Boric Acid Market size was USD 1.2 billion in 2024 and is estimated to reach USD 2.5 billion by the end of 2037, expanding at a CAGR of 5.8% during the forecast period, i.e., 2025-2037. In 2025, the industry size of boric acid is evaluated at USD 1.3 billion.
The Observatory of Economic Complexity report reveals that the global trade of boric acid totaled USD 694 million, in 2022 and held the 2592nd position as the most traded product. The exports of boric acid increased by 26% from 2021 to 2022. The U.S., Turkey, Chile, Russia, and Peru are some of the top exporters of boric acid. The U.S. and Turkey exported around USD 202 million and USD 194 million of boric acid, in 2022. Whereas, by holding top positions as importers in the same year, China and Brazil totaled USD 262 million and USD 54.5 million.
The rising use of boric acid in automotive and aerospace component manufacturing is positively fueling the overall boric acid market growth. In automotive, boric acid enhances the manufacturing of high-efficiency engine coolants, preventing the engine from overheating, and also acts as a lubricant additive, which mitigates fiction in vehicle pistons. The boric-sulfuric anodizing process aids in corrosion protection and paint adhesion in aerospace components.
The report by the United States Geological Survey (USGS) reveals that over 200 boron minerals occur naturally, but only 4 of them account for 90% of borate usage in industries globally. The boric acid-based technical ceramic products are widely used in aerospace, electronics, and ballistics. The ceramic industry is anticipated to hold over 15% of the global boron consumption.
Growth Drivers
Challenges
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
5.8% |
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Base Year Market Size (2024) |
USD 1.2 billion |
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Forecast Year Market Size (2037) |
USD 2.5 billion |
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Regional Scope |
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End user (Tiles, Ceramics, Fiberglass, Flame Retardants, Agriculture, Wood Preservation, Pharmaceuticals, Cosmetics)
Fiberglass segment is projected to hold boric acid market share of over 35.4% by the end of 2037. The flame retardant quality of boric acid is majorly driving its use in fiberglass making. It makes the fiberglass more suitable for applications that require a high level of fire safety such as construction materials, electrical insulation, aircraft parts, and automotive components. Reduction in resin shrinkage and improved strength & mechanical properties are further contributing to the use of boric acid in fiberglass production.
For instance, the report by the National Institutes of Health (NIH) reveals that the boric acid consumption in textile-grade glass fibers is 35% and 20% in borosilicate glasses. The Bureau of Labor Statistics estimates that the top-paying industry for fiberglass laminators and fabricators in the U.S. is aerospace products and parts manufacturing. Furthermore, the global demand for glass fiber was valued at USD 18.18 billion in shipments, in 2023.
Application (Industrial, Household)
In boric acid market, industrial segment is anticipated to dominate revenue share of over 72% by 2037. The versatility of boric acid is primarily boosting its use in industrial facilities. Antiseptic & disinfectant, lubricant & greases, glass & ceramic, pest control, and agriculture are some of the prime end use industries of boric acid. In industrial applications, boric acid is widely used in lubricants to improve their performance and thermal conductivity. The growing automation and machinery-intensive processes across several industries including automotive and manufacturing are driving healthy demand for boric acid-based lubricants.
Our in-depth analysis of the boric acid market includes the following segments:
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End user |
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Application |
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North America Market Forecast
North America boric acid market is set to capture revenue share of around 44% by the end of 2037. The strong presence of key market players and high use in the automotive and aerospace components is fueling the overall market growth. The U.S. and Canada both are lucrative marketplaces for boric acid producers.
As per the analysis by the United States Geological Survey (USGS), most of the boric acid products consumed in the U.S. are domestically manufactured. The countries that imported boric acid in 2023 from the U.S. are Mexico, China, Japan, and Malaysia. Further, the Observatory of Economic Complexity report reveals that 29.1% of boric acid exports across the world were from the U.S.
According to the World Integrated Trade Solution Report 2023 around 12,339,900 kg of boric acid was imported into Canada. Wherein, in 2022 the boric acid import value amounted to USD 12.1 million. The swiftly expanding pharma and pesticide industries are pushing the sales of boric acid in the country.
Asia Pacific Market Statistics
In Asia Pacific, the consumption of boric acid is estimated to increase at a high pace during the projected period. The rapidly expanding industrial activities in sectors such as automotive, agriculture, pharma, cosmetics, and aerospace are generating profitable opportunities for boric acid producers. Japan, China, India, and South Korea are the most profitable marketplaces for boric acid manufacturers.
India’s swiftly increasing agricultural sector is positively influencing the consumption of boric acid. Boric acid is also finding widespread use in fertilizers to accelerate the growth of crops such as cotton, rice, wheat, and fruits. The growing demand for high-yield quality crops is propelling the use of boric acid in fertilizers. Furthermore, India being the 2nd largest producer of wheat, rice, and fruits is creating a win-win opportunity for boric acid manufacturers.
The report by the Observatory of Economic Complexity reveals that China totaled around USD 262 million in boric acid imports in 2022. The rising production of glass particularly fiberglass and flat glass is augmenting the sales of boric acid. Furthermore, the growing demand for energy-efficient buildings, EVs, and consumer electronics is pushing the demand for boric acid.
Leading companies in the boric acid market are employing various organic and inorganic strategies to earn high profits. The product diversification tactics are aiding the companies to attract specific end use industries such as pharmaceuticals, cosmetics, and electronics by offering high-value boric acid solutions. They are also employing merger and acquisition strategies to expand their product offering and strengthen their market position. Using these tactics, the industry giants often acquire smaller companies or start-ups with advanced portfolios.
Key players are targeting high-potential economics wherein agriculture, industrial, and urban activities are taking a boom. By establishing production facilities in such regions, they are able to capture the increasing demand opportunity and double their revenue shares. Strategic partnerships & collaborations are further helping boric acid market players to maximize their distribution networks.
Some of the key players include:
Author Credits: Rajrani Baghel
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