Boric Acid Market To Reach USD 1.66 Billion by 2033 | CAGR 5.8%

Updated · Nov 21, 2024

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Table of Contents

Introduction
Key Takeaways
Boric Acid Statistics
Emerging Trends
Use Cases
Major Challenges
Market Growth Opportunities
Recent Development
Conclusion

Introduction

The global Boric Acid Market is poised for significant growth, with the market size anticipated to expand from USD 0.94 Billion in 2023 to around USD 1.66 Billion by 2033, reflecting a compound annual growth rate (CAGR) of 5.8% over the forecast period. This expansion is driven by a robust demand across several industries, including agriculture, pharmaceuticals, glass, and ceramics, where boric acid is highly valued for its properties and applications.

Several factors contribute to the growing demand for boric acid. It is extensively used in the glass and ceramics industry to improve heat resistance and durability, and in agriculture as a micronutrient essential for plant growth. The pharmaceutical sector also relies on boric acid for its antiseptic and antifungal properties. The rise in these sectors, especially in developing regions, underpins the market’s expansion. Additionally, the increasing adoption of energy-efficient materials and sustainable agricultural practices further catalyzes the market growth, with boric acid playing a critical role in these areas due to its effectiveness and low toxicity.

Market opportunities are plentiful, particularly in the industrial segment, which commands a major share of the market due to the diverse applications of boric acid in manufacturing processes. The market is also witnessing an expansion in the pharmaceutical grade segment, driven by stringent quality standards and its expanding use in medical products. The demand in the construction sector is underscored by boric acid’s role as a flame retardant in insulation materials, aligning with growing fire safety regulations.

Key Takeaways

The Boric Acid Market is projected to grow from USD 0.94 Billion in 2023 to USD 1.66 Billion by 2033, with a CAGR of 5.8%.
Purity grades below 99% dominate the boric acid market, holding an 88.9% share in 2023.
Industrial grade boric acid captures the majority of the market, with an 87.2% share.
The glass industry is a major consumer of boric acid, accounting for 39.4% of the market share.
North America is a leading region in the boric acid market, holding a 32.4% share with a market value of USD 2.99 billion in 2023.

Boric Acid Statistics

With an expected 65% of all boron usage in 2023, the glass and ceramics industries continued to be the largest domestic consumers of boron products.
Colemanite, kernite, tincal, and ulexite are the four borate minerals that make up 90% of the borate minerals utilized in industry globally.
Despite being utilized in over 300 applications, glass, ceramics, detergents, and fertilizers accounted for more than three-quarters of global consumption.
The Panel came to the conclusion that sodium borate and boric acid are safe cosmetic components when used as currently advised at quantities of less than or equal to 5%.
FDA VCRP data from 2023 shows that there were 30 reported uses for sodium borate and 8 reported uses for boric acid.
In contrast to up to 20% in bath soaps and detergents (which were reportedly reduced to about 3% after usage), the highest documented concentration of sodium borate in other shaving preparations was 0.78% in 2002.
In 2002, eye makeup products with 2% boric acid had the highest documented leave-on concentration of use.
Boric acid (25–200 mg/kg/day) was shown to be nontoxic and nonirritating when given to rabbits’ undamaged skin in a go-day dermal toxicity trial.
According to acute experiments, rabbit and guinea pig skin was weakly or moderately irritated by 10% boric acid in water.
Male rats fed sodium borate at doses of up to 1.06 g/kg/day experienced infertility and toxic effects on the gonads.
Cosmetic formulations with up to 3.2% sodium borate were shown to be nonirritating to moderately irritating and nonsensitizing when applied to human skin in clinical trials.
Almost nonirritating and mildly irritating were formulations with up to 2.4% boric acid. Formulations containing 1.1% or 1.7% sodium borate did not pass photopatch testing.
75°C is the melting temperature of sodium borate. 320°C causes it to become anhydrous.
The specific gravity of this substance is 1.73 and its molecular weight is 381.37. Sodium borate in aqueous solution has a pH of about 9.5.
Orthorhombic HBO2 (III), with a density of 1.784 g/cm³ and a melting point of 176 °C, is formed as flaky crystals when orthoboric acid is dehydrated at 100–130 °C.
In dehydration equilibria, water is the main cause of the vapor pressure of boric acid. Boric acid and water molecules make up the vapor below 160 °C.
Boric acid has a pKa of 9.23 at 25 °C, making it a weak acid in aqueous solutions.
The distillate from a boiling saturated solution includes around 0.18% boric acid, which volatilizes with steam.
Large concentrations of boric acid are found in the kidney, liver, and brain of humans, with a volume of distribution ranging from 0.17 to 0.5 L/kg.
Regardless of the method of administration, more than 90% of the total dose of boric acid is rapidly excreted by the kidneys in an unaltered state.
Only 1% of the dose of boric acid that was delivered as an ointment was excreted in the urine.
Before receiving hemodialysis, a case report of acute boric acid poisoning after ingesting 21 g of boric acid shows a total body clearance of 0.99 L/h.

Emerging Trends

High-Purity Applications: There is a notable trend toward the development of high-purity boric acid products, particularly for use in the electronics and semiconductor industries. This is driven by the need for materials that meet the stringent quality requirements of advanced manufacturing processes.
Pharmaceutical Grade Growth: The pharmaceutical grade boric acid segment is poised for rapid expansion. This growth is fueled by the increasing use of boric acid in medical applications, including as an antiseptic and in eye care products, reflecting a broader trend of rising healthcare standards globally.
Innovative Product Developments: Companies are actively expanding their boric acid product lines with innovative offerings, such as ultra-high purity grades for specific industrial applications. This innovation addresses diverse market demands across sectors such as agriculture, pharmaceuticals, and personal care.
Expansion in Production Capacity: Key producers in the boric acid market are scaling up their production capabilities to meet growing global demand. This includes investments in new facilities and the enhancement of existing production lines, particularly in regions with high market demand like Asia Pacific.
Sustainability and Eco-Friendliness: There is an increasing focus on developing eco-friendly and sustainable boric acid products. Companies are investing in research and development to reduce environmental impact and enhance the sustainability profile of their offerings, appealing to a market increasingly concerned with environmental issues.

Use Cases

Glass Manufacturing: Boric acid plays a pivotal role in the production of borosilicate glass, known for its durability and resistance to thermal shock. It enhances the glass’s strength and chemical resistance, making it suitable for laboratory equipment, kitchenware, and high-tech applications.
Agriculture: In agriculture, boric acid is used to correct boron deficiencies in soils, crucial for optimal plant growth. Its antifungal properties help protect crops from fungal infections, promoting healthier and more robust vegetation.
Pharmaceuticals and Healthcare: Due to its antiseptic properties, boric acid is included in various medical formulations such as vaginal suppositories for treating infections, eye washes, and ear drops. It’s valued for its ability to maintain healthy pH levels and treat infections effectively.
Energy Storage and Electronics: Boric acid is being explored for its potential in enhancing energy storage systems, particularly in the development of batteries for electric vehicles and renewable energy storage solutions. Its thermal stability and electrochemical properties improve battery performance, making it a candidate for next-generation energy solutions.
Nanotechnology and Advanced Materials: The compound’s ability to form boron-based nanostructures with unique mechanical properties is pivotal in aerospace, automotive, and electronics industries. These materials offer superior strength, flexibility, and thermal resistance, pushing the boundaries of material science.
Pest Control: As a pesticide, boric acid is effective against a variety of household pests like ants, cockroaches, and termites. It disrupts their nervous systems and damages their exoskeletal coverings, providing a non-toxic alternative to traditional chemical pesticides.
Personal Care Products: Boric acid is used in various cosmetic and personal care products due to its antimicrobial properties. For instance, it is used in feminine hygiene products, like the cleansing wipes by Monistat, which utilize boric acid for its pH-balancing and odor-neutralizing benefits.

Major Challenges

Raw Material Availability: Global boron reserves are concentrated, with Turkey and the United States holding approximately 80% of these resources. This geographic concentration can lead to supply chain vulnerabilities, potentially causing disruptions in boric acid production and affecting market stability.
Environmental and Health Regulations: Boric acid has been classified as a Substance of Very High Concern (SVHC) by regulatory bodies due to potential reproductive toxicity. This classification imposes stricter regulations on its use, leading to increased compliance costs and potential limitations in certain applications.
Competition from Substitutes: In various applications, boric acid faces competition from alternative products or substitutes. Manufacturers must innovate and demonstrate the unique advantages of boric acid to maintain market position, as substitutes may offer cost or performance benefits.
Price Volatility: The boric acid market is sensitive to demand-supply imbalances. Unexpected surges in demand or disruptions in supply can lead to price fluctuations, impacting profitability for manufacturers and consumers alike.
Transportation and Logistics Challenges: The geographic concentration of boron reserves necessitates long-distance transportation, which can be complex and costly. Logistical challenges, including transportation costs and potential delays, can affect the timely delivery of boric acid to end-users.
Market Competition: The boric acid industry is moderately concentrated, with a few dominant players controlling significant market shares. Small and medium-sized enterprises face difficulties entering and sustaining themselves in the market due to high entry barriers, competition with established players, and limited access to raw materials.
Cost-Intensive Production Processes: The extraction and refinement of boric acid from borates involve energy-intensive and expensive processes. Rising energy costs and technological constraints further increase the overall production costs, making it challenging to maintain competitive pricing.
Sustainability and Environmental Concerns: Growing environmental awareness emphasizes sustainable practices in mining and manufacturing processes. However, the extraction of borates and boric acid production may have ecological impacts, including land degradation and water contamination, leading to stricter regulatory scrutiny.
Technological Dependency in Emerging Applications: While boric acid shows promise in advanced applications like nanotechnology and energy storage, the development of these sectors heavily depends on technological breakthroughs. Slow advancements or high R&D costs may delay the large-scale adoption of boric acid in these industries.
Consumer Awareness and Misconceptions: Despite its versatile applications, there is limited consumer awareness about boric acid’s benefits and safe usage. Additionally, misconceptions regarding its toxicity may deter potential applications, especially in household and healthcare products.

Market Growth Opportunities

Expansion in the Glass and Ceramics Industry: The increasing demand for boric acid in the production of borosilicate glass and ceramics, due to its ability to enhance thermal and chemical resistance, offers significant growth potential. This trend is driven by the rising use of durable glass products in various sectors, including pharmaceuticals and consumer goods.
Agricultural Applications: Boric acid’s role as a micronutrient in fertilizers to improve crop yields and soil health is gaining prominence. The growing emphasis on sustainable agriculture and the need to enhance food production efficiency create opportunities for boric acid in the agricultural sector.
Pharmaceutical and Personal Care Products: The antiseptic and antifungal properties of boric acid make it valuable in pharmaceuticals and personal care items. Its inclusion in products like eye drops, antiseptic solutions, and skincare formulations aligns with the increasing consumer focus on health and hygiene, driving demand in these markets.
Flame Retardant Materials: Boric acid’s effectiveness as a flame retardant in materials such as textiles, wood, and plastics is being recognized. The heightened awareness of fire safety standards and regulations across industries presents opportunities for boric acid in developing safer materials.
Energy Storage and Electronics: Research into boric acid’s potential in enhancing energy storage systems, particularly in battery technologies, is underway. Its thermal stability and electrochemical properties could lead to advancements in energy storage solutions, catering to the growing demand for efficient energy systems.

Recent Development

Rio Tinto (U.S. Borax Inc.) operates as a leading global mining group, with U.S. Borax Inc. serving as its subsidiary specializing in borate products. U.S. Borax manages the Boron Mine in California, recognized as one of the world’s largest borate deposits. The company supplies refined borates, including boric acid, to various industries such as agriculture, glass manufacturing, and ceramics. Their operations emphasize sustainable mining practices and efficient resource utilization to meet global demand.

3M is a diversified technology company that, through its subsidiary Ceradyne, produces enriched boric acid isotopes, notably 10B and 11B. These isotopes are integral in nuclear energy applications due to their neutron-absorbing properties. 3M’s production capabilities support the nuclear industry’s requirements for high-purity boric acid, underscoring the company’s role in advanced material manufacturing.

Eti Maden, a Turkish state-owned enterprise, holds a significant position in the global boron market, controlling approximately 72% of the world’s boron reserves. The company produces a range of boron products, including boric acid, serving industries such as glass, ceramics, agriculture, and detergents. Eti Maden’s extensive mining and refining operations enable it to meet substantial portions of global boric acid demand.

Nirma Limited, an Indian conglomerate, expanded its chemical portfolio by acquiring Searles Valley Minerals Inc., a U.S.-based producer of boric acid and other borate products. This acquisition allows Nirma to supply boric acid to industries including glass, ceramics, and agriculture, leveraging Searles Valley Minerals’ established production facilities and market presence.

NIPPON DENKO CO. LTD., a Japanese chemical manufacturer, produces boric acid and related compounds. The company’s boric acid is utilized in applications such as glass manufacturing, ceramics, and as a flux in metallurgy. NIPPON DENKO emphasizes quality control and technological innovation to maintain its position in the boric acid market.

Promega Corporation is a biotechnology firm that provides products for life sciences research. While not a primary producer of boric acid, the company utilizes boric acid in the formulation of certain biochemical reagents and buffers essential for molecular biology applications. Promega’s integration of boric acid into its product line supports various research and diagnostic processes.

Southern Agricultural Insecticides Inc. specializes in agricultural chemicals, including insecticides and fungicides. The company offers boric acid-based products as insecticides, capitalizing on boric acid’s efficacy in pest control. These products are marketed to both commercial agricultural operations and residential consumers for effective pest management solutions.

Quiborax, based in Chile, is a significant producer of boric acid and other boron derivatives. The company extracts ulexite ore from the Salar de Surire and processes it into boric acid, supplying markets in agriculture, glass, ceramics, and detergents. Quiborax’s strategic location and resource base enable it to serve both domestic and international markets efficiently.

American Borate Company focuses on the production and distribution of borate minerals and compounds, including boric acid. The company sources minerals from domestic and international mines, supplying industries such as agriculture, glass, ceramics, and wood preservation. American Borate Company’s distribution network ensures timely delivery of boric acid to meet diverse industrial needs.

Minera Santa Rita S.R.L. (MSR), an Argentine mining company, specializes in the extraction and processing of borates, including boric acid. MSR operates in the Puna region, leveraging rich borate deposits to produce high-quality boric acid for applications in agriculture, ceramics, and glass manufacturing. The company’s operations contribute to Argentina’s position in the global boric acid market.

Conclusion

The Boric Acid Market is projected to experience steady growth in the coming years, driven by its diverse applications across multiple industries. In 2024, the market is valued at approximately USD 851.7 million and is expected to reach USD 1,438.1 million by 2034, exhibiting a compound annual growth rate (CAGR) of 5.4% during the forecast period.

This expansion is primarily attributed to the increasing demand in sectors such as construction, agriculture, and renewable energy. The construction industry’s utilization of boric acid in fiberglass and borosilicate glass production, coupled with its role in enhancing crop yields in agriculture, underscores its significance. Additionally, the renewable energy sector’s adoption of boric acid in solar technologies further propels market growth. However, regulatory challenges, particularly in the European Union where boric acid is classified as a carcinogen, may pose constraints. Nonetheless, the market’s trajectory remains positive, supported by ongoing industrialization and the pursuit of sustainable energy solutions.