The Latin America, Middle East and Africa Boric Acid Market would witness market growth of 6.6% CAGR during the forecast period (2023-2030). In the year 2026, the LAMEA market's volume is expected to surge to 92.6 kilo tonnes, showcasing a growth of 6.8% (2023-2030).
The overall push towards sustainable and eco-friendly products has influenced the development of bio-based and biodegradable materials. Boric acid has found applications in producing biodegradable plastics, aligning with the increasing demand for environmentally responsible alternatives in packaging and other industries. The heightened awareness of health and hygiene, especially in the wake of health crises, has influenced the use of boric acid in personal care products. Its antiseptic and antifungal properties make it a sought-after ingredient in skincare and haircare formulations, contributing to the trend of natural and effective personal care products.
The exploration of boric acid in nanotechnology has opened new possibilities. Nano-sized boric acid particles exhibit unique properties, leading to drug delivery and advancements in electronic components. This trend reflects a convergence of boric acid with cutting-edge technologies. Consumer preferences for natural and sustainable products extend to various industries, including cosmetics, personal care, and agriculture. The use of boric acid in these applications aligns with the trend of offering products perceived as safer, eco-friendly, and in harmony with nature.
According to the International Trade Administration, in 2020, Saudi Arabia accounted for nearly 52% of all vehicles sold in the Gulf Cooperation Council (GCC) and 35% in the MENA region. In Saudi Arabia, 556,000 vehicles were sold in 2019 and 436,000 in 2020. Thus, due to these aspects, the boric acid market will expand across the LAMEA region in upcoming years.
The Brazil market dominated the LAMEA Boric Acid Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $35 Million by 2030. The Argentina market is showcasing a CAGR of 7.7% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 6.9% during (2023 - 2030).
Free Valuable Insights: The Worldwide Boric Acid Market is Projected to reach USD 1.5 Billion by 2030, at a CAGR of 5.3%
Based on Grade, the market is segmented into Industrial, Pharmaceutical, and Others. Based on End-use, the market is segmented into Construction, Agriculture, Automotive, Electronics, Pharmaceutical & Healthcare, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
By Grade (Volume, Killo Tonnes, USD Billion, 2019-2030)
By End Use (Volume, kilo Tonnes, USD Billion, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Billion, 2019-2030)
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