Borax Market Size, Share, Growth, And Industry Analysis, By Type (Anhydrous Borax, Borax Pentahydrate, Borax Decahydrate and Borax), By Application (Agriculture, Transportation, Building and Construction, Detergents, Healthcare, Electronics and Others), Regional Forecast to 2028

Updated On: 06 May 2024

Report Overview

The global borax market size was USD 1.345 billion in 2022. The global COVID-19 pandemic has been unprecedented and staggering, with borax experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to reach USD 1.792 billion in 2028, exhibiting a CAGR of 4.9% during the forecast period. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

White powder known as anhydrous borax can be found in a variety of goods, including soaps, detergents, and cosmetics. This substance has long been employed in agriculture as a pesticide for fruits and vegetables. Because these plants are poisonous, it stops pests from eating them. Tincalconite, a mineral, contains the chemical compound Na₂B₄O₇·10H₂O pentahydrate in its native state. It can be used in the production of glass and enamel, the fireproofing of paper and textiles, the making of printing ink pastes for letterpress printing on surfaces made of fabric or leather, and many other industrial processes. This chemical can be found as an ingredient in a variety of goods, including soaps, detergents, and cosmetics.

This product's simple accessibility across a wide range of application sectors is one of the key growth reasons for this industry. The ability of this compounds to dissolve readily in water makes them more effective chemical reagents than other chemicals, and they are widely available. Due to their superior usefulness at cheaper costs, they are frequently utilized as a replacement for petroleum products, ethanolamine, and sodium chloride (which are used as cleaners). Detergents can employ this chemical in a variety of ways. Due to its ease of dissolving in water and the alkaline nature of the resulting solutions, anhydrous is used as an ingredient in laundry products such soaps, bleaches, and other cleansers.

COVID-19 Impact: Strong Product Portfolio of The Market to Help Survive the Pandemic

As COVID-19 proved the need of a well-balanced portfolio, mergers and acquisitions are anticipated to increase in the next months (although whether "well-balanced" means "focused" or "diversified" will be up for dispute for some time). Through the "pandemic pause," valuation multiplies in popular chemicals sub-segments like pharmaceuticals, nutrition, or paints and coatings have stayed high, and deal activity is already increasing. In a quarter of the previously anticipated time frame, these adjustments have completely changed the product portfolios of many chemical firms in terms of the essential supply chain.

Latest Trends

"Wide Range of Applications of The Product to Augment Market Growth"

The product's simple accessibility across a wide range of application sectors is one of the key growth reasons for this industry. The ability of the Na₂B₄O₇·10H₂O compounds (formula Na₂B₄O₇·10H₂O) to dissolve readily in water makes them more effective chemical reagents than other chemicals, and they are widely available. Due to their superior usefulness at cheaper costs, they are frequently utilized as a replacement for petroleum products, ethanolamine, and sodium chloride (which are used as cleaners).

Segmentation

• By Type Analysis

According to type, the market can be segmented into anhydrous borax, borax pentahydrate, borax decahydrate and borax.

In terms of product, anhydrous borax is the largest segment.

• By Application Analysis

Based on application, the market can be divided into agriculture, transportation, building and construction, detergents, healthcare, electronics and others.

In terms of application, electronics is the largest segment.

Driving Factors

"Anti-Inflammatory Properties of The Chemical to Propel Market Growth"

Arthritis can be successfully treated with boron. Experts are investigating its potential for treating inflammatory illnesses like rheumatoid arthritis because of its anti-inflammatory properties, which have already been recognized by traditional medicine like Ayurveda (RA). According to research, those who have arthritis have reduced levels of boron in their femur heads, synovial fluid, and bones. Therefore, using boron can stop this. Boron makes sure that calcium levels are used to their fullest and efficiently, preventing arthritis. Na₂B₄O₇·10H₂O is a medication that can be applied topically to treat conditions like ulcers in the mouth or on the tongue, as well as throat swelling. Toxins may be released from the affected area, reducing edoema. Na₂B₄O₇·10H₂O also lessens discomfort brought on by bruising or blisters. Application of a paste comprised of Na₂B₄O₇·10H₂O, Cinnabaris, Borneolum, and Natrii Sulfas Exsiccatus is part of the treatment.

"Relief During Menstrual Cycle to Provide Impetus to The Market"

Women's menstrual discomfort is lessened by boron. According to ayurvedic study, it aids in maintaining healthy uterine and menstrual function. This makes it advantageous for women who experience dysmenorrhea or amenorrhea, sometimes known as irregular or nonexistent periods. It works by removing blockages from the body, reducing kapha and vata, and putting your system into equilibrium. Studies have examined its efficacy in treating polycystic ovarian syndrome, or PCOS, when used in combination with other botanicals. Additionally, since post-menopausal women frequently experience hormonal imbalances, boron can treat the symptoms of menopause, including hot flashes and night sweats, clogged menstruation, and painful menstruation. It also makes sure that the mineral level is maintained at the proper levels and this factor drives the borax market growth.

Restraining Factors

"Internal use of Na₂B₄O₇·10H₂O to Impede Market Expansion"

In general, it is not advised to use Na₂B₄O₇·10H₂O internally. It could irritate skin because of its very alkaline nature. Additionally, there are reports of the fetus suffering negative reproductive and developmental effects. Its prolonged usage is not advised because to the risk of renal impairment brought on by the body's buildup of Na₂B₄O₇·10H₂O. Due to its toxicity, it may also result in tiredness or vomiting. According to some research, it might also harm genetic material and lymphocytes, which are the immune system's basic units.

Regional Insights

"North America to Dominate the Market Due to Rising Awareness Among Farmers"

Due to an increase in the use of boron compounds as a component in glass and enamel production, North America will continue to lead the global borax market share. Due to growing infrastructure development throughout Latin American countries, which has increased demand for concrete admixtures by builders and consequently increased usage of cement paints and sealants glues, North America is predicted to be one of the most promising markets for Na₂B₄O₇·10H₂O. This is because farmers there are becoming more aware of its benefits for their agricultural activities. One of the main variables anticipated to propel this regional market during is the expansion of production capacity by key competitors.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• RTM (U.S.)
• Eti (Turkey)
• Searles (U.S.)
• RUSSIAN BOR (Russia)
• QUIBORAX (U.S.)
• SRL (Indian)
• INKABOR (Peru)
• Dalian Jinma (China)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.