According to the latest market research study released by Technavio, the global boric acid market is expected to grow at a CAGR of more than 6% during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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Technavio research analysts categorize the global boric acid market based on application:
Global boric acid market share by application 2015
|
Glass and fiberglass |
69.54% |
|
Pharmaceutical and personal care products |
7.88% |
|
Flame retardants |
5,84% |
|
Wood preservatives and pest control |
3.87% |
|
Nutritional supplements |
2.97% |
|
Others |
9.90% |
Source: Technavio
The top three revenue contributing application segments are discussed below:
Global boric acid market in glass and fiberglass segment
The glass and fiber glass segment held the largest share of 70% in the global boric acid market in 2015. This segment includes fiberglass, borosilicate glass, and insulation fiberglass. Technavio expects the growing requirement for fiberglass to boost the global demand for boric acid.
“The use of boric acid to produce fiberglass accounted for more than 31% of the total fiberglass segment in 2015. The demand for borosilicate glass is also substantial as it has high temperature resistance properties. Growth in the global construction industry and rising demand for higher thermal efficiency, durability, strength, lightweight, and eco-friendly insulation products will boost the market growth in the coming years,” says Ajay Adhikhari, a lead analyst at Technavio for research on specialty chemicals.
Another factor driving the demand for fiberglass insulation is the increasing awareness regarding energy conservation. Boric acid is a powerful flux and provides high chemical resistance to glass. It works by reducing the viscosity, melting point, increasing breakage index, thermal expanding coefficient, transparency and brightness, and heat resistance of glass. It is used in the creation of insulation fiberglass and reinforcement fiberglass, and reduces the tendency of crystallization and increases the strength and resistance of the fibers against moisture.
Global boric acid market in pharmaceuticals and personal care products segment
Being an antiseptic for minor burns or cuts, boric acid is also used in dressings or salves. The increased awareness among consumers regarding skin and intimate health has improved the use of boric acid for medicinal applications. The use of boric acid in antiseptic creams will further fuel the demand for boric acid during the forecast period. A diluted solution of boric acid is used to treat bacterial vaginosis, as an eyewash, as an antibacterial agent for treating acne and for preventing athlete’s foot. It is also used for the treatment of candidiasis caused by non-albicans Candida. The alcohol solution of boric acid is used for the treatment of some kinds of otitis externa (ear infection) in both humans and animals. Boric acid solutions, when used frequently as an eye wash or on abraded skin, can be toxic due to its slow removal rate.
Global boric acid market in flame retardants segment
Boric acid helps in the release of combustible gases from burning cellulosic materials such as cotton, wood, and paper. It also releases chemically bonded water to stop combustion. Boric acid acts as a flame retardant in mattresses, futons, insulation, upholstered furniture, and gypsum board. It is also used in textiles, specialty coatings, plastics, and other industrial products to toughen their ability to endure exposure to flames. Boron is used in dry powder fire extinguishers and in the manufacture of fire retardant emulsion paints. It also provides fire resistance in paper and cellulose insulation and is used in gypsum board as it exhibits fire retardant properties and mold resistance. Moreover, it allows for the elimination of an initial step during the manufacture of gypsum, which allows effective mixing and homogenizing, a longer pot-life, and improved product quality. Boric acid is preferred as a flame retardant as it is inexpensive and has nominal impact on substrate’s physical properties, based on the application.
The top leading vendors operating in the global boric acid market are:
- 3M
- Avantor Performance Materials
- BASF
- Borax
- Eti Maden
- Gujarat Boron Derivatives
Other prominent vendors in the market include Minera Santa Rita (MSR), Quiborax, Russian Bor, Searles Valley Reserves, Sociedad Industrial Tierra, Societa Chimica Larderello (SCL), and Tomiyama Pure Chemical Industries.
A more detailed analysis is available in the Technavio report titled, ‘Global Boric Acid Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
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