village, Colorado, USA. It is a leading producer of boron products and operates a mine in California. In 2019, U.S. Borax announced the launch of a new product line of high-purity borates for use in the semiconductor industry.
5. Eti Maden
Eti Maden was founded in 1935 and is headquartered in Ankara, Turkey. It is a state-owned mining and chemicals company and is one of the largest producers of boron minerals in the world. In 2021, Eti Maden announced plans to increase its boron production capacity by 25% to meet the growing demand for boron minerals.
6. Gujarat Boron Derivatives
Gujarat Boron Derivatives was founded in 2007 and is headquartered in Gujarat, India. It is a leading manufacturer and exporter of boron-based chemicals and has a presence in over 20 countries. In 2020, Gujarat Boron Derivatives announced the launch of a new product line of boron esters for use in the pharmaceutical and agrochemical industries.
7. Minera Santa Rita (MSR)
Minera Santa Rita (MSR) was founded in 1993 and is headquartered in Salta, Argentina. It operates a borate mine in Argentina and is a leading producer of boron minerals. In 2019, MSR announced plans to expand its borate production capacity to meet the growing demand for boron minerals.
8. Quiborax
Quiborax was founded in 1953 and is headquartered in Santiago, Chile. It is a leading producer of boron minerals and chemicals and operates mines and production facilities in Chile and Bolivia. In 2021, Quiborax announced plans to expand its boron production capacity by 40% to meet the growing demand for boron minerals.
9. Russian Bor
Russian Bor was founded in 1995 and is headquartered in Moscow, Russia. It is a leading producer of boron minerals and operates a mine in Russia. In 2019, Russian Bor announced plans to expand its boron production capacity to meet the growing demand for boron minerals.
10. Tomiyama Pure Chemicals Industries
Tomiyama Pure Chemicals Industries was founded in 1922 and is headquartered in Osaka, Japan. It is a leading producer of boron-based chemicals and has a presence in over 40 countries. In 2020, Tomiyama Pure Chemicals Industries announced the launch of a new product line of boron-based flame retardants for use in the construction and automotive industries.
*Definition- Boric acid is a white, crystalline compound containing boron, oxygen, and hydrogen. It has various applications, including as an antiseptic, insecticide, flame retardant, and in the manufacturing of ceramics and glass.
