Boric Acid Market

Boric Acid Market - Size, Share, Outlook, and
Opportunity Analysis, 2018-2026
Boric acid, also known as hydrogen borate, boracic acid, or acidum boricum, is a
white, odorless, weak monobasic acid commonly available in the form of mineral
called sassolite and in powder form. Commercially, it can be prepared by reaction of
borax with mineral acids such as hydrochloric acid. It has wide range of applications
such as antiseptic in medical industry and as pH buffer and sanitizer for swimming
pools. It is also used in the production of lubricant with oils for ceramic and metal
surfaces.
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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.
Key Players
Key players operating in the global boric acid market include, 3M, Avantor
Performance Materials, BASF SE, U.S. Borax, Eti Maden, Gujarat Boron Derivatives,
Minera Santa Rita (MSR), Quiborax, Russian Bor, and Tomiyama Pure Chemicals
Industries, Babcock International Group, and others.
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