BORIC ACID MARKET ANALYSIS

Boric Acid Market, by Application (Medical, Flame Retardants, Glass & Fiberglass, Wood Preservatives, Pest Control, Nutritional Supplements, and Others), by End-use Industry (Building and Construction, Ceramics, Pharmaceuticals, Agriculture, Oil & Gas, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022-2028

Market Dynamics

Major driver for growth of the global boric acid market is increasing application of boron in fiberglass and specialty glass (carbon fiber). Boric acid offers specific benefits to glass such as chemical and heat resistance, can reduce melting point, viscosity and increase breakage index, and offers transparency and brightness to glass. According to American Composites Manufacturers Association, the global fiberglass market size was over US$ 13 billion in 2016, and it is expected to increase to US$ 20 billion by 2024. Moreover, the demand for aerospace carbon fiber is expected to reach 22,100 tons by 2020.

Market Outlook

Asia Pacific is expected to witness significant growth in the market, with China and India poised as the growth engine. This is owing to increasing medicinal use of boric acid as antiseptic. For instance, according to International Trade Association, China is the second largest pharmaceutical market worldwide and the pharmaceutical market of China was valued at US$ 108 billion in 2015, and is expected to reach US$ 167 billion by 2020, witnessing a CAGR of 9.1%. Moreover, China's total public and private healthcare expenditure was valued at US$ 640 billion in 2015, and expected to reach US$ 1.1 trillion by 2020.