Boron Carbide Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Boron Carbide Market grew at a CAGR of 4.5% between 2017-2021 and is estimated to be US$ 174.6 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 5.1% and is expected to reach a valuation of US$ 287.1 Mn by 2032 end.
Throughout the projected period, the market is anticipated to grow in response to rising demand for organic boron carbide is expected to soar in the coming years. In recent years, numerous beneficial properties of this type of material have been discovered, such as hardness and excellent absorption of neutrons in cross-section. Increased construction of nuclear reactors for producing sustainable energy, especially in emerging economies is set to propel market growth.
GROWING DEMAND FOR DEFENSE EXPENDITURE AND ARMOUR WILL BOOST THE MARKET FOR BORON CARBIDE
There is a significant demand for boron carbide in the defense sector due to its application in the production of body and vehicle armor. The demand for boron carbide in the defense sector has significantly increased over the past several years, as countries such as India, China, the US, and others have significantly increased their defense budgets. There is also significant growth in the procurement of new armor systems which are helping to spur growth in boron carbide consumption.
HIGH COMPLEXITIES IN THE MANUFACTURING PROCESS AND HIGH COSTS HAMPER THE MARKET GROWTH
Boron carbide, a rare and expensive material, is difficult to make and may not be cost-effective for certain applications. The manufacture of boron carbide involves heating a mixture of boron, carbon, and hydrogen coolants at high temperatures for long periods. This process results in a material with significant cost advantages over its alternatives.
THE RISE IN NANOPARTICLE PROJECTS WILL CREATE MORE OPPORTUNITIES FOR THE MARKET
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. The industry will benefit from the increased use of boron carbide in a variety of biomedical devices and brain cancer treatment.
The abrupt coronavirus outbreak has harmed the expansion of Defence applications. In several projects, the Nanomaterial from Boron Carbide was declining in 2021. Additionally, the worldwide closure of production facilities in 2020’s first and second quarters is to blame for slowing the market’s expansion.
However, it is anticipated that the Growing need for various defenses application and, therefore, the Boron Carbide nanoparticles in hard metal industry equipment will expand due to the growing need for Boron Carbide projects and the growing government focus on upgrading the Defence sector. The market value might not catch up to the pre-COVID-19 value until 2027.
Market Segments Covered in Report
Product Type :
By Region and Country:
Why are the Abrasive and abrasive material segments projected to ensure the most revenue during the forecast period?
The abrasive and abrasive material segment led the global boron carbide market in 2021. The abrasive and abrasive material segment is anticipated to remain a key revenue contributor to the boron carbide market over the assessment period. Boron carbide coating is extensively used in lapping and polishing applications as an abrasive backed by its high hardness.
Why is the Armor segment expected to expand the fastest during the forecast period?
In 2021, the Armor application market will rule. The segment is likely to dominate the global boron carbide market. Its demand from the defense sector has been on the rise due to its application in the production of body and vehicle armor as well as electric insulator materials due to its hardness and resistance to deformation.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
In the global boron carbide market, there are two main types of players namely, major and small manufacturers. A majority of these players are focusing on innovation and developing new products to increase their sales base.
Some of the key developments that have taken place in the Boron Carbide Market include:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Grade, Product Type, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 5.1 %.
The main trends driving boron carbide sales are the building of nuclear reactors and the rapid development of novel protective gear.
Major global Boron Carbide Market players are 3M Company, ABSCO Limited, Feldco International, H.C. Starck GmbH, Saint-Gobain S.A, Dalian Zhengxing Abrasive Co., Ltd., Dunhua Zhengxing Abrasive Co., Ltd., Dynamic-Ceramic Limited (CoorsTek), Sigma-Aldrich Co. LLC. (Merck Group), Songshan Specialty Materials Incorporated, UK Abrasives, Inc., Washington Mills North Grafton, Inc, American Elements, Advanced Abrasives Corporation, Bhukhanvala Industries Pvt. Ltd., China Mudanjiang Chenxi Boron Carbide Co., Ltd., Dalian Jinma Boron Technology Group Co., Ltd (Dalian Jinma Group), Electro Abrasives LLC
Several challenges are currently being faced in the market, including logistical issues, disruptions in the supply chain, interference from the government, export restrictions, issues at the border that affect commodity prices and supply, and others.
The North American region is expected to account for the largest market revenue share in the Global Boron Carbide market.
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