DUBLIN, Dec 1, 2016 /PRNewswire/ -- Research and Markets has announced the addition of the "Global Boric Acid Market 2016-2020" report to their offering.
The global boric acid market to grow at a CAGR of 7.44% during the period 2016-2020. The report covers the present scenario and the growth prospects of the global boric acid market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sale of boric acid in several industries including glass and fiberglass, pharmaceuticals and personal care products, flame retardants, wood preservatives and pest control, nutritional supplements, and other segments by considering 2015 as the base year. The report also includes a discussion of the key vendors operating in this market. One of latest trends in the market is high demand for boric acid in energy saving appliances. The demand for boric acid used in energy-saving applications such as the insulation for commercial and residential buildings is on the rise. The compound is also used for energy generation from oil extraction and wind. In North America, especially in the US, the reduction in unemployment rates and stable income levels have increased construction activities. This factor along with an increase in consumer spending will foster the demand for boric acid, thereby driving the market growth during the forecast period. According to the report, one of the primary drivers in the market is rapid urbanization. Urbanization, energy needs, and the demand for food products globally are fostering the global boric acid market. Urbanization and rising disposable incomes, especially in developing economies, have elevated the demand for glazed ceramics, electronic devices, and LCD televisions. These appliances contain borosilicate glass and textile fiberglass.