Global Boric Acid Market 2016-2020
About Boric Acid
Boric acid is an odorless, nearly tasteless, and non-flammable compound. It is used as a minor antiseptic, anti-fungal agent, and insecticide for control of cockroaches, termites, fire ants, and fleas. It is also used in the manufacture of glass and fiberglass, halogen light bulbs, laboratory glassware and circuit boards, and in nuclear power plants to slow down the rate of the fission reaction.
Technavio’s analysts forecast the global boric acid market to grow at a CAGR of 7.44% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global boric acid market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sale of boric acid in several industries including glass and fiberglass, pharmaceuticals and personal care products, flame retardants, wood preservatives and pest control, nutritional supplements, and other segments by considering 2015 as the base year.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Boric Acid Market 2016-2020
Technavio recognizes the following companies as the key players in the global boric acid market: 3M, Avantor Performance Materials, BASF, Borax, Eti Maden, and Gujarat Boron Derivatives.
Other prominent vendors in the market are: Minera Santa Rita (MSR), Quiborax, Russian Bor, Searles Valley Reserves, Sociedad Industrial Tierra, Societa Chimica Larderello (SCL), and Tomiyama Pure Chemical Industries.
Commenting on the report, an analyst from Technavio’s team said: “One of latest trends in the market is high demand for boric acid in energy saving appliances. The demand for boric acid used in energy-saving applications such as the insulation for commercial and residential buildings is on the rise. The compound is also used for energy generation from oil extraction and wind. In North America, especially in the US, the reduction in unemployment rates and stable income levels have increased construction activities. This factor along with an increase in consumer spending will foster the demand for boric acid, thereby driving the market growth during the forecast period.”
According to the report, one of the primary drivers in the market is rapid urbanization. Urbanization, energy needs, and the demand for food products globally are fostering the global boric acid market. Urbanization and rising disposable incomes, especially in developing economies, have elevated the demand for glazed ceramics, electronic devices, and LCD televisions. These appliances contain borosilicate glass and textile fiberglass.
Further, the report states that one major challenge in the market is ban on cosmetic products containing boric acid by EU. Cosmetic products containing boric acid are banned in EU legislation, and no exception to the ban has been granted. The compound has been classified as carcinogenic, mutagenic, or toxic for reproduction (CMR), by the grouping 1B of Regulation (EC) 790/2009 adjusting Regulation 1272/2008 on the classification, labeling, and packaging of substances and mixtures (CLP Regulation). This was as a result of being included in Part 3 of Annex VI of the CLP Regulation.
3M, Avantor Performance Materials, BASF, Borax, Eti Maden, Gujarat Boron Derivatives, Minera Santa Rita (MSR), Quiborax, Russian Bor, Searles Valley Reserves, Sociedad Industrial Tierra, Societa Chimica Larderello (SCL), Tomiyama Pure Chemical Industries.