Boric Acid Market: Introduction
· Boric acid is used in various applications such as flame retardants, ceramics and fiberglass, wood preservatives, nutritional supplements, and pest control. Boric acid is used in various end-use industries such as pharmaceutical, agricultural, chemical processing, building & construction, and nuclear. Among these, building & construction is estimated to constitute major share of the global boric acid market in the near future.
· Wholesale and retail; and e-commerce are the two distribution channels for boric acid. The wholesale and retail segment accounted for substantial share of the global market in 2020. However, rise in trend of online shopping along with discounts and shorter lead time offered by distributors is anticipated to propel the e-commerce segment in the near future.
Drivers of Boric Acid Market
· Increase in demand for boric acid in ceramics and fiberglass, wood preservatives, nutritional supplements, and pest control applications is driving the global boric acid market. Boric acid is employed as an insecticide and fungicide to treat boron deficiencies in rice and wheat plants. It is predominantly used as preserving agent for timber goods against fungal and insect attack. Boric acid is also used as nutritional supplement and fortifying agent in processed food.
· Rise in demand for boric acid in glass formulations to reduce melting temperatures, increase thermal resistance and mechanical strength, and enhance aqueous and chemical durability is estimated to boost the global boric acid market during the forecast period
· Boric acid is necessary in the manufacture of optical lenses, electronic glass, and glass-ceramic composites. It is employed in the production of ceramics, as it enhances yield strength and improves scratch and chemical resistance of ceramic ware such as wall and floor tiles, tableware, porcelain, and enameled appliances. Boric acid is employed as a binder in steel-smelting furnaces for manufacturing magnesia-based refractory bricks and as stabilizer for dolomite refractory bricks.
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Restraints of Boric Acid Market
· Usage of boric acid is restricted in personal care applications. It is classified as a carcinogen under European regulations. This is anticipated to hamper the market during the forecast period.
· Dearth of universal directives pertaining to applications of boric acid is expected to restrain the market during forecast period. Every country has different directives pertaining to applications of boric acid. Companies find it difficult to deal with these country-wise regulations. This discourages investments in the boric acid market, thereby restraining the market.
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COVID-19 Impact on Boric Acid Market
· The COVID-19 outbreak is hampering the demand for boric acid in many applications. Governments of various countries across the globe have enforced lockdown measures to curb the spread of the disease. This has resulted in the slowdown and halt in manufacturing operations, restrictions on supply and transport, and infrastructure slowdown. In turn, this has led to a decline in in demand for boric acid across the globe.
· Key players operating in the boric acid market are primarily tier I and tier II manufacturers and suppliers. Manufacture and supply chain facilities of these players are spread across various countries in Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Many of these players have halted their production output over the last few months due to the COVID-19 pandemic. The pandemic has negatively impacted the demand and supply chain of boric acid.
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Asia Pacific Expected to Hold Leading Share of Global Boric Acid Market
· In terms of region, the global boric acid market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
· Asia Pacific accounted for major share of the global boric acid market in 2020, led by the large presence of glass and ceramic manufacturers in the region. The market in Asia Pacific is likely to expand at a rapid pace during the forecast period, due to the rise in industrialization and growth of the construction industry in countries such as China and India. Increase in adoption rate of boric acid in the building & construction industry is anticipated to drive the boric acid market in in the region during the forecast period.
· Demand for boric acid as insecticide in the agricultural sector is projected to increase in the near future. Growth in population and advent of new agricultural techniques are expected to provide an impetus to crop yield in Asia Pacific in the near future. Increase in utilization of boric acid in farmlands with an intent to boost the agricultural output is anticipated to drive the boric acid market in in the region during the forecast period.
· North America and Europe also held key share of the global market in 2020, owing to increase in demand for boric acid in pharmaceutical and cosmetic industries in these regions
Boric Acid Market: Key Players
Major players operating in the global boric acid market are adopting various organic and inorganic growth strategies such as joint ventures, mergers & acquisitions, expansion, collaborations, new product launches, strategic alliances, and research and development to increase their regional presence and business operations. The market is currently witnessing fierce competition among several leading players. Key players operating in the market include:
· 3M Company
· Avantor Performance Materials, LLC
· Eti Maden
· Gujarat Boron Derivatives
· Minera Santa Rita S.R.L.
· Organic Industries Pvt. Ltd.
· QUIBORAX S.A.
· Russian Bor Concern OJSC
· TOMIYAMA PURE CHEMICAL INDUSTRIES, LTD.
· U.S. Borax.
· Indo Borax & Chemicals Limited
· AMERICAN BORATE COMPANY
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