According to a new report, published by KBV research, The Global Boric Acid Market size is expected to reach $1.5 billion by 2030, rising at a market growth of 5.3% CAGR during the forecast period. In the year 2022, the market attained a volume of 809.6 kilo tonnes, experiencing a growth of 4.5% (2019-2022).
The Industrial region is leading the Global Boric Acid Market by Grade in 2022 thereby, achieving a market value of $629.1 Million by 2030. Industrial-grade boric acid is utilized in the formulation of cleaning agents and detergents. Its antiseptic and disinfectant properties effectively maintain cleanliness in industrial settings, including manufacturing facilities. Boric acid is used to manufacture fertilizers, contributing to the agricultural sector. Its inclusion in fertilizers addresses boron deficiencies in soil, promoting healthier plant growth and increasing agricultural productivity.
The Automotive segment is experiencing a CAGR of 5.7% during (2023 - 2030). Boric acid is sometimes used in the formulation of engine coolants. It can help regulate the pH level of the coolant and prevent corrosion within the cooling system. Adding boric acid can enhance automotive coolant solutions’ overall effectiveness and longevity. Boric acid is a component in the formulation of adhesives and sealants used in automotive manufacturing. It contributes to these materials’ adhesive properties and durability, ensuring proper bonding and sealing of components in the assembly process.
Full Report: https://www.kbvresearch.com/boric-acid-market/
The Asia Pacific region dominated the Global Boric Acid Market by Region in 2022 thereby, achieving a market value of $654.6 Million by 2030, growing at a CAGR of 5.7 % during the forecast period. The North America region is experiencing a CAGR of 4.6% during (2023 - 2030). Additionally, The Europe region would exhibit a CAGR of 5.1% during (2023 - 2030).
By Grade (Volume, Killo Tonnes, USD Billion, 2019-2030)
By End Use (Volume, kilo Tonnes, USD Billion, 2019-2030)
By Geography (Volume, Kilo Tonnes, USD Billion, 2019-2030)
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