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The Hexagonal Boron Nitride market size is forecast to increase by USD 345.2 million at a CAGR of 6.35% between 2022 and 2027. The market's expansion hinges on several key factors. Firstly, the abundance of boron minerals plays a pivotal role, in ensuring a steady and reliable supply. Secondly, there's a growing demand from both the electronics and metallurgy industries, driven by advancements in technology and infrastructure development. Lastly, the chemically inert and non-toxic nature of boron enhances its appeal, particularly in applications where safety and environmental considerations are paramount. Together, these factors contribute to the market's growth trajectory, fostering innovation and driving adoption across various sectors. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
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The Hexagonal Boron Nitride market is influenced by a myriad of factors spanning various sectors. With its graphite-like hexagonal crystal structure, hBN finds extensive use in industrial lubricants and greases and coatings, catering to the needs of diverse industrial sectors. Its application extends to transportation and automotive activities, particularly in engine oil prices, where it offers lubrication and corrosion resistance properties. Moreover, hBN plays a crucial role in the electrical and electronics sectors, as well as in the aerospace and automotive industries, contributing to the development of high-performance ceramics, composites, and nanotechnology applications. With advancements in production techniques like Chemical Vapor Deposition (CVD), HBN continues to evolve, offering sustainable solutions and driving technological advancements across industries. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the (HBN) market growth is the abundance of boron minerals. HBN offers unique properties like low thermal expansion, making it suitable for applications in the dental industry, skincare and personal care products, cosmetics, and plastic industries. In comparison to silicon nitride, aluminum nitride, synthetic graphite, and other thermal interface materials, boron nitride's biocompatibility is a significant advantage in the dental care and healthcare sectors. Furthermore, boron nitride nanotubes and nanosheets find applications in additive manufacturing, particularly in the production of 3D-printed components for thermal management solutions in electric vehicles. HBN versatility and importance in various industries necessitate the use of MLR review software to ensure regulatory compliance and maintain brand reputation.
A key factor shaping the (HBN) market growth is the commercialization of boron nitride nanotubes. The market encompasses various industries that leverage its unique properties, including insulation, low thermal expansion, and high biocompatibility. h-BN finds extensive use in the electrical and electronics sector for thermal management solutions in semiconductors and thermal interface materials. In the healthcare sector, h-BN is used in dental and skincare products due to its biocompatibility. The plastic industries utilize HBN as an alternative to expensive materials like silicon nitride and aluminum nitride in various applications. h-BN also finds use in personal care products, cosmetics, and 3D-printed components. Furthermore, HBN nanomaterials, such as boron nitride nanotubes and nanosheets, are increasingly used in additive manufacturing for producing advanced thermal management solutions and components for electric vehicles.
The high cost of HBN is one of the key challenges hindering the market growth. The is very expensive when compared to other materials such as graphite, molybdenum disulfide, and tungsten disulfide which can pose a significant threat to market growth. The price of a standard grade utilized for industrial purposes is in the range of USD55-USD130/kg, and the cost of premium-grade (high-purity) for specific applications, such as cosmetics, is in the range of USD 350- USD 800/kg. Hence, there is an increase in demand for possible alternatives which is expected to hinder the market growth during the forecast period.
This market report extensively covers market segmentation by Application (coatings and mold release agents, electrical insulation, lubricants, refractory, and others), End-user (automotive, electronics, aerospace, metallurgy, and others), and Geography (APAC, North America, Europe, Middle East and Africa, and South America). The market is influenced by various factors across industries. Key among these is the demand surge from industrial sectors, driven by the versatility of hBN in applications such as industrial lubricants and coatings. Additionally, its significance in the transportation and aerospace segments is notable, owing to its thermal management properties. The presence of major manufacturing hubs like India and China further amplifies demand, particularly in the electronics and semiconductor sectors. With technological advancements in production techniques like Chemical Vapor Deposition (CVD), hBN's role in high-performance ceramics, composites, and nanotechnology applications continues to grow, offering sustainable and environmentally friendly solutions for various industrial needs.
The coatings and mold release agents segment is estimated to witness significant growth during the forecast period. The use of insulating materials with low thermal expansion in various industries. These include the dental sector for producing biocompatible restorative materials, skincare and cosmetics for thermal management, and plastic industries for thermal interface materials. Boron nitride alternatives, such as silicon nitride and aluminum nitride, are also utilized. Synthetic graphite and boron nitride nanotubes/nanosheets are essential in thermal management solutions for electric vehicles and 3D printed components. Boron nitride's high-temperature resistance, abrasion resistance, and biocompatibility make it a valuable addition to additive manufacturing processes. In summary, the market caters to the demands of insulation, low thermal expansion, and thermal management in the dental, personal care products, cosmetics, plastic industries, electric vehicles, and additive manufacturing sectors.
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The coatings and mold release agents segment was the largest segment and was valued at USD 204.02 million in 2017. Some wide applications of coatings include coatings in automotive, aerospace, defense, foundry die-casting, and high-temperature mold release agents for aluminum, glass manufacturing, and other industries. Furthermore, coatings have other features such as abrasion-resistant, tough, and durable on many surfaces, including aluminum, steel, zinc, metals, magnesium, and alloys. Hence the rising demand for coatings in aluminum extrusion, glass manufacturing, automotive, defense, and ceramic coatings, and mold-releasing agents for hot isostatic pressing, polymers, die-casting, and injection molding is expected to drive the growth of this segment which in turn will drive the market growth during the forecast period.
Based on end-user, the market is segmented into automotive, electronics, aerospace, metallurgy, and others. The automotive segment holds the largest market share. The increasing demand for automobiles in developing countries in APAC and changing customer preference toward advanced automobiles in both developing and developing countries will drive the market growth in the segment during the forecast period. Developing countries of APAC, such as China and India, are the largest producers of automobiles. Thus, the increase in the production of automobiles is increasing the demand for automotive products.
APAC is estimated to contribute 51% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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One of the main reasons for the significant growth of the market in APAC is due to factors such as the increase in the consumption of growing end-user segments such as coatings, lubricants, mold release agents, and electrical insulation. China is one of the major countries in APAC with the largest market share in the market due to considerable growth in lubricants, coatings, and electrical insulation applications. Hence, such factors are expected to drive the market growth in the region during the forecast period.
Boron nitride is a chemical compound containing boron and nitrogen in equal proportions. It exhibits high bandgap, hardness, chemical, and thermal stability. It is usually used in high-temperature applications such as coating, electrical insulation, lubricants, and others.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
3M Co: The company offers products such as cooling filler platelets.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
3M Co., American Elements, BORTEK Boron Technologies and Mechatronic Inc., Compagnie de Saint Gobain, Denka Co. Ltd., Henze Boron Nitride Products AG, Hoganas AB, JFE Holdings Inc., Kennametal Inc., KYOCERA Corp., Liaoning PengDa technology Co. Ltd., Momentive Performance Materials Inc., PJSC Zaporozhsky Abrasivny Combinat, Resonac Holdings Corp., Shin-Etsu Chemical Co. Ltd., Supervac Industries LLP, UK Abrasives Inc., Yingkou Liaobin Fine Chemical Co. Ltd., Zibo Xinfukang Specialty Materials Co. Ltd., and ZYP Coatings Inc.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is profoundly impacted by diverse sectors and applications. It serves as a crucial component in industrial lubricants, addressing the lubrication needs of transportation, engine oil segment and oil prices, and automotive activities, ensuring smooth operation and reducing friction in mechanical systems. Additionally, HBN finds extensive use in high-temperature paints and coatings and thermal management applications across industrial sectors, including aerospace, automotive, and electronics. Its remarkable electrical insulation properties make it indispensable in electrical and electronics manufacturing, contributing to the production of consumer electronics like radios and cellular phones. With its exceptional chemical stability and low dielectric constant, hBN plays a vital role in various industries, from metal processing to aerospace and luxury vehicles, driving advancements in production and processing technologies.
Additionally, it witnessing steady growth driven by its versatile properties and wide-ranging applications across various industries. With its exceptional lubricating properties, HBN finds extensive use in high-temperature lubrication applications, providing superior performance in demanding environments. Industries such as plastics, elastomers, and composite components rely on hBN to enhance the mechanical and thermal properties of their products. Moreover, the aerospace and automotive sectors utilize hBN in spacecraft and aircraft manufacturing, benefiting from its lightweight nature and excellent thermal conductivity. Additionally, technological advancements in production and processing have further expanded the scope of hBN applications, particularly in electronics, semiconductor industries, and high-performance ceramics and composites. The mining of boron ore facilitates the production of boron nitride nanosheets, driving innovation in 2D materials and nanotechnology applications.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Hexagonal Boron Nitride Market Scope |
|
Report Coverage |
Details |
Page number |
182 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.35% |
Market growth 2023-2027 |
USD 345.2 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.97 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 51% |
Key countries |
US, China, South Korea, India, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., American Elements, BORTEK Boron Technologies and Mechatronic Inc., Compagnie de Saint Gobain, Denka Co. Ltd., Henze Boron Nitride Products AG, Hoganas AB, JFE Holdings Inc., Kennametal Inc., KYOCERA Corp., Liaoning PengDa technology Co. Ltd., Momentive Performance Materials Inc., PJSC Zaporozhsky Abrasivny Combinat, Resonac Holdings Corp., Shin-Etsu Chemical Co. Ltd., Supervac Industries LLP, UK Abrasives Inc., Yingkou Liaobin Fine Chemical Co. Ltd., Zibo Xinfukang Specialty Materials Co. Ltd., and ZYP Coatings Inc. |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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