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

Global 10B Enriched Boric Acid Market Insights Forecasts to 2033 

• The Global 10B Enriched Boric Acid Market Size was Valued at USD 1.14 Billion in 2023
• The Market Size is Expected to Grow at a CAGR of around 6.94% from 2023 to 2033
• The Worldwide 10B Enriched Boric Acid Market Size is Expected to Reach USD 2.23 Billion by 2033 
• North America is Expected to Grow the fastest during the forecast period.   

The Global 10B Enriched Boric Acid Market Size is anticipated to Exceed USD 2.23 Billion by 2033, Growing at a CAGR of 6.94% from 2023 to 2033.  

Market Overview

The industry devoted to the manufacture, sale, and usage of boric acid enriched with the isotope Boron-10 (10B) is known as the 10B Enriched Boric Acid market. In order to regulate nuclear reactions and guarantee reactor safety, this enriched boric acid is mostly utilized in the nuclear industry as a neutron absorber in nuclear reactors. The agricultural sector also significantly influences the market expansion for 10B-enriched boric acid. As a micronutrient, boric acid is added to fertilizers to improve crop quality and yield. Effective agricultural techniques are becoming more and more necessary to meet the growing demand for food as the world's population continues to grow. Because of this, advanced fertilizers and micronutrients have been adopted, increasing the demand for boric acid in the agricultural sector. Furthermore, the market is expanding due to regulatory support for sustainable agricultural practices. Additionally, the unique qualities and uses of 10B enriched boric acid have led to a notable increase in demand from various end-user industries, including the nuclear and pharmaceutical sectors.

Report Coverage

This research report categorizes the global 10B enriched boric acid market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global 10B enriched boric acid market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global 10B enriched boric acid market.  

Driving Factors

The crucial role that 10B enriched boric acid plays in the nuclear sector is one of the main drivers of the market's growth. In order to regulate the nuclear reaction and guarantee reactor safety, 10B enriched boric acid is utilized as a neutron absorber in nuclear reactors. The need for high-purity boric acid is being driven by the expansion of nuclear power plants as a result of expanding energy demands and the move toward cleaner energy sources. Further driving market expansion are the advancement of new nuclear technologies and the renovation of already-existing reactors. The pharmaceutical industry is using 10B enriched boric acid more frequently in a variety of medical formulations due to its special qualities, which include antibacterial and antifungal effects. The demand for efficient treatment alternatives and the increasing incidence of infections are major factors driving this market segment's expansion. Additionally, it is anticipated that continued research & development efforts to investigate novel therapeutic uses for boric acid will open up new avenues for market growth in the years to come.

Restraints & Challenges

There are risks and difficulties facing the market as well. The strict regulatory framework is one of the main obstacles, especially in the nuclear and pharmaceutical industries. Strict testing and certification procedures are required to meet safety and quality standards, which can raise production costs and affect market profitability.

Market Segmentation

The global 10B enriched boric acid market share is classified into form and application.

• The powder segment held a significant share in 2023 and is expected to grow at a significant CAGR during the forecast period.              

Based on the form, the global 10B enriched boric acid market is categorized as powder, granules, and solution. Among these, the powder segment accounted for a significant share in 2023 and is expected to grow at a significant CAGR during the forecast period. The powder form's versatility in a range of applications and simplicity of handling make it a popular choice. Because of its high neutron absorption efficiency, it is highly prized in the nuclear sector and is widely employed in medicinal and agricultural products.

The nuclear industry segment held a significant share in 2023 and is expected to grow at a significant CAGR during the forecast period.

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 a significant share in 2023 and is expected to grow at a significant CAGR during the forecast period. The major customer is the nuclear sector since boric acid is essential for reactor safety through neutron absorption. The demand for safe, effective nuclear reactors and the growth of nuclear energy projects globally are projected to drive this segment's continued dominance of the market.

Regional Segment Analysis of the Global 10B enriched boric acid Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia Pacific is projected to hold a significant share of the global 10B enriched boric acid market over the forecast period.

Asia Pacific is projected to hold a significant share of the global cosmetics-grade ceramide market over the forecast period. The market is anticipated to be dominated by Asia Pacific due to the region's fast industrialization, nuclear industry growth, and expanding pharmaceutical sector in nations like China and India. Due to the existence of important market participants, investments in nuclear energy projects, and advantageous government regulations. The market expansion in this area is also influenced by the availability of raw materials and the rising demand for high-purity boric acid.

North America is expected to grow at the fastest CAGR growth of the global 10B enriched boric acid market during the forecast period. With a significant emphasis on the nuclear energy industry and cutting-edge pharmaceutical research, North America is another important market for 10B enriched boric acid. The existence of well-established nuclear power facilities, continuous reactor upgrades, and strict safety requirements are the main factors propelling the region's market expansion. The market in North America is also anticipated to increase as a result of the expanding use of boric acid in agricultural applications and the growing emphasis on sustainable farming methods. The pharmaceutical industry's research and technological developments also support the expansion of the regional market.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global 10B enriched boric acid market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• 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.
• 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