Global 10B Enriched Boric Acid Market Size To Exceed USD 2.23 Billion By 2033 | CAGR Of 6.94%
Category: Chemicals & MaterialsGlobal 10B Enriched Boric Acid Market Size To Exceed USD 2.23 Billion By 2033 | CAGR Of 6.94%
According to a research report published by Spherical Insights & Consulting, the Global 10B Enriched Boric Acid Market Size Expected to Grow from USD 1.14 Billion in 2023 to USD 2.23 Billion by 2033, at a CAGR of 6.94% during the forecast period 2023-2033.
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Browse key industry insights spread across 222 pages with 100 Market data tables and figures & charts from the report on the "Global 10B Enriched Boric Acid Market Size, Share, and COVID-19 Impact Analysis, By Form (Powder, Liquid, Gel, and Emulsion), By Application (Nuclear Industry, Pharmaceuticals, Agriculture, Glass and Ceramics, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/10b-enriched-boric-acid-market
The market for 10B enriched boric acid is the sector focused on producing, distributing, and using boric acid enhanced with the isotope Boron-10 (10B). This enriched boric acid is primarily used in the nuclear industry as a neutron absorber in nuclear reactors to control nuclear reactions and ensure reactor safety. The growth of the market for 10B-enriched boric acid is also greatly influenced by the agricultural sector. Boric acid is a micronutrient that is added to fertilizers to increase crop output and quality. As the world's population continues to rise, efficient agricultural methods are becoming increasingly important to supply the rising need for food. This has led to the use of sophisticated fertilizers and micronutrients, which has raised the need for boric acid in the farming industry. One of the primary factors propelling the market's expansion is the vital role that 10B enriched boric acid plays in the nuclear industry. 10B enriched boric acid is used as a neutron absorber in nuclear reactors to control the nuclear reaction and ensure reactor safety. The growth of nuclear power plants due to rising energy demands and the shift to cleaner energy sources is driving the need for high-purity boric acid. The development of new nuclear technologies and the refurbishment of existing reactors are further factors propelling market expansion. Because of its unique properties, which include antibacterial and antifungal actions, 10B enriched boric acid is being used more often by the pharmaceutical sector in a range of medical formulations. However, the market is also confronted with dangers and challenges. One of the biggest challenges, particularly in the nuclear and pharmaceutical sectors, is the stringent regulatory environment.
The powder segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe.
Based on the form, the global 10B enriched boric acid market is categorized powder, liquid, gel, and emulsion. Among these, the powder segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe. The powder form is a popular option due to its ease of handling and adaptability in a variety of applications. It is widely used in pharmaceutical and agricultural products and is highly valued in the nuclear industry due to its high neutron absorption efficiency.
The nuclear industry segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe.
Based on the application, the global 10B enriched boric acid market is categorized as nuclear industry, pharmaceuticals, agriculture, glass and ceramics, and others. Among these, the nuclear industry segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe. The nuclear industry is the main client since boric acid is necessary for reactor safety by absorbing neutrons.
Asia Pacific is projected to hold the largest share of the global 10B enriched boric acid market over the forecast period.
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Asia Pacific is projected to hold the largest share of the global 10B enriched boric acid market over the forecast period. Asia Pacific is expected to lead the market because of the region's rapid industrialization, growing nuclear industry, and developing pharmaceutical sector in countries like China and India. because of favorable government laws, investments in nuclear energy projects, and the presence of significant market players. The availability of raw materials and the growing demand for high-purity boric acid also have an impact on the market expansion in this sector.
North America is expected to grow at the fastest CAGR growth of the global 10B enriched boric acid market during the forecast period. Another major market for 10B enriched boric acid is North America, which places a strong focus on the nuclear energy sector and state-of-the-art pharmaceutical research. The primary drivers of the region's market growth include the presence of reputable nuclear power plants, ongoing reactor modifications, and stringent safety regulations. The increasing use of boric acid in agricultural applications and the increased focus on sustainable farming practices are also expected to drive growth in the North American market.
Major vendors in the global 10B enriched boric acid market 3M Company, American Borate Company, BASF SE, Borax Morarji Limited, Borochemie International Pte Ltd, Eti Maden AS, GFS Chemicals, Inc., Gujarat Boron Derivatives Pvt. Ltd., Huludao Tianbao Boron Industry Co., Ltd., InCide Technologies, Inc., JSC Aviabor, Liaoning Pengda Technology Co., Ltd., Minera Santa Rita S.R.L, and others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global 10B enriched boric acid market based on the below-mentioned segments:
Global 10B Enriched Boric Acid Market, By Form
- Powder
- Liquid
- Gel
- Emulsion
Global 10B Enriched Boric Acid Market, By Application
- Nuclear Industry
- Pharmaceuticals
- Agriculture
- Glass and Ceramics
- Others
Global 10B enriched boric acid Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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