The global boric acid market is expected to post a CAGR of nearly 6% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the increase in demand from developing countries. Developing economies such as China, Brazil, Mexico, India, Philippines, and Indonesia are driving the demand for boric acid. Factors such as availability of raw materials, land, and cheap labor, low transportation costs, and less stringent government regulations and policies are enabling several players in the market to shift their manufacturing hubs to these countries.
This market research report on the global boric acid market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the growing demand from renewable energy as one of the key emerging trends in the global boric acid market:
Global boric acid market: Growing demand from renewable energy
The growing demand for heat-resistant borosilicate glass for solar thermal heating is expected to augment market growth. In domestic solar systems, the glass tube has a solar collector to capture solar energy. The industrial version of solar power plant uses glass tubes with a large diameter to carry the heat transfer fluid.
The growth of the global renewable energy industry is driven by voluntary procurement of solar projects by corporations and utilities owing to the declining cost of solar technologies as well as the anticipation of a more carbon-constrained future. In 2016, the global levelized cost of electricity of solar photovoltaic generation decreased at a rate of more than 200%, when compared to 2009, says a senior analyst at Technavio for research on specialty chemicals.
Global boric acid market: Segmentation analysis
This market research report segments the global boric acid market by application (glass and ceramics, agriculture, and detergents) and geographical regions (APAC, EMEA, and the Americas).
The glass and ceramics segment held the largest market share in 2017, accounting for 64% of the market. This application segment is expected to dominate the global market throughout the forecast period.
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Technavios sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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