Boric Acid Market 2019 | Driving Factors, Industry Analysis, Investment Feasibility and Trends, Outlook -2023
Segmentation Overview:
The Global Boric Acid Market has been segmented on the basis of End-Use, Application and Region.
Based on End-Use, the fiberglass segment accounted for the largest share in the Global Boric Acid Market in 2017. Fiber glass is used in building and construction activities, and is also used in automotives, With the growing population, the construction and automotive industries are also growing, due to the surge in demand and rapid urbanization. Especially in developing countries such as China, India, Korea, and Taiwan, fibre glass segment is witnessing higher growth. The segment is expected to continue its dominance over the forecast period.
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By Application, industrial segment held the largest share in the Global Boric Acid Market in 2017. The increasing use of Boric Acid in pharmaceuticals, cosmetics, fiberglass, insecticides, and power generation are contributing to the growth. In addition, boric acid is also used in electronics industry and borate and boron products are used in the oil & gas industry. Furthermore, growth of the healthcare, power & energy, automotive, and construction are fueling the growth of Boric Acid. Industrial segment is thus projected to grow at a higher CAGR during the forecast period.
Key Players:
Some of the key players in the Global Boric Acid Market are 3M (US), Avantor, Inc (US), BASF SE (Germany), Borax (US), Eti Maden (US), Gujarat Boron Derivatives (India), Minera Santa Rita (Argentina), Russian Bor Concern OJSC (Russia), and Borax Morarji Ltd (India), and Tomiyama Pure Chemical Industries, Ltd (Japan).
Regional Analysis:
Global Boric Acid Market has been analyzed across five regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among them, Asia-Pacific held the largest and fastest growing market in 2017, owing to the growth of construction and agriculture industries in this region. North American market accounted for the second largest share in the Global Boric Acid Market, due to the increased use of boric acid in cosmetics and pharmaceuticals, besides construction. Furthermore, Europe is expected to show considerable growth in the product market during the review period. However, the Latin America and the Middle East & Africa markets are projected to show moderate and steady growth respectively during the forecast years.
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