Boric Acid Market: By Form (Powder, Granular, Liquid), End-User (Tiles, Ceramic, and Fiberglass Manufacturers, Flame Retardants, Agriculture, Wood Preservation, Pharmaceuticals, Cosmetics), Application (Industrial/Commercial, Household), Distribution Channel (Wholesale, E-Commerce, Retail Shop, Hypermarket/Supermarket, Independent Shop, Convenient Shop) and Geography

Boric Acid Market size was valued at USD 1,035.1 million in 2022 and is poised to grow at a CAGR of 5.7 % from 2023-2029. Boric acid is a colorless crystal or white powder that contains antiviral, antiseptic, and antifungal properties and is easily soluble in water and odorless. The extensive use of boric acid in skincare formulas, and personal care products owing to its ability to deter bacteria formation and hinder contamination, thereby prolonging the longevity of products is expected to drive the boric acid market. For instance, in July 2022, pH-D Feminine Health launched a boric acid-sensitive foam wash to combat vaginal odor and discomfort caused by sweating in tight clothing and chlorine and salt water from swimming pools and oceans. Moreover, its ability to stabilize pH has provided an opportunity for its usage as a swimming pool chemical and to prevent problems with algae. It also reduces the amount of chlorine needed in the pool and can help to keep the water clear and sparkling. Furthermore, boric acid is widely used to treat boron deficiencies in plants an essential micronutrient in plants. According to the Centre for Agriculture, Food, and the Environment, boron deficiency leads to stunting and distortion of the growing tip which can lead to tip death, brittle foliage, and yellowing of lower leaf tips further leading to increased demand for boric acid. But the classification of boric acid as a carcinogen under European regulations is anticipated to hamper the market during the forecast period. However, the rising population, increased investments in the glass manufacturing, cosmetics, and building sectors, and rising demand from the renewable energy industry is anticipated to maintain the need for boric acid and are expected to increase in the forecasted years.

Boric Acid Market Key Developments:

• In July 2020, Rio Tinto approved an additional investment of almost $200 million to progress to the next stage of the development of the lithium-borate Jadar project in Serbia.
• In May 2018, Global Geoscience, an Australian mining developer, reported on Tuesday that the Rhyolite Ridge lithium/boron project in Nevada had yielded premium-quality boric acid by employing standard industrial procedures.