Boron Carbide Market is forecast to reach $143.2 million by 2025, after growing at a CAGR of 3.6% during 2020-2025.Increasing consumer demand in abrasives for slurry pumping nozzles, water jet cutting, grit blasting, and polishing & lapping applications are key factors driving the growth of the global boron carbide market
. Another factor that supports the growth of the boron carbide market in the coming years is growing annual defense spending by various countries to acquire high-tech anti-ballistic weapons that can withstand the impact of bullets (bulletproof vests), shrapnel, and missiles.The widespread use of high-precision cutting tools and the resulting rise in super abrasive demand would promote the use of cubic boron nitride as a substitute for industrial diamonds.
- Many companies are currently focusing on R&D and developing products for specific applications in order to gain an advantage over competitors
- Increasing demand for boron carbide nanoparticles in hard metal industry equipment and increasing demand for more active composite materials for defense applications are one of the key factors driving the global boron carbide market.
- It is also anticipated that the industry will benefit from increased use of boron carbide in a variety of biomedical devices and brain cancer treatment. This trend is expected to have huge positive impacts over the forecast period on the overall market growth.
Product Type- Segment Analysis
The powder segment is expected to hold the largest share of the market due to increased applications in various end-user industries. The powder products are commonly used in the sintering, gridding of hard metals and polishing industries, while the paste type is used for lapping and gridding in the automotive industry.
Grade – Segment Analysis
The nuclear grade segment holds the largest share in the market for boron carbide in 2019 and is expected to show significant growth in the future due to the high demand for enhanced energy sources and the need for clean energy sources.
Application Type- Segment Analysis
Boron carbide is mainly used as an abrasive in a variety of applications across both industrial and commercial sectors. The material has wide applications in the manufacturing sector due to properties such as high shock resistance, high abrasion resistance, excellent hardness, low thermal conductivity, and high wear and tear resistance. It is also used as neutron absorbent and as an antioxidant in the refractory industry in nuclear reactors.
Geography- Segment Analysis
North America’s segment holds up to 27 percent of the largest share of the boron carbide market in 2019, due to factors such as the steady expansion of the nuclear power sector, high investment in industrial research and development activities, a strong technological base, and easy availability of innovative products.
It is also anticipated that the Asia Pacific market will experience a healthy CAGR over the forecast period due to the region’s booming metal manufacturing sector. The burgeoning metal manufacturing industry in China and Japan’s steadily expanding nuclear power industry are expected to help the regional market remain in a variety of forms a key consumer of boron carbide.
Drivers –Boron Carbide Market
- Increasing Defense Expenditure and Rise in Production of Armours
The demand for boron carbide in the defense sector is significantly increasing due to its application in the production of body and vehicle armour. Countries such as India, China, the US, and others have significantly increased their defense budgets over the past several years, and there has also been significant growth in armor procurement. This is noted to spur growth in the consumption of boron carbide.
Challenges – Boron Carbide Market
- Complexities in the Manufacturing Process Lead to High Manufacturing Cost
Manufacturing of boron carbide involves a process that requires a temperature of over 2000 Celsius. Moreover, since boron carbide is initially produced in ingots, it is again a complex process leading to an increase in its price. Boron carbide is reported to be nearly ten times more expensive than its alternatives, resulting in end users preferring the cheap options available on the market.
Technology launches,acquisitions and R&D activities are key strategies adopted by players in the Boron Carbide Market. In 2019, the market of Boron Carbide has been consolidated by the top five players accounting for xx% of the share. Major players in the Boron Carbide Marketare 3M Company, Saint-Gobain S.A., Washington Mills, H.C. Starck GmbH., Dynamic-Ceramic Limited, Kyocera Corporation, UK Abrasives Inc., Bhukhanvala Industries, Shanghai Vital Industry Co. Ltd., and Dalian Jinma Boron Technology Group Co. Ltd.,among others.
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