The Latest Boric Acid Industry Statistics Explained
The global market size for Boric Acid was valued at USD 0.65 billion in 2020.
The statistic stating that the global market size for Boric Acid was valued at USD 0.65 billion in 2020 indicates the total monetary worth of the Boric Acid industry on a worldwide scale for that particular year. This figure encompasses the cumulative sales revenue generated by Boric Acid products across various regions and markets. The value of USD 0.65 billion suggests that Boric Acid is a significant and thriving industry contributing to the global economy. It can be used by stakeholders, investors, and policymakers to assess the market’s size and potential opportunities within the Boric Acid sector.
The US dominated the boric acid market in the North American region in 2020.
The statistic “The US dominated the boric acid market in the North American region in 2020” indicates that the United States had a significant influence and control over the boric acid market compared to other North American countries in the year 2020. This dominance suggests that the US likely held a substantial market share, with a strong presence in production, supply, and demand of boric acid within the region. Factors contributing to this dominance could include favorable economic conditions, technological advancements in boric acid production, effective marketing strategies, or superior product quality, positioning the US as a key player in the boric acid industry within North America during that period.
The boron, as boric acid, mined and refined production in the United States was 1.29 million metric tons in 2020.
The statistic states that the production of boron, in the form of boric acid, from mining and refining processes in the United States amounted to 1.29 million metric tons in the year 2020. This metric provides insight into the scale of boron extraction and processing activities within the country during that year. Boron, primarily used in various industries such as agriculture, ceramics, and electronics, plays a crucial role in multiple applications. The statistic signifies the significant quantity of boron resources being extracted and refined domestically, reflecting the economic importance and industrial demand for this element in the United States.
The global Boric Acid market is expected to grow at a CAGR of 5.73% from 2021 to 2028.
This statistic indicates that the global Boric Acid market is projected to experience a Compound Annual Growth Rate (CAGR) of 5.73% from the year 2021 to 2028. This percentage represents the annual growth rate over the specified time period, suggesting a steady expansion in the market size and demand for Boric Acid products. A CAGR provides insight into the consistent rate of growth expected in the market, enabling stakeholders to anticipate future trends and make informed decisions regarding investments, production, and strategic planning within the Boric Acid industry.
By 2027, the food and beverages segment is expected to dominate the market with a share of 27.63%.
The statistic indicates that in the year 2027, the food and beverages segment is projected to have the largest market share compared to other segments within the industry. Specifically, it is estimated that this segment will take up 27.63% of the market, signifying a dominant position in the market landscape. This data suggests that there is a growing demand and interest in food and beverage products, driving the segment to claim a substantial portion of market sales and revenue by 2027. This forecast underscores the importance of the food and beverages sector within the overall industry, highlighting its potential for growth and profitability in the coming years.
As of 2021, Asia Pacific region accounted for 50.3% of total market revenue of the global boric acid industry.
The statistic indicates that in 2021, the Asia Pacific region contributed significantly to the global boric acid industry, accounting for 50.3% of the total market revenue. This suggests that the Asia Pacific region has a dominant presence in the boric acid industry compared to other regions worldwide. Factors such as industrial growth, manufacturing activities, and demand for boric acid products in countries within the Asia Pacific region likely played a significant role in driving this market share. The statistic highlights the importance of the Asia Pacific region as a key player in the global boric acid industry and underscores the region’s influence on the overall market dynamics.
The Boric Acid market in India is expected to reach USD 5,572.1 thousand by 2030 registering a CAGR of 3.8%.
This statistic indicates that the Boric Acid market in India is projected to grow significantly over the next decade, reaching a value of USD 5,572.1 thousand by the year 2030. The Compound Annual Growth Rate (CAGR) of 3.8% signifies the annual growth rate at which the market is expected to expand from the current year to 2030. This positive growth forecast suggests increasing demand for Boric Acid within the Indian market, driven by factors such as industrial applications, technological advancements, and expanding industries that rely on Boric Acid as a key ingredient. The projected growth rate provides insights into the potential opportunities and market trends that could shape the Boric Acid industry in India over the specified time period.
In 2020, by application, the Boric Acid market industry was dominated by the glass and ceramics segment, with a 40.5% share.
In 2020, the Boric Acid market industry was primarily driven by the glass and ceramics segment, accounting for a significant 40.5% share of the market. This statistic indicates that the demand for Boric Acid within the glass and ceramics application was notably high, making it the largest contributor to the overall market. The dominance of the glass and ceramics segment suggests a strong relationship between Boric Acid and industries involved in the production of glass and ceramics, reflecting the importance of Boric Acid as a crucial component in their manufacturing processes. This data highlights the specific market dynamics and applications driving the Boric Acid industry in 2020.
Roughly 70% of all boron reserves are found in Turkey.
The statistic that roughly 70% of all boron reserves are found in Turkey indicates that Turkey holds a dominant position in global boron production and availability. Boron is a critical mineral used in various industries such as agriculture, ceramics, and glass manufacturing. With such a significant proportion of global boron reserves located in Turkey, the country likely plays a key role in global boron trade and supply. This statistic highlights Turkey’s strategic advantage in the boron market and underscores its importance as a major player in the global economy.
By 2025, the global market for boric acid is projected to reach a volume of 1,272,428.92 metric tons.
The statistic stating that by 2025, the global market for boric acid is projected to reach a volume of 1,272,428.92 metric tons indicates the anticipated amount of boric acid that is expected to be traded internationally by that year. This projection is derived from an analysis of current market trends, demand patterns, and potential future developments in the industry. The significant volume of boric acid forecasted reflects its widespread use across various sectors such as agriculture, pharmaceuticals, ceramics, and electronics. This statistic provides valuable insights for industry stakeholders, policymakers, and investors to make informed decisions and strategies related to the production, distribution, and consumption of boric acid in the global market.
Industrial-grade boric acid holds the largest share in the global boric acid types market.
The statistic that industrial-grade boric acid holds the largest share in the global boric acid types market indicates that among the various grades of boric acid available, industrial-grade boric acid contributes the most significant portion to the overall market. This implies that industries such as manufacturing, agriculture, and pharmaceuticals, which typically require boric acid for various processes, are the primary consumers driving the demand for boric acid. The dominance of industrial-grade boric acid suggests that these sectors value the specific properties and cost-effectiveness of industrial-grade boric acid over other grades available in the market. This statistic provides valuable insights into the preferences and trends within the boric acid industry.
The annual growth rate for the boric acid industry in China between 2021 and 2026 is expected to be 14.5%.
The statistic indicates that the boric acid industry in China is projected to experience strong growth over the five-year period from 2021 to 2026, with an expected annual growth rate of 14.5%. This means that the industry’s production, revenue, or market size is forecasted to increase by 14.5% each year on average during this period. Such a high growth rate suggests favorable market conditions, increased demand for boric acid products, advancements in technology, or other factors that are driving the expansion of the industry. This statistic is important for investors, policymakers, and stakeholders to understand the potential economic opportunities and challenges associated with the boric acid industry in China over the specified timeframe.
The Boric Acid Market size in Europe is expected to reach USD 0.43 billion by 2026.
The statistic indicates that the Boric Acid Market size in Europe is projected to grow to USD 0.43 billion by the year 2026. This suggests a significant increase from the current market size, demonstrating potential positive growth trends within the market. The growth can be influenced by various factors such as increasing demand for boric acid in industries like agriculture, pharmaceuticals, and personal care, as well as expanding applications across different sectors. This forecast provides valuable insights for stakeholders in the boric acid industry, helping them make informed decisions and strategies to capitalize on the expected market growth in Europe.
Medical-grade boric acid is predicted to grow at a 3.5% CAGR across the globe by 2026.
The statistic “Medical-grade boric acid is predicted to grow at a 3.5% CAGR across the globe by 2026” indicates that the market for medical-grade boric acid is expected to experience a Compound Annual Growth Rate (CAGR) of 3.5% from the present time until the year 2026. This growth rate suggests a steady increase in demand for medical-grade boric acid products across different regions worldwide over the specified timeframe. Factors such as increasing awareness about the benefits of boric acid in medical applications, advancements in healthcare industries, and expanding research and development activities are likely to contribute to this projected growth in the global market for medical-grade boric acid.
In 2019, the production capacity in China was estimated to reach 280,000 metric tons.
This statistic indicates that in the year 2019, the production capacity in China reached a significant level of 280,000 metric tons. This metric represents the total amount of output that can potentially be generated by industries in China within a given timeframe. A high production capacity is often seen as a positive indicator of economic development and industrial growth in a country. The figure of 280,000 metric tons highlights China’s substantial manufacturing capabilities and its position as a major global player in various industries such as steel, electronics, and automotive. It also underscores the country’s role as a key contributor to the world economy.
Boric acid’s world consumption is expected to rise by 3.4% annually through 2024.
This statistic indicates that the world consumption of boric acid is projected to increase at an average annual rate of 3.4% up to the year 2024. This forecast suggests a consistent growth trend in the demand for boric acid over the specified period. Potential reasons for this growth could include increased use of boric acid in various industrial applications such as manufacturing, agriculture, and healthcare. The rising consumption may also be driven by advancements in technology that require boric acid as a key ingredient. Overall, this statistic highlights a positive outlook for the boric acid market, with a steady increase in global demand expected in the coming years.
Boric Acid demand in the fiberglass industry is projected to grow at a rate of 7.1% between 2021 and 2026.
The statistic “Boric Acid demand in the fiberglass industry is projected to grow at a rate of 7.1% between 2021 and 2026” indicates the anticipated increase in demand for boric acid within the fiberglass industry over the specified five-year period. This growth rate of 7.1% suggests a steady and relatively robust expansion in the consumption of boric acid, likely driven by factors such as increasing production of fiberglass products, advancements in technology leading to more efficient use of boric acid in manufacturing processes, or shifting market demands towards boric acid-containing fiberglass products. The projection provides valuable insight for stakeholders in the boric acid and fiberglass industries, allowing them to anticipate and prepare for the expected rise in demand during the specified timeframe.
In 2019, the agriculture sector accounted for around 10.3% of the overall boric acid market.
The statistic indicates that in the year 2019, the agriculture sector represented approximately 10.3% of the total boric acid market. This suggests that agricultural activities such as crop protection, soil amendments, and fertilizer production were significant consumers of boric acid during that period. Understanding this proportion provides insight into the demand for boric acid within the agriculture industry compared to other sectors, underscoring its importance as a key input in agricultural processes. Monitoring this percentage over time can also offer valuable information about trends and shifts in the agriculture sector’s reliance on boric acid.
References
0. – https://www.www.researchandmarkets.com
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2. – https://www.www.fortunebusinessinsights.com
3. – https://www.www.verifiedmarketresearch.com
4. – https://www.www.reportsanddata.com
5. – https://www.www.usgs.gov
6. – https://www.ihsmarkit.com
7. – https://www.www.mordorintelligence.com
