Boron Carbide Market

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.

Market Dynamic

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.

COVID-19 Impact

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

Grade :

• Abrasive
• Nuclear

Product Type :

• Powder
• Grain
• Paste

Application :

• Abrasive
• Nozzles
• Armor
• Others

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

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.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• North America is the largest market for boron carbide, accounting for up to 29.0 % of the global market in 2021. This is because the nuclear power sector has been expanding rapidly, and high investment in industrial research and development activities and a strong technological base are among the reasons for this growth.
• Markets for the boron carbide industry are expected to grow in Asia Pacific. Larger markets such as China and Japan are expected to experience a healthy CAGR of 5.4%, over the forecast period due to the booming metal manufacturing industry. The region’s nuclear power developments will also help support the market’s growth.

Competition Analysis

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:

• In February 2022, The South Korean-based multinational electronics company Samsung announced that it is working on switching out silicon carbide in its focus rings for boron carbide. The business wants to employ boron carbide to produce focus rings because it is resistant to plasma and high temperatures. During the etching process, these newly created focus rings will be used in the production of wafers.
• In February 2022, State-owned mining and chemical business, Eti Maden in Turkey declared that it would begin operating its new boron carbide facility this year and lay the groundwork for a facility to produce Ferro boron and lithium from ore. The business will also begin making investments in the manufacture of sodium borohydride.

A list of some of the key suppliers present in the market are:

• 3M Company
• ABSCO Limited
• 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)
• Dalian Zhengxing Abrasive Co., Ltd.
• Dunhua Zhengxing Abrasive Co., Ltd.
• Dynamic-Ceramic Limited (CoorsTek)
• Feldco International
• Electro Abrasives LLC
• C. Starck GmbH, Saint-Gobain S.A
• Sigma-Aldrich Co. LLC. (Merck Group)
• Songshan Specialty Materials Incorporated
• UK Abrasives, Inc.
• Washington Mills North Grafton, Inc.

Report Coverage and Highlights

• Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
• Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
• The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
• Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
• Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
• Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
• Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
• Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
• Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
• Strategic market analysis, recommendations, and future headways on crucial winning strategies.